Book description
The ebook of the critically acclaimed popular history book: the story
of the South Sea Bubble which in Balen's hands becomes a morality tale
for our times. A classic collision of political ambition, mercenary
greed and financial revolution.
The early years of the 18th-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.
Note that it has not been possible to include the same picture content
that appeared in the original print version. 'As successive corporate
accounting scandals surface in America, and global share prices again
tumble, Balen reminds us that the murky tale of the first Bubble still
stands as a cautionary tale for our time.' Lisa Jardine, Sunday Times
'They are rattling good yarns, and Balen spins them with all the
mastery of the seasoned newsman that he is.' Peter Jay, Guardian
'Author Michael Balen has picked a good time to tell a tale of
skullduggery, mania, and greed…It is the classic story of boom and
bust.' Express Malcolm Balen is the author of a much praised biography
of Kenneth Clarke. With a degree in History from Cambridge, he is
currently editor of ITN's Carlton news, having previously worked as
editor of the BBC Nine O'Clock news and for Channel 4.
