![]() | The First Crash 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. Richard Dale is Emeritus Professor of International Banking at Southampton University, United Kingdom. His books include Risk & Regulation in Global Securities Markets ; International Banking Deregulation ; and The Regulation of International Banking . He has been a Parliamentary advisor in the United Kingdom on financial regulatory policy and has testified before U.S. Congressional Committees on regulatory issues. |
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