John Law, the South Sea Bubble, and Dutch Satire

2020 ◽  
pp. 103-118
Author(s):  
Helen J. Paul
Keyword(s):  
The Netherlands ◽  
Stock Market ◽  
English Translation ◽  
Economic History ◽  
Special Focus ◽  
Literary Critic ◽  
Financial History ◽  
Anti Semitism ◽  
The World ◽  
South Sea

This chapter examines the financial history behind the Bubbles of 1720, with a special focus on their effects in the Netherlands, by offering a number of observations and speculations concerning two economic comedies penned by Pieter Langendijk in 1720, collected in Het groote Tafereel der dwaasheid [The Great Mirror of Folly], and now published in this volume in English translation. As well as examining what the plays can tell us about the financial knowledge of Langendijk’s audiences, this essay explores how literary critic and historian C.F.P. Meijer attempted to explain economic history to a new readership in his 1892 edition of the plays. Dutch familiarity with finance and share trading is evidenced in Langendijk’s use of sophisticated financial language, indicating that his audience understood the world he was satirising. That Langendijk could, or thought he could count on a certain familiarity with finance on the part of his Dutch viewers stands in contrast, for example, to what we may extrapolate from English plays of the same period, which merely caricature stock market activity, likening it to gambling. This chapter shows that Langendijk painted a more nuanced view of finance than his English contemporaries, and argues that, while Quincampoix and Harlequin Stock-Jobber share some common themes with English plays (such as anti-Semitism and the humbling of the nouveau riche), Langendijk, like many in his Dutch audience, was no financial neophyte.

2050: The End of the Growth Era?

2017 ◽  
Author(s):  
Didier Sornette
Keyword(s):  
Stock Market ◽  
World Economy ◽  
The United States ◽  
Social Scientists ◽  
Financial History ◽  
Positive Feedbacks ◽  
The World ◽  
History Of ◽  
Financial Indices ◽  
Finite Time Singularity

This chapter examines stock market crashes in the entire financial history of the United States as well as the world economy and population dynamics over the last 2,000 years. It suggests the existence of strong positive feedbacks that point to an underlying finite-time singularity around 2050, signaling a fundamental change of regime of the world economy and population around 2050 (a super crash?). Three leading scenarios are described: collapse, transition to sustainability, and superhumans. After analyzing financial as well as economic and population times series over the longest time scales for which reliable data is available, the chapter considers the pessimistic viewpoint of “natural” scientists vs. the optimistic viewpoint of “social” scientists regarding human population size and growth. It also discusses the faster-than-exponential growth of population, GDP, and financial indices before concluding with an overview of the increasing propensity to emulate the stock market approach.

Financial Crashes: What, How, Why, and When?

2017 ◽  
Author(s):  
Didier Sornette
Keyword(s):  
Stock Market ◽  
Complex Systems ◽  
Computational Methods ◽  
Extreme Events ◽  
Large Scale ◽  
Financial Structure ◽  
Stock Market Crash ◽  
The World ◽  
South Sea ◽  
Great Crash

This chapter explains what financial crashes are and why, how, and when they occur. More specifically, it examines the mechanisms underlying crashes; whether we can forecast crashes; whether we could control or at least have some influence on crashes; whether crashes indicate a fundamental instability in the world financial structure; and what could be changed to modify or suppress these instabilities. The chapter considers the stock market crash of October 1987 and the main explanations for its occurrence, as well as other financial crashes in history, including the tulip mania, the South Sea bubble, and the great crash of October 1929. It also discusses extreme events in complex systems and concludes with an analysis of a new set of computational methods that can be used in the prediction of large-scale financial crashes.

Dreams Give Birth to Reality”. Engraving Austroseraphicum Coelum as an Attempt to Create a New Reality by the Spanish Habsburgs Dynastic Propaganda / Sny rodzą rzeczywistość…”. Grafika Austroseraphicum Coelum jako próba kreowania nowej rzeczywistości za pomocą propagandy dynastycznej Habsburgów hiszpańskich

2014 ◽  
Vol 39 (1) ◽  
Author(s):  
Jan Kurowiak
Keyword(s):  
Seventeenth Century ◽  
The Netherlands ◽  
General Condition ◽  
Symbolic System ◽  
Political Situation ◽  
Mission Of God ◽  
Starting Point ◽  
The World ◽  
The Church

AbstractAs a work of propaganda, graphics Austroseraphicum Coelum Paulus Pontius should create a new reality, make appearances. The main impression while seeing the graphics is the admiration for the power of Habsburgs, which interacts with the power of the Mother of God. She, in turn, refers the viewer to God, as well as Franciscans placed on the graphic, they become a symbol of the Church. This is a starting point for further interpretation of the drawing. By the presence of certain characters, allegories, symbols, we can see references to a particular political situation in the Netherlands - the war with the northern provinces of Spain. The message of the graphic is: the Spanish Habsburgs, commissioned by the mission of God, they are able to fight all of the enemies, especially Protestants, with the help of Immaculate and the Franciscans. The main aim of the graphic is to convince the viewer that this will happen and to create in his mind a vision of the new reality. But Spain was in the seventeenth century nothing but a shadow of former itself (in the time of Philip IV the general condition of Spain get worse). That was the reason why they wanted to hold the belief that the empire continues unwavering. The form of this work (graphics), also allowed to export them around the world, and the ambiguity of the symbolic system, its contents relate to different contexts, and as a result, the Habsburgs, not only Spanish, they could promote their strength everywhere. Therefore it was used very well as a single work of propaganda, as well as a part of a broader campaign

Introduction

2017 ◽  
Author(s):  
Detlef Pollack ◽  
Gergely Rosta
Keyword(s):  
The Netherlands ◽  
Western Europe ◽  
West Germany ◽  
World Today ◽  
The World ◽  
Degree Of Stability ◽  
Important Exception ◽  
High Degree ◽  
Religious Landscape

In recantation of his earlier approach, Peter L. Berger now claims: ‘The world today, with some exceptions […], is as furiously religious as it ever was, and in some places more so than ever.’ The most important exception that Berger refers to is Western Europe. The introduction to Part II provides an overview of the religious landscape in Western Europe. The data show that the current religious situation in the countries of Western Europe is in fact subject to considerable variation. It would therefore be erroneous to describe Western Europe as secularized. At the same time, the data reveal that there have been clear secularization tendencies over the last few decades. To grasp the diversity of religious tendencies, Part II deals with three cases: West Germany with moderate downward tendencies, Italy with a considerably high degree of stability, and the Netherlands displaying disproportionately strong secularizing tendencies.

The Paradox of “A High Standard of Public Honesty”

2017 ◽  
Author(s):  
James Kennedy ◽  
Ronald Kroeze
Keyword(s):  
The Netherlands ◽  
Early Modern ◽  
Side Effect ◽  
High Standard ◽  
Dutch Republic ◽  
Liberal Politics ◽  
Patronage Politics ◽  
Starting Point ◽  
The World ◽  
Late Nineteenth

This chapter takes as its starting point the contemporary idea that the Netherlands is one of the least corrupt countries in the world; an idea that it dates back to the late-nineteenth and early-twentieth centuries. In this chapter, the authors explain how corruption was controlled in the Netherlands against the background of the rise and fall of the Dutch Republic, modern statebuilding and liberal politics. However, the Dutch case also presents some complexities: first, the decrease in some forms of corruption was due not to early democratization or bureaucratization, but was rather a side-effect of elite patronage-politics; second, although some early modern forms of corruption disappeared around this period, new forms have emerged in more recent times.

scholarly journals The Resolution of International Commercial Disputes – What Role (if any) for Continental Europe?

AJIL Unbound ◽  
2021 ◽  
Vol 115 ◽  
pp. 11-16
Author(s):  
Giesela Rühl
Keyword(s):  
The Netherlands ◽  
Dispute Settlement ◽  
Middle Eastern ◽  
National Level ◽  
High Volume ◽  
Radical Change ◽  
The Past ◽  
The World ◽  
Traditional Market ◽  
Commercial Courts

The past sixteen years have witnessed the proliferation of international commercial courts around the world. However, up until recently, this was largely an Asian and a Middle Eastern phenomenon. Only during the past decade have Continental European countries, notably Germany, France and the Netherlands, joined the bandwagon and started to create new judicial bodies for international commercial cases. Driven by the desire to attract high-volume commercial litigation, these bodies try to offer international businesses a better dispute settlement framework. But what are their chances of success? Will more international litigants decide to settle their disputes in these countries? In this essay, I argue that, despite its recently displayed activism, Continental Europe lags behind on international commercial courts. In fact, although the various European initiatives are laudable, most cannot compete with the traditional market leaders, especially the London Commercial Court, or with new rivals in Asia and the Middle East. If Continental Europe wants a role in the international litigation market, it must embrace more radical change. And this change will most likely have to happen on the European––not the national––level.

The Early History of Financial Economics, 1478–1776. By Geoffrey Poitras. Cheltenham and Northampton: Edward Elgar, 2000. Pp. x, 522.

2002 ◽  
Vol 62 (1) ◽  
pp. 268-269
Author(s):  
Larry Neal
Keyword(s):  
Economic History ◽  
Financial Analysis ◽  
Adam Smith ◽  
Economic Thought ◽  
Financial History ◽  
X 522 ◽  
History Of ◽  
The Difference ◽  
Wealth Of Nations ◽  
Simon Fraser University

Economic historians usually have to explain to their economist colleagues the difference between economic history, which focuses on facts, and history of economic thought, which focuses on ideas. Our colleagues in finance departments, typically fascinated by episodes in financial history treated by economic historians, are bound to be disappointed in the lack of attention given to the development of ideas in finance by historians of economic thought. Geoffrey Poitras, a professor of finance at Simon Fraser University, makes a valiant effort to remedy these oversights in his collection of vignettes that highlight the sophistication of financial instruments and analysts of financial markets well before the time of Adam Smith. Starting in 1478 with the publication of the Treviso Arithmetic, a typical textbook of commercial arithmetic for Italian merchants, and ending with brief snippets from the Wealth of Nations, Poitras treats the reader to a fascinating potpourri of excerpts from various manuals, brief biographies of pioneers in financial analysis, and historical discursions on foreign-exchange and stock markets.

Christiaan Snouck Hurgronje In Memory of the Centennial of His Birth

1957 ◽  
Vol 16 (4) ◽  
pp. 591-594 ◽  
Author(s):  
Robert van Niel
Keyword(s):  
The Netherlands ◽  
Indonesian Archipelago ◽  
Colonial Policy ◽  
English Reading ◽  
The World ◽  
Dutch Colonial

This year academic circles in the Netherlands are celebrating the centennial of the birth of C. Snouck Hurgronje; Arabist, scholar of Indonesian affairs, and formateur of Dutch colonial policy. Most Dutch scholars and many students of Indonesian affairs would readily agree that few men have had as intimate acquaintance with the Indonesian archipelago and its people and have had as wide a reputation as an expert on this part of the world as the late Snouck Hurgronje. Unfortunately his writings and policies are known to English-reading scholars only at second hand. Except for a few brief articles, only his books, Mekka and The Achehnese, and his lectures in Mohammedanism have appeared in English. Other important writings have appeared in German and French, but the great bulk are in Dutch. There are presently plans to translate some parts of Snouck Hurgronje's collected works and also to make available certain writings which were done after the collected works were published, but the publication plans for these translations and reprints are still indefinite.

scholarly journals Should 1974 be considered a watershed year in the economic history of the world?

1980 ◽  
Vol 11 (2) ◽  
pp. 45-49
Author(s):  
G. Jan Hupkes
Keyword(s):  
South Africa ◽  
Economic History ◽  
Free Market ◽  
Market Mechanism ◽  
Oil Consumption ◽  
Payments System ◽  
The World ◽  
History Of ◽  
Oil Crisis ◽  
Economic Future

The early 1970s marked a turning point in mankind's economic fortunes and the author takes 1974 as an 'artificial' vantage point from which to look back, but also forward. Several forces led to the shocks of the seventies: the breaking down in the discipline of the international payments system, rising inflation, the oil crisis, the West's loss of strategic military initiative to the East. The author outlines what ought to be done to improve the economic outlook for the 1980s: The international payments system must be placed on a more stable and disciplined footing, inflation must be controlled by balancing of national budgets, the energy crisis must be contained by reduction of oil consumption via the price mechanism. In South Africa the economic watershed year was 1976; two years later than that of the world economy in general. Since then a policy of strict financial discipline has led to a record surplus in balance of payments, which together with new emphasis on the importance of the free market mechanism and increasing energy self-sufficiency, promises a better economic future for South Africa than for many other countries.Die vroee 1970s was 'n keerpunt in die mensdom se ekonomiese lotgevalle en die skrywer neem 1974 as 'n 'kunsmatige' uitsigpunt vanwaar hy terug kyk, maar ook vorentoe. Verskeie magte het gelei tot die skokke van die sewentigs: die aftakeling van die dissipline van die internasionale betalingstelsel, stygende inflasie, die oliiekrisis, en die Weste se afstand van strategiese militere inisiatief aan die Ooste. Die skrywer dui aan wat gedoen moet word om die ekonomiese vooruitsigte vir die 1980s te verbeter: Die internasionale betalingstelsel moet op 'n meer stabiele en gedissiplineerde grondslag geplaas word, inflasie moet deur die balansering van nasionale begrotings beheer word, die energiekrisis moet via die prysmeganisme deur verminderde olieverbrulk beteuel word. In Suid-Afrika was die ekonomiese waterskeidingsjaar 1976; twee jaar later as die van die wereld-ekonomie in die algemeen. Sedertdien het 'n beleid van streng finansiele dissipline gelei tot 'n rekord surplus op die betalingsbalans, wat saam met nuwe klem op die belangrikheid van die vrye markmeganisme en toenemende energie-selfvoorsiening, 'n bater ekonomiese toekoms vir Suid-Afrika as vir baie ander lande beloof.

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