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A brilliant narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 - and paradoxically led to the birth of modern finance.
The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold.
And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope and others lost heavily.
Thomas Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich.
The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold.
And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope and others lost heavily.
Thomas Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich.
'Superb, fascinating and totally timely, Money for Nothing is a gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun - the story of a world crisis with a flashy cast of grifters, scientists, politicians and charlatans that Levenson makes utterly relevant to the 2008 financial crisis and 2020 pandemic. Essential reading' Simon Sebag Montefiore
[A] vivid narrative . . . Mr. Levenson pauses to describe the reform of the English coinage and to ponder the nature of money itself. This last topic could hardly be timelier. Wall Street Journal
A compelling read . . . a vivid account of the development of share trading in the coffee shops of Exchange Alley in the City, with fascinating asides. Financial Times
Does a stock market crash and a plague sound somehow familiar? Thomas Levenson s new book is proof very cleverly told of how enlightening history can be. There is no excuse not to learn from the past. Andrea Wulf, author of The Invention of Nature
Superb, fascinating, and totally timely, Money for Nothing is a gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun the story of a world crisis with a flashy cast of grifters, scientists, politicians, and charlatans that Levenson makes utterly relevant to the 2008 financial crisis and 2020 pandemic. . . . Essential reading. Simon Sebag Montefiore, author of Jerusalem and The Romanovs
Levenson is a brilliant synthesizer with a grand view of history. Here is the birth of modern finance amid catastrophe and fraud a gripping story of scientists and swindlers, all too pertinent to our modern world. James Gleick, author of Time Travel: A History
Inspired by Isaac Newton s example, clever schemers sought to conquer the chaos of human affairs by abstracting financial value from tangible goods. Their calculations unleashed the notorious South Sea Bubble, which destroyed fortunes and roiled nations. Thoroughly researched and vibrantly written, Money for Nothing captures those heady, heartbreaking times, which still hold lessons for today. David Kaiser, author of Quantum Legacies: Dispatches from an Uncertain World
The story of government debt finance, which sounds boring but definitely isn t . . . an enthralling account of an economic revolution that emerged from a scandal. Kirkus Reviews (starred review)
A compelling read . . . a vivid account of the development of share trading in the coffee shops of Exchange Alley in the City, with fascinating asides. Financial Times
Does a stock market crash and a plague sound somehow familiar? Thomas Levenson s new book is proof very cleverly told of how enlightening history can be. There is no excuse not to learn from the past. Andrea Wulf, author of The Invention of Nature
Superb, fascinating, and totally timely, Money for Nothing is a gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun the story of a world crisis with a flashy cast of grifters, scientists, politicians, and charlatans that Levenson makes utterly relevant to the 2008 financial crisis and 2020 pandemic. . . . Essential reading. Simon Sebag Montefiore, author of Jerusalem and The Romanovs
Levenson is a brilliant synthesizer with a grand view of history. Here is the birth of modern finance amid catastrophe and fraud a gripping story of scientists and swindlers, all too pertinent to our modern world. James Gleick, author of Time Travel: A History
Inspired by Isaac Newton s example, clever schemers sought to conquer the chaos of human affairs by abstracting financial value from tangible goods. Their calculations unleashed the notorious South Sea Bubble, which destroyed fortunes and roiled nations. Thoroughly researched and vibrantly written, Money for Nothing captures those heady, heartbreaking times, which still hold lessons for today. David Kaiser, author of Quantum Legacies: Dispatches from an Uncertain World
The story of government debt finance, which sounds boring but definitely isn t . . . an enthralling account of an economic revolution that emerged from a scandal. Kirkus Reviews (starred review)