British credit crisis of 1772–1773

British banking crisis

The British credit crisis of 1772–1773, also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. It has been described as the first modern banking crisis faced by the Bank of England. New colonies, as Adam Smith observed, had an insatiable demand for capital. Accompanying the more tangible evidence of wealth creation was a rapid expansion of credit and banking, leading to a rash of speculation and dubious financial innovation. In today's language, they bought shares on margin.

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