Catalogue


The first crash : lessons from the South Sea bubble /
Richard Dale.
imprint
Princeton, N.J. : Princeton University Press, c2004.
description
198 p. : ill.
ISBN
0691119716 (cl : alk. paper)
format(s)
Book
Holdings
More Details
imprint
Princeton, N.J. : Princeton University Press, c2004.
isbn
0691119716 (cl : alk. paper)
catalogue key
5159253
 
Includes bibliographical references and index.
A Look Inside
Excerpts
Flap Copy
"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 todays 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 The author's tireless research yields a wonderful historical document that brings the reader into the center of financial markets in the early 1700s, and then reveals much about the South Sea Bubble that has previously gone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
Flap Copy
"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 The author's tireless research yields a wonderful historical document that brings the reader into the center of financial markets in the early 1700s, and then reveals much about the South Sea Bubble that has previously gone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
Flap Copy
"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 ofTriumph 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, thatThe First Crashwill 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 ofBubbleology "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 ofDepression and Protectionism
Full Text Reviews
Appeared in Choice on 2005-03-01:
Dale (emer., international banking, Southampton Univ., UK), who has written widely on the topic of financial regulation, examines one of the earliest of modern financial crises: the 1720 South Sea Bubble, the first major stock market crash in England. Early chapters discuss the origins of financial dealing in London coffee houses and the evolution of securities markets; the origins of the South Sea Company; and the contemporary story of John Law and the Mississippi Bubble. Three chapters deal with the South Sea scheme, the run-up in prices ("The Bubble"), and the crash. Final chapters discuss the resolution of the crisis and lessons to be drawn from the episode for today's investors. Dale does not shy away from discussing technical financial matters, but he writes in a nontechnical language that should be accessible to most readers. His book includes several tables, a glossary of financial and political terms, and a large number of helpful footnotes. Related titles include Peter Garber's Famous First Bubbles (CH, Dec'00, 38-2262); Edward Chancellor's Devil Take the Hindmost (CH, Oct'99, 37-1035); and John Kenneth Galbraith's A Short History of Financial Euphoria (CH, Nov'93, 31-1627). ^BSumming Up: Recommended. All collections. R. Grossman Wesleyan University
Reviews
Review Quotes
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.
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, thatThe First Crashwill 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.
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.
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 dot.com mania of five years ago. -- Jonathan Davis, The Independent
"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 dot.com mania of five years ago."-- Jonathan Davis, The Independent
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 dot.com mania of five years ago.
This item was reviewed in:
Choice, March 2005
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Main Description
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.
Main Description
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 Crashthrows 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.
Bowker Data Service Summary
'The First Crash' provides a full account of the South Sea Bubble written from the point of view of stock market investors. The text is aimed at all those with an interest in the behaviour stock markets, whether as fund managers, brokers, investors, financial advisers, analysts or academics.
Table of Contents
Introductionp. 1
Coffee Houses, The Press and Misinformationp. 7
Exchange Alley and the Evolution of London's Securities Marketp. 22
Origins of the South Sea Companyp. 40
John Law and the Mississippi Bubblep. 56
The South Sea Schemep. 73
The Bubblep. 96
The Crashp. 125
Crisis Resolutionp. 140
Lessons from the South Sea Bubblep. 155
Hutcheson's South Sea Parablep. 171
Technical Note on Stock and Subscription Price Datap. 172
Conclusionp. 178
Glossaryp. 185
Bibliographyp. 187
Indexp. 195
Table of Contents provided by Publisher. All Rights Reserved.

This information is provided by a service that aggregates data from review sources and other sources that are often consulted by libraries, and readers. The University does not edit this information and merely includes it as a convenience for users. It does not warrant that reviews are accurate. As with any review users should approach reviews critically and where deemed necessary should consult multiple review sources. Any concerns or questions about particular reviews should be directed to the reviewer and/or publisher.

  link to old catalogue

Report a problem