The Bubble Act Restricts Joint-Stock Corporations
Poet involved
What happened
The Bubble Act of 1720 was enacted by the British Parliament in response to the catastrophic financial collapse of the South Sea Company. This legislation aimed to restore financial stability by banning unchartered joint-stock companies, which had proliferated during the speculative bubble. The act reflected the growing concerns about financial regulation and the need for oversight in the burgeoning capitalist economy of the time.
Literary impact
The Bubble Act of 1720 restricted joint-stock corporations, prompting intense literary engagement with financial ethics. Poets like Jonathan Swift responded with sharp critiques of speculative capitalism, using satire to illuminate the moral implications of financial practices on everyday investors.
Source: Wikipedia