Events from 1720

South Sea Bubble demonstrates early application of probability mathematics in finance - first financial crisis analyzed using mathematical risk models

South Sea Bubble collapse exposes financial manipulation, creating first major calls for transparent financial reporting and standardized accounting

St. Paul of the Cross founds Passionists after visions of Church's coming passion

South Sea Bubble collapse - speculation scandal leads to Bubble Act restricting joint-stock companies

Bubble Act - prohibits joint-stock companies without charter, reaction to South Sea Bubble