Memoirs of Extraordinary Popular Delusions by Charles Mackay

We pick up this week learning about how private enterprise came up with the plan to save the English economy by exploiting the new frontiers of South America through forming the South Sea Company in 1711.

Driven by the promise of ships full of gold coming from the native tribes of the New World a frenzy of speculation in stocks in the company drove stock values through the roof.

However, the riches failed to materialise as Spain, in control of most of the New World would not allow free trade from their English rivals.

But this didn’t prevent some people becoming wealthy from the scam while ruining many, many others.

Story (03:01)  

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