A History of Share Prices Chronology of financial crises and market panics from the Middle Ages to the present:

1255 “Overexpansion of credit led to banking failures in 1255-62” in Italy 1294 Edward I default to the Ricciardi of Lucca during war with France Great 1298 Seizure of the Gran Tavola of Sienna by Philip IV of France Reflation 1307 Liquidation of the Knights Templar by Philip IV 1311 Edward II default to the Frescobaldi of Florence Tech, housing 2016 1326 Bankruptcy of the Scali of Florence and Asti of Sienna bubbles 2194 1342 Edward III default to the Florentine banks during the Hundred Years’ War 2000 2007 1576 1345 Bankruptcy of the Bardi and Peruzzi; depression, “Great crash of the 1340s” 1553 1810 1380 Ciompi Revolt in Florence. “Crash of the early 1380s” 2016 1401 Italian bankers expelled from Aragon in 1401, England in 1403, France in 1410 1433 Fiscal crisis in Florence after wars with Milan and Lucca 1075 2011 1464 Death of Cosimo de Medici: loans called in; wave of bankruptcies in Florence Post Cold 1470 Edward IV default to the Medici during the Wars of the Roses War Era 769 2002 667 1478 Bruges branch of the Medici bank liquidated on bad debts 2009 1494 Overthrow of the Medici after the capture of Florence by Charles VIII of France 1987 1525 Siege of Genoa by Imperial troops; coup in 1527 338 436 Global 1994 Financial 1557 Philip II of Spain restructuring of debts inherited from Charles V Reagan 295 Crisis 1566 Start of the Dutch Revolt against Spain: disruption of Spanish trade Era 1990 1575 Philip II default: “Financial crisis of 1575-79” affected Genoese creditors 2007-09 217 1596 Philip II default: “Financial crisis of 1596 severely affected Genoese businessmen” 1987 1607 Spanish state bankruptcy: failure of Genoese banks 1973 1968 120 1619 Kipper-und-Wipperzeit: “Monetary crisis at the outbreak of the Thirty Years’ War” 94.1 1627 Spanish bankruptcy: collapse of Genoese banks and the Fugggers 102 1637 End of the Dutch Tulipmania; also, “Dutch East India Company shares, canals” Post-War 1982 1648 French state bankruptcy, “eliminated the Italian bankers” Boom 1652 Outbreak of the First Anglo-Dutch War: attacks by Britain on Dutch shipping Roaring 69.3 1970 62.3 Twenties 1974 1666 Second Anglo-Dutch War: disruption to the Dutch spice fleet 52.3 1672 Rampjaar (Disaster Year) in Holland: French/English invasion 1929 1962 1696 English government debt crisis during the Nine Years’ War against France 31.9 New 39.0 Oil shocks: 1705 English crisis during the War of the Spanish Succession against France Mass-production Deal 1957 Stagflation 1720 Collapse of the South Sea Bubble in England and Mississippi Bubble in France (Fordism) 1937 1970s 18.7 22.7 1761 English government debt crisis over the Seven Years’ War against France 1953 1769 Collapse of the Bengal Bubble in East India Company stock Gilded Age Vietnam War 1772 Credit Crisis in London and the American colonies 1909 1783 Economic depression in Britain and America after the Revolutionary War Reconstruction 1899 10.4 13.6 1955-75 6.85 1949 1792 Boom and bust in the First Bank of the United States after Hamilton’s refunding Era 1881 1797 Land speculation bubble burst. Bank run in England on fear of French invasion Canal/railroad booms 6.58 1802 Boom and bust after the Peace of Amiens between Britain and France 1869 7.47 5.27 6.20 1942 1807 Jefferson’s Embargo Act: restriction of trade with Britain 1835 5.91 1921 1812 Outbreak of the War of 1812 against Britain 3.95 1852 1914 WWII 3.55 4.40 1819 Land bubble burst; bank failures. Tightening by the Second Bank of the U.S. Era of Good 4.23 1932 1939-45 1825 Emerging market (Latin America) bubble burst in London Feelings 1824 1885 3.50 WWI 2.42 1897 1914-18 Great 1837 Collapse of bubbles in canals, cotton and land; run on banks South Sea 2.73 1847 Collapse of railway boom in London (following Bank Charter Act) Land booms 1877 Depression Bubble Long 1857 Global market panic; railway bubble; failure of Ohio Life Co 2.06 1929-33 1806 1848 1720 1.76 Depression 1866 Failure of Overend Gurney and Co. in London; banking crisis 1.27 1829 1.16 1800 1873-96 1869 Black Friday in NY: collapse of Gould and Fisk gold speculation 1.34 Bengal 1.00 1873 Railroad bubble; Jay Cooke failure; end of silver coinage 1857 Bubble 1794 1877 Great Railroad Strike: deflation and wage cuts following the Panic of 1873 0.76 0.96 1842 U.S. Civil 1884 Tightening by NYC national banks; bank failures in NY 1768 0.74 War 1893 Railroad bubble burst, bank failures, run on gold reserves; Sherman Silver Act Dutch Golden Age 1752 0.53 1813 Hungry 1861-65 1731 0.45 0.60 1896 Run on silver reserves; commodity price declines; National Bank of Illinois failure 0.42 0.54 1807 Forties 1797 1901 Cornering of Northern Pacific Railway stock 1649 1671 1688 1837-44 0.31 0.31 1907 Bankers’ Panic: cornering of United Copper Co; failure of Knickerbocker Trust Co 1641 0.30 1703 Napoleonic 0.27 0.26 0.35 1910 Enforcement of Sherman Anti-trust Act: breakup of Standard Oil Co 0.31 0.32 1746 0.31 Wars 1722 1733 0.28 1784 1913 Drain of gold reserves to Europe in lead-up to WWI 1762 1803-15 1921 Depression of 1920-21: demobilisation, monetary tightening; severe deflation 0.20 American 0.19 Seven Years’ 1929 Wall Street Crash/Black Tuesday: collapse of 1920’s boom 0.18 1706 1614 1657 Revolution 1932 Great depression trough: widespread bank failures 1666 0.16 War 1607 0.111 1672 0.14 1754-63 1775-83 1938 Monetary and fiscal tightening following New Deal: Roosevelt Recession 0.094 0.13 1696 1636 1942 Response to Japanese/German successes in WWII 0.097 Anglo-Dutch Wars against 1948 Monetary tightening by the Federal Reserve; recession of 1949 Age of the Genoese 1624 Wars Louis XIV 1953 Monetary tightening to combat post-Korean War inflation in 1952 1652-74 1688-1714 1957 Eisenhower Recession: monetary tightening to combat inflation 1585 0.061 0.041 1618 1962 Kennedy Slide/Flash Crash; Cuban Missile Crisis 1969 Nixon Recession: monetary and fiscal tightening to combat inflation and deficit 0.041 Thirty Years’ War 1596 1974 Oil crisis (OPEC embargo). Rising inflation and unemployment: stagflation 1618-48 1509 1979 Energy crisis (Iranian Revolution): monetary tightening under Paul Volcker 0.020 1553 0.026 1982 Continued Fed tightening on energy crisis. Defaults by Mexico, Brazil, Argentina 0.018 1577 Dutch Revolt 1984 Continental Illinois bank failure and seizure by the FDIC 1568-1648 1987 Black Monday: global market crash, collapse of speculative boom 0.015 0.015 1990 Gulf War: spike in oil price; recession of 1990-92 1566 Chart: yearly high-low-close bars (yearly closing data prior to 1709); log-linear scale 1525 0.012 1994 Tequila Crisis: Mexico peso devaluation. Federal Reserve rate hikes 1555 1998 Asia crisis (began 1997), Russia default, LTCM failure Italian Wars Composite index: Genoa 1509-1601, Holland 1602-1692, Great Britain 1693-1788, the United States 1789-2016 (extended S&P 500 Index) 2001 Collapse of dotcom bubble; 9/11 attacks; corporate accounting scandals (Habsburg-Valois) 2008 Collapse of housing bubble; Global Financial Crisis; Lehman, AIG etc. failures 1494-1559 2011 US debt ceiling crisis and credit rating downgrade. Eurozone sovereign debt crisis 2015 End of the Federal Reserve’s zero interest rate policy (Q.E. ended 2014) Kieron Nutbrown, 2016

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