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Bengal Bubble Of 1769
The Bengal Bubble, caused by the increasing overvaluation of the East India Company stock between 1757 and 1769, led to the Great East Indian Crash, a major financial crisis that occurred in 1769. The bubble and crash occurred in the wake of the conquest of Bengal by the East India Company in 1757 by Robert Clive. Following the battle, Clive and the company acquired increasing powers in Bengal, through the installation of the puppet regime of Mir Jafar, including control of the tax collection rights for the province from the weak and declining Mughal Empire. By 1769, the East India Company stock was trading at £284. By 1784, the stock had declined to £122, a fall of 55%, and a series of bailout measures and increasing control by the crown led to the demise of the company. Several historical events, including the attack on Company holdings by Hyder Ali in 1769, the Bengal famine of 1770, and growing revelations of the company's actions, were the immediate causes of the crash, but th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia. The company seized control of large parts of the Indian subcontinent, colonised parts of Southeast Asia and Hong Kong. At its peak, the company was the largest corporation in the world. The EIC had its own armed forces in the form of the company's three Presidency armies, totalling about 260,000 soldiers, twice the size of the British army at the time. The operations of the company had a profound effect on the global balance of trade, almost single-handedly reversing the trend of eastward drain of Western bullion, seen since Roman times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies", the company rose to account for half of the world's trad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Clive
Robert Clive, 1st Baron Clive, (29 September 1725 – 22 November 1774), also known as Clive of India, was the first British Governor of the Bengal Presidency. Clive has been widely credited for laying the foundation of the British East India Company rule in Bengal. He began as a writer (the term used then in India for an office clerk) for the East India Company (EIC) in 1744 and established Company rule in Bengal by winning the Battle of Plassey in 1757. In return for supporting the Nawab Mir Jafar as ruler of Bengal, Clive was granted a jagir of £30,000 () per year which was the rent the EIC would otherwise pay to the Nawab for their tax-farming concession. When Clive left India he had a fortune of £180,000 () which he remitted through the Dutch East India Company. Blocking impending French mastery of India, Clive improvised a 1751 military expedition that ultimately enabled the EIC to adopt the French strategy of indirect rule via puppet government. Hir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mir Jafar
Sayyid Mīr Jaʿfar ʿAlī Khān Bahādur ( – 5 February 1765) was a military general who became the first dependent Nawab of Bengal of the British East India Company. His reign has been considered by many historians as the start of the expansion of British control of the Indian subcontinent in Indian history and a key step in the eventual British domination of vast areas of pre-partition India. Mir Jafar served as the commander of the Bengali army under Siraj ud-Daulah, the Nawab of Bengal, but betrayed him during the Battle of Plassey and succeeded Daulah after the British victory in 1757. Mir Jafar received military support from the East India Company until 1760, when he failed to satisfy various British demands. In 1758, Robert Clive discovered that Jafar had made a treaty with the Dutch East India Company at Chinsurah through his agent Khoja Wajid. Dutch ships of the line were also seen in the River Hooghly. Jafar's dispute with the British eventually led to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mughal Empire
The Mughal Empire was an early-modern empire that controlled much of South Asia between the 16th and 19th centuries. Quote: "Although the first two Timurid emperors and many of their noblemen were recent migrants to the subcontinent, the dynasty and the empire itself became indisputably Indian. The interests and futures of all concerned were in India, not in ancestral homelands in the Middle East or Central Asia. Furthermore, the Mughal empire emerged from the Indian historical experience. It was the end product of a millennium of Muslim conquest, colonization, and state-building in the Indian subcontinent." For some two hundred years, the empire stretched from the outer fringes of the Indus river basin in the west, northern Afghanistan in the northwest, and Kashmir in the north, to the highlands of present-day Assam and Bangladesh in the east, and the uplands of the Deccan Plateau in South India. Quote: "The realm so defined and governed was a vast territory of some , ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyder Ali
Hyder Ali ( حیدر علی, ''Haidarālī''; 1720 – 7 December 1782) was the Sultan and ''de facto'' ruler of the Kingdom of Mysore in southern India. Born as Hyder Ali, he distinguished himself as a soldier, eventually drawing the attention of Mysore's rulers. Rising to the post of Dalavayi ( commander-in-chief) to Krishnaraja Wodeyar II, he came to dominate the titular monarch and the Mysore government. He became the de facto ruler of Mysore as Sarvadhikari (Chief Minister) by 1761. During intermittent conflicts against the East India Company during the First and Second Anglo–Mysore Wars, Hyder Ali was the military leader. Though illiterate, Hyder Ali concluded an alliance with the French, and used the services of French workmen in raising his artillery and arsenal. His rule of Mysore was characterised by frequent warfare with his neighbours and rebellion within his territories. This was not unusual for the time as much of the Indian subcontinent was then in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bengal Famine Of 1770
The Bengal Famine of 1770 was a famine that struck Bengal and Bihar between 1769 and 1770 and affected some 30 million people. It occurred during a period of dual governance in Bengal. This existed after the East India Company had been granted the ''diwani'', or the right to collect revenue in Bengal by the Mughal emperor in Delhi, but before it had wrested the ''nizamat'', or control of civil administration, which continued to lie with the Mughal governor, the Nawab of Bengal Nazm ud Daula (1765-72). Crop failure in autumn 1768 and summer 1769 and an accompanying smallpox epidemic were thought to be the manifest reasons for the famine. The East India Company had farmed out tax collection on account of a shortage of trained administrators, and the prevailing uncertainty may have worsened the famine's impact. Other factors adding to the pressure were: grain merchants ceased offering grain advances to peasants, but the market mechanism for exporting the merchants' grain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pitt's India Act
The East India Company Act (EIC Act 1784), also known as Pitt's India Act, was an Act of the Parliament of Great Britain intended to address the shortcomings of the Regulating Act of 1773 by bringing the East India Company's rule in India under the control of the British Government. Named for British prime minister William Pitt the Younger, the act provided for the appointment of a Board of Control, and provided for a joint government of British India by the Company and the Crown with the government holding the ultimate authority. A six member board of control was set up for political activities and Court of directors for financial/commercial activities. As the Regulating Act had many defects, it was necessary to pass another Act to remove these defects. Provisions of the 1784 Act The Act provided for not more than six Privy Counsellors, including a Secretary of State and the Chancellor of the Exchequer to be appointed "Commissioners for the Affairs of India". Of these, not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1769 In Economics
Events January–March * February 2 – Pope Clement XIII dies, the night before preparing an order to dissolve the Jesuits.Denis De Lucca, ''Jesuits and Fortifications: The Contribution of the Jesuits to Military Architecture in the Baroque Age'' (BRILL, 2012) pp315-316 * February 17 – The British House of Commons votes to not allow MP John Wilkes to take his seat after he wins a by-election. * March 4 – Mozart departs Italy, after the last of his three tours there. * March 16 – Louis Antoine de Bougainville returns to Saint-Malo, following a three-year circumnavigation of the world with the ships '' La Boudeuse'' and '' Étoile'', with the loss of only seven out of 330 men; among the members of the expedition is Jeanne Baré, the first woman known to have circumnavigated the globe. She returns to France some time after Bougainville and his ships. April–June * April 13 – James Cook arrives in Tahiti, on the ship HM Bark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1769 In India
Events in the year 1769 in India. Events * 1st Mysore War, 1767–69.''Everyman's Dictionary of Dates''; 6th ed. J. M. Dent, 1971; p. 261 References India India, officially the Republic of India ( Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the ... Years of the 18th century in India {{India-year-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crises
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Sin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bengal Presidency
The Bengal Presidency, officially the Presidency of Fort William and later Bengal Province, was a subdivision of the British Empire in India. At the height of its territorial jurisdiction, it covered large parts of what is now South Asia and Southeast Asia. Bengal proper covered the ethno-linguistic region of Bengal (present-day Bangladesh and the Indian state of West Bengal). Calcutta, the city which grew around Fort William, was the capital of the Bengal Presidency. For many years, the Governor of Bengal was concurrently the Viceroy of India and Calcutta was the de facto capital of India until 1911. The Bengal Presidency emerged from trading posts established in Mughal Bengal during the reign of Emperor Jahangir in 1612. The East India Company (HEIC), a British monopoly with a Royal Charter, competed with other European companies to gain influence in Bengal. After the decisive overthrow of the Nawab of Bengal in 1757 and the Battle of Buxar in 1764, the HEIC expanded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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