The sweeping story of the world’s first financial crisis: “an astounding episode from the early days of financial markets that to this day continues to intrigue and perplex historians . . . narrative history at its best, lively and fresh with new insights” (Liaquat Ahamed, Pulitzer Prize–winning author of Lords of Finance) A Financial Times Economics Book of the Year ● Longlisted for the Financial Times/McKinsey Business Book of the Year Award In the heart of the Scientific Revolution, when new theories promised to explain the affairs of the universe, Britain was broke, facing a mountain of debt accumulated in war after war it could not afford. But that same Scientific Revolution—the kind of thinking that helped Isaac Newton solve the mysteries of the cosmos—would soon lead clever, if not always scrupulous, men to try to figure a way out of Britain’s financial troubles. Enter the upstart leaders of the South Sea Company. In 1719, they laid out a grand plan to swap citizens’ shares of the nation’s debt for company stock, removing the burden from the state and making South Sea’s directors a fortune in the process. Everybody would win. The king’s ministers took the bait—and everybody did win. Far too much, far too fast. The following crash came suddenly in a rush of scandal, jail, suicide, and ruin. But thanks to Britain’s leader, Robert Walpole, the kingdom found its way through to emerge with the first truly modern, reliable, and stable financial exchange. Thomas Levenson’s Money for Nothing tells the unbelievable story of the South Sea Bubble with all the exuberance, folly, and the catastrophe of an event whose impact can still be felt today.

The South Sea Bubble was a scandal of immense proportions. Malcolm Balen reveals the full story of corruption and scandal that attended the birth of the first shareholder economy, and with it uncovers a parable for our times.

A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover

The early years of the eighteenth-century produced two great monuments: one, Christopher Wren’s new cathedral of St Paul’s, an enduring testament to principled craft and masterful construction. The other an empty fraud of such magnitude that its collapse threatened to overturn monarchies and governments. Its failure delayed the introduction of modern market economies by two generations. Yet the full scale of this monumental deceit was quietly covered up and hidden, its enduring legacy a poorly understood colloquialism: the South Sea Bubble.It was all planned by one ambitious promoter, who had decided to launch ‘a company for carrying on an undertaking of great advantage, but nobody to know what it is’. This eighteenth-century mission statement has now acquired an almost uncanny resonance: these words could aptly have been applied to the bursting of the Internet bubble and the collapse of Enron. With the financial scandals that have beset global companies recently, such as Rank Xerox and Worldcom, this tale is all the more relevant today.Balen reveals the full story of corruption and scandal that attended the birth of the first shareholder economy, and with it uncovers a parable for our times.

A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motion of heavenly bodies, but not the madness of people.” Here are brokers underwriting risks that included highway robbery and the “assurance of female chastity”; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

The book is an economic history of the South Sea Bubble. It combines economic theory and quantitative analysis with historical evidence in order to provide a rounded account. It brings together scholarship from a variety of different fields to update the existing historical work on the Bubble. Up until now, economic history research has not been integrated into mainstream histories of 1720. Technical work on share prices and ledgers has been inaccessible to a wider audience. As well as providing new evidence against the gambling mania argument, the book also interprets the existing economic history scholarship for non-specialists.

The sweeping story of how the greatest minds of the Scientific Revolution applied their new ideas to people, money, and markets--and invented modern finance along the way.

Although Amhurst was often dismissed by nineteenth-century historians of Oxford as a bitter "slanderer of his university," his work stands as the single most important and reliable contemporarily published account of life in early eighteenth-century Oxford. The Terrae-Filius essays, despite their satirical bent, also demonstrate that Amhurst had a deep respect for the institution and a clear vision of the intellectual ideas it should embody. This modern critical edition reprints all fifty-three Terrae-Filius essays (including the three omitted from the 1726 collected editions) and provides an introduction and extensive explanatory notes that set the essays in their historical and cultural context."--BOOK JACKET.

Learn financial and business lessons from some of the biggest frauds in history Why does financial fraud persist? History is full of sensational financial frauds and scams. Enron was forced to declare bankruptcy after allegations of massive accounting fraud, wiping out $78 billion in stock market value. Bernie Madoff, the largest individual fraudster in history, built a $65 billion Ponzi scheme that ultimately resulted in his being sentenced to 150 years in prison. People from all walks of life have been scammed out of their money: French and British nobility looking to get rich quickly, farmers looking for a miracle cure for their health ailments, several professional athletes, and some of Hollywood’s biggest stars. No one is immune from getting deceived when money is involved. Don’t Fall For It is a fascinating look into some of the biggest financial frauds and scams ever. This compelling book explores specific instances of financial fraud as well as some of the most successful charlatans and hucksters of all-time. Sharing lessons that apply to business, money management, and investing, author Ben Carlson answers questions such as: Why do even the most intelligent among us get taken advantage of in financial scams? What make fraudsters successful? Why is it often harder to stay rich than to get rich? Each chapter in examines different frauds, perpetrators, or victims of scams. These real-life stories include anecdotes about how these frauds were carried out and discussions of what can be learned from these events. This engaging book: Explores the business and financial lessons drawn from some of history’s biggest frauds Describes the conditions under which fraud tends to work best Explains how people can avoid being scammed out of their money Suggests practical steps to reduce financial fraud in the future Don’t Fall For It: A Short History of Financial Scams is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike.

An exploration of the origins, influences, and legacy of the scandalous Hell-Fire Clubs of the 18th century and beyond • Reveals the club’s origins in the work of Rabelais and the magical practices of John Dee and how their motto, “Do What You Will,” deeply influenced Aleister Crowley • Explores the cross-fertilization of liberty and libertinage within these clubs that influenced both U.S. and French Revolutions • Examines the debaucherous activities and famous members of many Hell-Fire Clubs, including Sir Francis Dashwood’s Monks of Medmenham Mention the Hell-Fire Clubs and you conjure up an image of aristocratic rakes cutting a swath through the village maidens. Which is true, but not the whole truth. The activities of these clubs of upper-class Englishmen revolved around not only debauchery but also blasphemy, ritual, quasi-magical pursuits, and political intrigue. Providing a history of these infamous clubs, Geoffrey Ashe reveals their origins in the work of François Rabelais and the activities of John Dee. He shows how the Hell-Fire Clubs’ anything-goes philosophy of “Do what you will”--also Aleister Crowley’s famous motto--and community template were drawn directly from Rabelais. The author looks at the very first Hell-Fire Club, founded by Philip, Duke of Wharton, in 1720 and then at the Society of the Dilettanti, a fraternity formed in 1732. Ashe examines the life, travels, and influences of Sir Francis Dashwood, founding member of the Society of the Dilettanti and the scandalous Permissive Society at Medmenham, also known as the Monks of Medmenham. He also explores other Hell-Fire clubs the movement inspired throughout England, Scotland, and Ireland, including the violence-prone Mohocks and the Appalling Club. He shows how many illustrious figures of the day were members of these societies, such as Lord Byron. He also examines the rumors that Benjamin Franklin was a member, an allegation that can be neither confirmed nor denied. Exploring the political and magical ideas that fueled this movement, the author shows how the cross-fertilization of liberty and libertinage within the Hell-Fire Clubs went on to influence both the U.S. and French revolutions, as well as the hippie movement of the 1960s, the Church of Satan founded by Anton LaVey, and the motorcycle club known as the Hells Angels. The legacy of the Hell-Fire Clubs continues to impact society, beckoning both elite and outsider to cast aside social norms and “do what you will.”