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The Speculative Activities of John Law
“I am not master of events.” John Law’s Bargains with Lord Londonderry, 1717–1729 Paper for University of California at Riverside seminar November 17, 2008 LARRY NEAL Professor Emeritus of Economics University of Illinois at Urbana-Champaign Research Associate, NBER Visiting Professor, London School of Economics Visiting Kenneth L. Sokoloff Professor of Economic History, UCLA ABSTRACT The risk-managing strategies of Lord Londonderry, second son of Thomas “Diamond” Pitt, during the financial boom and bust of the Mississippi and South Sea Bubbles demonstrate how risk takers can lay off their bets along several dimensions – time (forward markets), space (foreign exchange), and orthogonal (political favors). By contrast, John Law – his mentor, counterparty, and eventual defaulter – managed to fail on each account. Tracing the speculations of each man through a detailed examination of the ultimate contract between them made in August 1719 reveals how each man attempted to lay off the risks he assumed. Ultimately, Law lost over £500,000 by the end of August 1720 while Londonderry gained little. Nevertheless, the work out arranged between them and their respective agents demonstrates the rational calculations of each man in more than financial terms, and possibly restores some of their respective reputations. 2 “I am sorry you lost money by my advice, but I did the same thing myself and I am not master of events.” John Law, letter to M. Hippolyte Mary at Genoa, 24 May 1721. Bibliothèque Méjanes, Aix-en-Provence, Ms. 355. Introduction The connection between the Mississippi and South Sea bubbles during the years 1719 and 1720 may seem obvious. -
The Microstructure of the First Emerging Markets in Europe in the 18Th
The Microstructure of the First Emerging Markets in Europe in the 18th Century Paper for Manufacturing Markets: legal, political and economic dynamics Villa Finaly, Florence June 11-13, 2009 LARRY NEAL Professor Emeritus of Economics University of Illinois at Urbana-Champaign Research Associate, NBER Visiting Professor, London School of Economics ABSTRACT While there was no formal stock exchange in London to handle the increase in transactions that accompanied the South Sea bubble of 1720, Exchange Alley had already established itself as the focus for the secondary market in financial securities of all descriptions. The extraordinary pressures on these informal market structures created by the issuance on new stock by the South Sea Company forced the authorities and the practitioners to lay down new rules, both formal and informal, to deal with breach of contracts. These were eventually codified in the formal rules of the London Stock Exchange in 1812 after another financial crisis, but the rules enforced in the 1720s laid the basis for the growth of trading in government securities over the intervening century. Introduction By the end of the seventeenth century, secondary markets for shares in joint stock corporations were well established in Amsterdam, London, and Paris. Starting in 1719, however, the participants in these early emerging markets were caught up in the rise and demise of John Law‘s System in Paris, then the South Sea Company‘s scheme to imitate the French success in refinancing government debt by issuing new equity stock, and finally some belated attempts by various Dutch cities and provinces to imitate the apparent successes of the French and British experiments. -
The Mughal Court's Perception of Europe; a Study of Its Cultural and Commercial Policy Responses
THE MUGHAL COURT'S PERCEPTION OF EUROPE; A STUDY OF ITS CULTURAL AND COMMERCIAL POLICY RESPONSES ABSTRACT OF THE THESIS SUBMITTED FOR THE AWARD OF THE DEGREE OF octor of PjilosiopliP ^^ IN HISTORY <>/ BY 2>.-vyy/. ADITI GOVIL Under the Supervision of DR. FARHAT HASAN CENTRE OF ADVANCED STUDY DEPARTMENT OF HISTORY ALIGARH MUSLIM UNIVERSITY ALIGARH (INDIA) 2008 ABSTRACT Since the publication of Edward Said's Orientalism, much work has been done on the European perception of the Asian World, on how the colonizers viewed the culture and society of the colonized, and how their perception carried connotations of power and control. Beyond generalized impressions however, very little has been written on how the Asians viewed the Europe and the Europeans and more importantly, how their perception of the European 'other' shaped the course of their interaction with the European merchants and traders before the intrusion of colonialism. The present study is concerned with exploring the relations between the European merchants and the Mughal court from the perspective of the Mughals. One of the important problems that this work seeks to explain is the Mughal perception of the European, since they first came to India mainly as merchants and Company servants, and established their factories and settlements at different places in the Mughal domain. Following from this, we also explored the nature of Mughal response to European 'presence,' and seek to, unravel the connection between perceptions and policies, that is, the extent to which Mughal perception of Europeans shaped their commercial policy responses toward them. The expansion of European trade in India that ultimately led to India's subjugation by the English East India Company, was crucially facilitated by a concessional (practically 'Free Trade') policy of the Mughal rulers. -
Economies, Moralities, and State Formations in British Colonial India
Economies, Moralities, and State Formations in British Colonial India By Nicholas Hoover Wilson A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Sociology in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Ann Swidler, Chair Professor Neil Fligstein Professor James Vernon Professor Dylan Riley Fall 2012 Abstract Economies, Moralities, and State Formations in British Colonial India by Nicholas Hoover Wilson Doctor of Philosophy in Sociology University of California, Berkeley Professor Ann Swidler, Chair How is modern power organized? My dissertation explores this question by probing how state, society, and economy became ethically autonomous spheres for colonial administrators. In other words, I ask how officials shifted justifications for their behavior from referring to their immedi- ate peers to the abstract imperatives of markets, the social, and sovereignty. Corruption scandals were a key cause of this shift. Endemic to the English East India Trading Company's administration in India since its foundation, these scandals generally involved admin- istrative squabbles escalating into appeals to authorities in London. However, while the scandals had a consistent form, the Seven Years War decisively changed their content. The war eroded the insulation protecting the Company's London authorities from Parliament and put a host of new actors who had little knowledge of Indian affairs in a position to influence the Company's behav- ior. Consequently, when Company officials in India appealed to London, they used the abstract moral language of state, society, and economy to appeal to these new actors for assistance. Moreover, these newly abstract justifications were then used by the succeeding class of senior Company administrators as resources to shape reforms of the Colonial State in India. -
Ellis Wasson the British and Irish Ruling Class 1660-1945 Volume 2
Ellis Wasson The British and Irish Ruling Class 1660-1945 Volume 2 Ellis Wasson The British and Irish Ruling Class 1660-1945 Volume 2 Managing Editor: Katarzyna Michalak Associate Editor: Łukasz Połczyński ISBN 978-3-11-056238-5 e-ISBN 978-3-11-056239-2 This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License. For details go to http://creativecommons.org/licenses/by-nc-nd/3.0/. © 2017 Ellis Wasson Published by De Gruyter Open Ltd, Warsaw/Berlin Part of Walter de Gruyter GmbH, Berlin/Boston The book is published with open access at www.degruyter.com. Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Managing Editor: Katarzyna Michalak Associate Editor: Łukasz Połczyński www.degruyteropen.com Cover illustration: © Thinkstock/bwzenith Contents The Entries VII Abbreviations IX List of Parliamentary Families 1 Bibliography 619 Appendices Appendix I. Families not Included in the Main List 627 Appendix II. List of Parliamentary Families Organized by Country 648 Indexes Index I. Index of Titles and Family Names 711 Index II. Seats of Parliamentary Families Organized by Country 769 Index III. Seats of Parliamentary Families Organized by County 839 The Entries “ORIGINS”: Where reliable information is available about the first entry of the family into the gentry, the date of the purchase of land or holding of office is provided. When possible, the source of the wealth that enabled the family’s election to Parliament for the first time is identified. Inheritance of property that supported participation in Parliament is delineated. -
Merchants and States: Private Trade and the Fall of Madras, 1746
JIOWSJournal of Indian Ocean World Studies Merchants and States: Private Trade and the Fall of Madras, 1746 Søren Mentz To cite this article: Mentz, Søren. “Merchants and States: Private Trade and the Fall of Madras, 1746.” Journal of Indian Ocean World Studies 2, no. 1 (2018), pp. 36-56. More information about the Journal of Indian Ocean World Studies can be found at: jiows.mcgill.ca © Søren Mentz. This is an Open Access article distributed under the terms of the Creative Commons License CC BY NC SA, which permits users to share, use, and remix the material provide they give proper attribution, the use is non-commercial, and any remixes/transformations of the work are shared under the same license as the original. Journal of Indian Ocean World Studies 2, no. 1 (2018), pp. 36-56. © Søren Mentz CC BY-NC-SA 4.0 | 36 Merchants and States: Private Trade and the Fall of Madras, 1746 Søren Mentz Director, Museum Amager, Denmark Abstract Michael Pearson has argued that “rights for revenue” was an important ele- ment in the European way of organizing long-distance trade in the early mod- ern period. The state provided indigenous merchant groups with commercial privileges and allowed them to influence political affairs. In return, the state received a part of the economic surplus. The East India Company and the Brit- ish state shared such a relationship. However, as this article demonstrates, the East India Company was not an impersonal entity. It consisted of many layers of private entrepreneurs, who pursued their own private interests sheltered by the Company’s privileged position. -
Bagenall, Bayly, Blackney, Irby, Wallis] ENGLAND, WALES, & IRELAND
182 List of Parliamentary Families PAGET I [Bagenall, Bayly, Blackney, Irby, Wallis] ENGLAND, WALES, & IRELAND Marquess of Anglesey (1815- UK) Origins: Possibly descended from an old Staffordshire family with an MP 1455-61, the Paget origins were obscure. Their fortunes were made by the 1 Baron, the son of a City of London official of small fortune, who became Clerk of the Privy Council 1540, a diplomat, and Secretary of State under Henry VIII. Kt 1543. Baron 1549. First MP 1529. Another MP 1555. A younger son of the 5 Baron Paget went to Ireland. His granddaughter married Sir Nicholas Bayly 2 Bt of Plas Newydd. Their son succeeded to the Paget Barony and was created Earl of Uxbridge. A younger son succeeded to Ballyarthur, Wicklow. 1. Henry Paget 1 Earl of Uxbridge – Staffordshire 1695-1712 2. Thomas Paget – Staffordshire 1715-22 3. Thomas Paget – Ilchester 1722-27 4. Henry Paget 1 Marquess of Anglesey – Caernarvon 1790-96 Milborne Port 1796- 1804 1806-10 5. William Paget – Anglesey 1790-94 6. Air Arthur Paget – Anglesey 1794-1807 7. Sir Edward Paget – Caernarvon 1796-1806 Milborne Port 1810-20 8. Sir Charles Paget – Milborne Port 1804-06 Caernarvon 1806-26 1831-34 9. Berkeley Paget – Anglesey 1807-20 Milborne Port 1820-26 10. Henry Paget 2 Marquess of Anglesey – Anglesey 1820-32 11. Lord William Paget – Caernarvon 1826-30 Andover 1841-47 12. Frederick Paget – Beaumaris 1832-47 13. Lord Alfred Paget – Lichfield 1837-65 14. Lord William Paget – Andover 1841-47 15. Lord Clarence Paget – Sandwich 1847-52 1857-76 16. -
Reflections from the Mirror of Folly: the Adventures of Lord
Reflections from the Mirror of Folly: The Adventures of Lord Londonderry in the Stock Markets of Paris, Amsterdam, and London in the bubbles of 1719-1720 Paper for Business History Unit, Erasmus University of Rotterdam March 10, 2010 LARRY NEAL Professor Emeritus of Economics University of Illinois at Urbana-Champaign Research Associate, NBER Visiting Professor, London School of Economics ABSTRACT The experiences of Lord Londonderry, born Thomas Pitt, Jr., in 1688, during the bubble year of 1720 took him in succession through the Mississippi bubble in Paris, the South Sea bubble in London, a brief boom in Dutch West Indies stock in Amsterdam. He even initiated a bubble company of his own, the Bahamas Society in mid-1720. Although his speculations were undone time after time, in each case he managed to hedge his risks with a variety of stratagems available to him in the early capital markets of Europe. His resiliency in response to each setback provides us insights into the risk management possible in the three major securities markets of the time, with each operating under distinct political and legal regimes. In contrast to the moralizing of the Groote Tafereel der Dwarsheid “Great Mirror of Folly” moreover, Londonderry’s adventures demonstrate the value of animal spirits when they are combined with bourgeois virtues and perseverance. Page 2 Londonderry Reflected One of the most notorious speculators who participated in all the bubbles illustrated in the Great Mirror of Folly was Thomas Pitt, Jr., Lord Londonderry.i His great‐nephew, Lord Camelford, excoriated him for posterity by remembering him as ‘a man of no character and of parts that were calculated only for the knavery of business, in which he over‐reached others, & at last himself.’ii True, John Law’s reputation in the Mirror is much worse, as he is shown variously as an instrument of the devil, a poisonous spider, a seducer, and a gambler. -
The English East India Company and Trade in Coromandel, 1640-1740
The English East India Company and Trade in Coromandel, 1640-1740 A S Shngreiyo Rs. 250/- ISBN: 978-93-86785-02-2 First Edition: New Delhi, 2017 Copyright 2017, A S Shngreiyo All rights reserved Published and Printed by ISARA SOLUTIONS B-15, VikasPuri, New Delhi 110018 DEDICATED TO To Prof. Yogesh Sharma CONTENTS Abstract ................................................................................................................... i Acknowledgement ................................................................................................ iii Chapter 1 Introduction .......................................................................................... 1 Chapter 2 Growth and Expansion of Trading Ports ............................................. 20 Chapter 3 The Role of Chief Merchants and their Trading Activities under the English East India Company ................................................................................. 44 Chapter 4 The Free Merchants of Madras and their Commercial Activities under the English East India Company ........................................................................... 71 Chapter 5 Portuguese Assistance to the English East India Company ................. 96 Chapter 6 The English Company ‘Country Trade’ with Burma .......................... 120 Chapter 7 Conclusion ......................................................................................... 142 Glossary: 1 ...................................................................................................... 147 Appendix-l -
The Corporation That Changed the World
The Corporation That Changed the World Robins T02502 00 pre 1 30/08/2012 09:22 Robins T02502 00 pre 2 30/08/2012 09:22 THE CORPORATION THAT CHANGED THE WORLD How the East India Company Shaped the Modern Multinational Second Edition Nick Robins Robins T02502 00 pre 3 30/08/2012 09:22 First published 2012 by Pluto Press 345 Archway Road, London N6 5AA www.plutobooks.com Distributed in the United States of America exclusively by Palgrave Macmillan, a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010 Copyright © Nick Robins 2012 The right of Nick Robins to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978 0 7453 3196 6 Hardback ISBN 978 0 7453 3195 9 Paperback ISBN 978 1 8496 4691 8 PDF eBook ISBN 978 1 8496 4693 2 Kindle eBook ISBN 978 1 8496 4692 5 EPUB eBook Library of Congress Cataloging in Publication Data applied for This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental standards of the country of origin. 10 9 8 7 6 5 4 3 2 1 Designed and produced for Pluto Press by Chase Publishing Services Ltd Typeset from disk by Stanford DTP Services, Northampton, England Simultaneously printed digitally by CPI Antony Rowe, Chippenham, UK and Edwards Bros in the United States -
Representations of India: 1740 - 1840
REPRESENTATIONS OF INDIA: 1740 - 1840 Amal Kumar Chatterjee Thesis for the degree of Master of Letters Department of English Literature University of Glasgow June 1993 ProQuest Number: 11007927 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a com plete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest ProQuest 11007927 Published by ProQuest LLC(2018). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States C ode Microform Edition © ProQuest LLC. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106- 1346 GLASGOW UNIVERSITY LIBRARY REPRESENTATIONS OF INDIA: 1740 - 1840 Amal Kumar Chatterjee University of Glasgow Abstract This is a study of representations of India in English in the period 1740 - 1840. Representations in both fiction and non fiction are analysed within their contemporary political and social contexts, revealing that they not only reflected the conflicts within society but were actively involved in them. Reportage, discussion, comment, fiction are seen to be all parts of the same interaction, related to the social, political, economic and ideological trends of the time. The various writings, brought together and analysed in context, demonstrate the interconnected nature of experience, ideas and representation. The thesis begins with an overview of the research methodology and an analysis of the political and economic situation in the period. -
Report: Survey of Sources
a SSRC PROJECT 820S1. THE AÌ{GLO}IEÍ}IERLA}IIÌ6 BITT. TARKEÍ AilD EIIGLISH EXPORT FI}¡A}ICE 144{I- 17{I REPORT: SURVEY OF SOURCES I.S.TY. BLANCHARD S.J.IIEIYTAN C.R.G. REES G.T.STACEY 1982.3 SURVEY OF SOURCES S.J. NEWMAN AND I.S.W. BLANCHARD In rclation to thc first two objcctives of the "pilot project" viz., to survey the sourcc matcrial available for the whole project and to collect the materials not aiready in hand for rhe period 1472-1602, work has becn undertakcn by both members of thc projcct in Ìhe course of the period to June 1983. Thc task of surveying availablc sources was begun by writing to the archivists of all the public collect.ions (non-central) in England and Wales. Simply on thc basis of their rcplies, listing itcms of possiblc interest, it became obvious that thc amount of materials suitable for analysis in thc overall project was enormous, far exceeding our previous expectations, so that within thc financial constraints of the pilot projcct it was dccidcd to confine our investigation to a survey of documents in non-ccntral public archives (with the exception of a simple listing of matcria.ls in Chanccry ñlasters'Exhibits PRO. C. 103-1i4). Thc imprcssion gained from the corrcspondence has, moreover, been confirmed by the archival visits and it is clear that, even sctting to one side for thc moment materials remaining in private hands and emanating from central government and the law courts, in relation to the primary hypothesis outlined in the originai proposal, the materials available in public archives alone have both the desired levcls of quantitive depth and gcographical spread to undertake the analysis specified.