The First Crash: Lessons from the South Sea Bubble

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Product Details
Princeton University Press
Publish Date
6.14 X 0.48 X 9.21 inches | 0.73 pounds
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About the Author
Richard Dale is Emeritus Professor of International Banking at Southampton University, United Kingdom. His books include "Risk & Regulation in Global Securities Markets"; "International Banking Deregulation"; and "The Regulation of International Banking." He has been a Parliamentary advisor in the United Kingdom on financial regulatory policy and has testified before U.S. Congressional Committees on regulatory issues.
"In this gripping tale of the South Sea scam, Richard Dale describes personal and corporate greed, creative accounting, and financial malpractice. He writes about events from three centuries ago, but his analysis is relevant to today's investors, traders, and policymakers."--Elroy Dimson, London Business School, author of Triumph of the Optimists
"This book represents an important piece of new scholarship focused almost exclusively on the South Sea Bubble. The author's tireless research yields a wonderful historical document that brings the reader into the center of financial markets in the early 1700s, and then reveals much about the South Sea Bubble that has previously gone undetected. Dale's work brings so much new evidence, and interweaves it with the old so skillfully, that The First Crash will certainly become a must read for scholars and is likely to be relied upon heavily in university classes as well. The author is to be congratulated."--Kevin Hassett, American Enterprise Institute, author of Bubbleology
"This extremely useful contribution to the field serves to remind nonhistorians, and particularly most financial economists, that almost all of what is thought of as modern financial analysis today was available 300 years ago."--Forrest Capie, City University Business School, London, author of Depression and Protectionism
"Richard Dale . . . picks a scholarly but readable path through the events that led to the collapse of shares in the infamous South Sea Company in 1720. Only the purblind could fail to draw some important parallels between the events of that year and the bubbles of the more recent past, not least the mania of five years ago."---Jonathan Davis, The Independent