Knavish in its private Practice, and Treason in its Publick

In 1719, the same year that he wrote 'Robinson Crusoe', English author and journalist Daniel Defoe wrote a pamphlet that could apply to today's stock exchanges of the world and the damage done by the market.

Defoe's pamphlet had a wonderful title: "The Anatomy of Exchange Alley; or a System of Stock-Jobbing; proving that Scandalous Trade, as it is now carried on, to be knavish in its private Practice, and Treason in its Publick. Being a Clear Detection. I. Of the private Cheats, used to deceive one another. II. Of their Arts to draw Innocent Families into their Snare, understood by their new Term of Art, viz., being let into the Secret. III. Of their Raising and Spreading false News, to ground the Rise or Fall of Stocks upon. IV. Of the Dangerous Consequences of their Practices, and the necessity there is to Regulate or Suppress them. To which is added some Characters of the most Eminent Persons concern'd now, and for some Years past, in carrying on this pernicious Trade."

Categories: economy, stock-market, recession