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The poverty of disaster : debt and insecurity in eighteenth-century Britain
Eighteenth-century Britain is often understood as a time of commercial success, economic growth, and improving living standards. Yet during this period, tens of thousands of men and women were imprisoned for failing to pay their debts. The Poverty of Disaster tells their stories, focusing on the experiences of the middle classes who enjoyed opportunities for success on one hand, but who also faced the prospect of downward social mobility. Tawny Paul examines the role that debt insecurity played within society and the fragility of the credit relations that underpinned commercial activity, livelihood, and social status. She demonstrates how, for the middle classes, insecurity took economic, social, and embodied forms. It shaped the work that people did, their social status, their sense of self, their bodily autonomy, and their relationships with others. In an era of growing debt and the squeeze of the middle class, The Poverty of Disaster offers a new history of capitalism and takes a long view of the financial insecurities that plague our own uncertain times.
Book
The South Sea Bubble
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.
Helen Paul is Research Fellow in Economics at the University of Southampton, UK.
1. Introduction 2. The history of the South Sea Company 3. The functioning of the market 4. Investment in the South Sea Company 5. The Aftermath 6. Conclusion
eBook
The first crash
For nearly three centuries the spectacular rise and fall of the South Sea Company has gripped the public imagination as the most graphic warning to investors of the dangers of unbridled speculation. Yet history repeats itself and the same elemental forces that drove up the price of South Sea shares to dizzying heights in 1720 have in recent years produced the global crash of 1987, the Japanese stock market bubble of the 1980s/90s, and the international dot.com boom of the 1990s. The First Crash throws light on the current debate about investor rationality by re-examining the story of the South Sea Bubble from the standpoint of investors and commentators during and preceding the fateful Bubble year. In absorbing prose, Richard Dale describes the trading techniques of London's Exchange Alley (which included 'modern' transactions such as derivatives) and uses new data, as well as the hitherto neglected writings of a brilliant contemporary financial analyst, to show how investors lost their bearings during the Bubble period in much the same way as during the dot.com boom. The events of 1720, as presented here, offer insights into the nature of financial markets that, being independent of place and time, deserve to be considered by today's investors everywhere. This book is therefore aimed at all those with an interest in the behavior of stock markets.
eBook
The Redistributive Role of Government: Economic Regulation in Old Régime France and England
The lobbying activities of private groups had an important redistributive influence on national economic policies in both England and France; however, the different organization of government in the two nations gave a particular shape and structure to the redistributive character of national politics. In England, Parliament's role in the legislative process made gaining economic concessions from the government long and difficult. During the eighteenth century, the English government's role was increasingly limited to adjudicating the claims of influential but conflicting groups. In France, by contrast, the government's economic decisions were neither subject to parliamentary scrutiny nor to open public discussion. Whereas the rules of the redistributional game in eighteenth-century England were increasingly public knowledge, the administrative and political process that allowed the French government to pursue its mercantilist programs was private. Furthermore, the rules changed according to ministerial whim. As one historian put it, public law was a forbidden domain, “a mystery reserved to the king and his ministers,” permitting select members of privileged clans, rather than broadly defined interest groups, to enjoy the benefits of government patronage. Although the creation of sophisticated interests and competitive lobbies allowed the English Parliament to provide special favors to particular industries during the eighteenth century, unlike the French executive, neither Parliament nor the English executive had the discretionary authority to distribute monopoly rents to particular ministerial or royal favorites. In England the government's distribution of spoils followed procedures more open to the English political elite as a whole; still, corruption was more pervasive in English public administration than in France, where executive supervision of central government agents was more comprehensive.
Journal Article