Background
Various motivations have been suggested for the Act. These include the desire to prevent speculation such as that which produced the contemporary South Sea Bubble; an attempt to prevent smaller non-charter from forming and so reduce the importance of Parliament in regulating businesses; or that the South Sea Company itself wanted to prevent other bubbles from forming that might have decreased the intensity of its own. Recent scholarship indicates that the last of these was the cause: it was passed to prevent other companies from competing with the South Sea Company for investors' capital. In fact, the Act was passed in June 1720, before the peak of the bubble. The Act was repealed in 1825.
Read more about this topic: Bubble Act
Famous quotes containing the word background:
“... every experience in life enriches one’s background and should teach valuable lessons.”
—Mary Barnett Gilson (1877–?)
“In the true sense one’s native land, with its background of tradition, early impressions, reminiscences and other things dear to one, is not enough to make sensitive human beings feel at home.”
—Emma Goldman (1869–1940)
“Silence is the universal refuge, the sequel to all dull discourses and all foolish acts, a balm to our every chagrin, as welcome after satiety as after disappointment; that background which the painter may not daub, be he master or bungler, and which, however awkward a figure we may have made in the foreground, remains ever our inviolable asylum, where no indignity can assail, no personality can disturb us.”
—Henry David Thoreau (1817–1862)