In late September 1720 the South Sea bubble burst. The collapse of the South Sea Company's share price caused the first great British stock market crash, the repercussions of which were felt far beyond the City of London. Patrick Walsh's book traces for the first time the impact of the rise and fall of the South Sea bubble on the peripheries of the British state. Its primary focus is on Ireland, but Irish developments are placed within a comparative context, with special attention paid to Scotland. Drawing on an impressive array of evidence, including bank ledgers, private correspondence, pamphlets, newspapers, and contemporary literary sources, this book examines not only investment in London but also the impact of the bubble on the fate of non-metropolitan projects in the 'South Sea Year', notably the failed project for an Irish national bank. Central to the book is the lived experience of the bubble and the wider financial revolution. The stories of individual investors - their strategies, speculations, aspirations, gains, losses and misunderstandings - are employed to create a new, more personal narrative of the momentous events of 1720, showing how they impacted on the lives of the inhabitants of early eighteenth-century Britain and Ireland. Patrick Walsh is Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010).

This book combines lessons and insights from financial theory with qualitative evidence, showing how the Georgians actually behaved and explaining why a bubble could occur without a gambling mania being to blame.

Few financial crises, historically speaking, have attracted such attention as the Mississippi and South Sea Bubbles of 1719–20. The twin bubbles had major economic and political implications, sending shock waves through the whole of Europe; they astonished contemporaries, and, to a large extent, they still resonate today. This volume offers new readings of these events, drawing on fresh research and new evidence that challenge traditional interpretations. The chapters engage, in particular, with: the geographical frame of the 1719-20 bubbles their social, cultural, economic and political impact the ways in which contemporaries understood speculation the contributions and impact of a diverse array of participants popular and print memorialization of the events Overall, the volume helps to rewrite the history of the 1719–20 bubbles and to recontextualize their place within eighteenth-century history.

The years 1690–1727 represented a period of significant change for Scotland. It was a time of grand colonial endeavours and financial innovation, punctuated by bouts of economic turmoil and constitutional and political uncertainty. The infamous Darien Scheme, the establishment of the Bank of Scotland and the Royal Bank of Scotland, the Anglo-Scots Union, the Hanoverian Succession, and the Jacobite rising of 1715, all occurred during this short time span. Therefore, it was not only a period that presented Scotland with opportunities but also a period in which the country ultimately lost its autonomy. It was also during these years, and against this unsettled backdrop, that the Scottish Financial Revolution commenced. The complexity of the Scottish situation during the late seventeenth and the early eighteen centuries has historically made the identification of a Scottish Financial Revolution difficult. This monograph, the first dedicated to the topic, addresses this problem and provides a model for identifying and understanding the revolution through the economic, political, and constitutional contexts of the period. Using examples of financial developments and innovation driven by Scotsmen in Scotland, Europe, and the colonies, this work defines the Scottish Financial Revolution as a series of developments which took place in Scotland when political circumstances allowed, but which also occurred outwith Scotland through the agency of members of the Scottish diaspora. This monograph is therefore the story of how Scotsmen at home and abroad contributed to financial debate and development between 1690 and 1727. Credit, Currency, and Capital: The Scottish Financial Revolution, 1690–1727 will appeal to students and scholars interested in the history of Economics and Finance. It will also be of interest to those studying the history of the Anglo-Scots Union and the complex relationship between Scotland and England.

The concept of the 'fiscal-military state', popularised by John Brewer in 1989, has become familiar, even commonplace, to many historians of eighteenth-century England. Yet even at the time of its publication the book caused controversy, and the essays in this volume demonstrate how recent work on fiscal structures, military and naval contractors, on parallel developments in Scotland and Ireland, and on the wider political context, has challenged the fundamentals of this model in increasingly sophisticated and nuanced ways. Beginning with a historiographical introduction that places The Sinews of Power and subsequent work on the fiscal-military state within its wider contexts, and a commentary by John Brewer that responds to the questions raised by this work, the chapters in this volume explore topics as varied as finance and revenue, the interaction of the state with society, the relations between the military and its contractors, and even the utility of the concept of the fiscal-military state. It concludes with an afterword by Professor Stephen Conway, situating the essays in comparative contexts, and highlighting potential avenues for future research. Taken as a whole, this volume offers challenging and imaginative new perspectives on the fiscal-military structures that underpinned the development of modern European states from the eighteenth century onwards.

This book examines the relationship between imperial governance and political economy in eighteenth-century Britain, particularly in Canada and Ireland. It is concerned with the way economic ideology and party politics were mutually constitutive; and with the way extra-parliamentary interests both facilitated, and were co-opted into, strategies of governance and commercial regulation. Rather than treat political economy as a pre-existing intellectual orthodoxy that shaped imperial policymaking, it focuses on the ways in which economic thought was generated in moments of imperial crisis – especially those where politicians, commercial interest groups, and pamphleteer economists were forced to wrestle with the tensions between economic growth, political authority, and social stability. By rooting economic discourse and debate in specific problems of imperial commerce and administration, and by highlighting the many different actors and negotiations that produced economic policy, it argues that the transition from mercantilism to liberalism – the shift from protectionism to free trade – is a flawed description of eighteenth-century developments in economic thought.