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SUMMARY:The Financing and Re-financing of the War of the Spanish Successio
 n\, and then Re-Financing the South Sea Company - Larry Neal is an Emeritu
 s Professor of Economics at the University of Illinois.
DTSTART:20120424T160000Z
DTEND:20120424T170000Z
UID:TALK37901@talks.cam.ac.uk
CONTACT:Sheryl Anderson
DESCRIPTION:The expense of the War of the Spanish Succession (1702-1713) l
 eft each of the great powers of Europe (Austria\, Britain\, France\, the N
 etherlands\, and Spain)\, with unprecedented burdens of government debt. T
 he overlapping Great Northern War (1700-1721) between Sweden and Russia al
 so encumbered those two European powers with pressing financial problems. 
 The competitive experiments in dealing with the amassed debt that followed
  over the next decade left Britain alone among the contesting military pow
 ers of Europe holding the key to success in war finance. Only Britain mana
 ged to convince a large and diverse number of individuals to hold onto the
 ir claims against the government due to British institutions that allowed 
 individuals to trade their claims with each other rather than redeeming th
 em directly from the government. We support our argument by analysis of th
 e thousands of individuals who had acquired various forms of the British g
 overnment’s debt over the course of the War of the Spanish Succession af
 ter the government consolidated most of that debt into the capital stock o
 f the Bank of England\, the East India Company\, and the South Sea Company
  in 1723.
LOCATION:Lucia Windsor Room\, Newnham College
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