The financial crash that created Britain’s first prime minister
About this episode
This episode explores the rise of Robert Walpole during the South Sea Bubble crisis and his role in shaping Britain's financial future.
When the South Sea Bubble burst in 1720, it wiped out fortunes and plunged Britain into its first great stock market crisis. The collapse of the South Sea Company, a government-backed scheme that promised to turn national debt into riches, left the country's finances in disarray and threatened the credibility of the British state itself. Into the chaos stepped Robert Walpole. Charged with restoring confidence, he restructured the government's debts and laid the foundations for Britain's emergence as a financial superpower. In doing so, he became the country's first de facto prime minister, a title he rejected initially because it was widely used as an insult. In this episode, Robin Wigglesworth and Gillian Tett explore Walpole’s rise to power with Thomas Levenson, professor of science writing at the Massachusetts Institute of Technology. Further reading: Money for Nothing: The South Sea Bubble and the Invention of Modern Capitalism by Thomas Levenson To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here : https://www.youtube.com/@FTTheStoryOfMoney Hosts: Gillian…
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