The Panic of 1772 and the Collapse of Neal, James, Fordyce and Down
Poet involved
What happened
The Panic of 1772 was initiated by the flight of banker Alexander Fordyce after massive speculative losses in East India Company stock, triggering a systemic banking crisis across London, Scotland, and Amsterdam. This crisis highlighted the fragility of financial systems and the interconnectedness of banking practices in Europe. It led to a reevaluation of banking regulations and practices in the wake of economic instability.
Literary impact
The Panic of 1772 and the subsequent financial collapse informed the poetry of the late 18th century, particularly in Scotland. Poets like Robert Fergusson lamented the social consequences of financial instability, weaving themes of despair and resilience into their verses.
Source: Wikipedia
