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Malcolm Balen
The ebook of the critically acclaimed popular history book: the story of the South Sea Bubble which in Balen’s hands becomes a morality tale for our times. A classic collision of political ambition, mercenary greed and financial revolution.The early years of the 18th-century produced two great monuments: one, Christopher Wren’s new cathedral of St Paul’s, an enduring testament to principled craft and masterful construction; the other, an empty fraud of such magnitude that its collapse threatened to overturn monarchies and governments. Its failure delayed the introduction of modern market economies by two generations. Yet the full scale of this monumental deceit was quietly covered up and hidden, its enduring legacy a poorly understood colloquialism: the South Sea Bubble.It was all planned by one ambitious promoter, who had decided to launch ‘a company for carrying on an undertaking of great advantage, but nobody to know what it is’. This eighteenth-century mission statement has now acquired an almost uncanny resonance: these words could aptly have been applied to the bursting of the internet bubble and the collapse of Enron. With the financial scandals that have beset global companies recently, such as Rank Xerox and Worldcom, this tale is all the more relevant today.Balen reveals the full story of corruption and scandal that attended the birth of the first shareholder economy, and with it uncovers a parable for our times.Note that it has not been possible to include the same picture content that appeared in the original print version.
Peregrine Worsthorne
In this controversial and hotly discussed book, Sir Peregrine presents a reactionary and playful look at the origins, evolution and demise of the aristocracy.Every country has the aristocracy it deserves; so what does it say about Britain that it is in the process of removing the last vestiges of political power from one of the most ancient hereditary aristocracies in the world, and one, moreover, whose record of public service has been impeccable?The word aristocracy has many connotations, some good, some bad, and Britain's aristocracy has in the past earned most of them in some degree or another. But Sir Peregrine Worsthorne, one of our most influential and respected political commentators, argues that not only does the good far outweigh the bad, but that our aristocracy has contributed mightily to our stability and prosperity, and that without it we would have neither. And yet it is ever more being politically written out of the national story, with the result that soon there will be no hereditary peers in the House of Lords.The disestablishment of the peerage will bring cheers to the lips of many, but in this passionately argued and highly original essay Worsthorne forcefully demonstrates the shallowness of those who would crow. For though many now forget it, Britain once had an upper class which was the envy of the world, and which, crucially, 'had enough in-built authority – honed over three centuries – and enough ancestral wisdom – acquired over three centuries – to dare to defy the arrogance of intellectuals from above and the emotions of the masses from below; to dare to resist the entrepreneurial imperative; to dare to try to raise the level of public conversation; to dare to put the public interest before private interests; and to dare to shape the nation's will and curb its appetites … to do for Demos what courtiers could never do for princes: be a true friend rather than a false flatterer.'
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