Financial Revolution (2432 words)

Historical Context Essay

Colin Nicholson (University of Edinburgh)
Download PDF Save to Bookshelf Tweet Report an Error

The effort to finance both trade expansion and government expenditure in the decade which followed the 1688 landing of William of Orange at Torbay and the Glorious Revolution produced a significant economic shift from short-term to long-term loans. Banking had grown haphazardly since the Civil War and the flotation of joint-stock companies, of insurance schemes for specific trading initiatives, or against fire or premature death, and the organisation of public loans to the state had hitherto been proposed and developed as occasion required. These flotations continued: a rash of joint-stock companies flourished and died, particular around the speculative South Sea Bubble year of 1720 during which around two hundred insurance companies …

Nicholson, Colin. "Financial Revolution". The Literary Encyclopedia. First published 08 January 2001; last revised 06 November 2018.
[, accessed 23 February 2019.]

Save this article

If you need to create a new bookshelf to save this article in, please make sure that you are logged in, then go to your 'Account' here.