The History of Leith

January 23, 2007

Sailing into financial disaster

LACK OF confidence is often cited as Scotland’s greatest ill. However, it is a view that should be tempered by consideration of the havoc over-confidence has wrought. Between 1696 and 1700, Scotland succumbed to one of the great speculative delusions in financial history. The brightest and wealthiest of Scotland – lairds and lawyers to the fore – came to believe in one of the most under researched, poorly planned and utterly improbable commercial ventures ever undertaken in the cause of wealth creation: it came to be known as the Darien adventure, an attempt to set up a Scottish colony on the isthmus of Panama. for miore click here

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