Consequences Unintended: The Bubble Act and American Independence

Robert E. Wright ()
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Robert E. Wright: American Institute for Economic Research

Chapter Chapter 7 in The Bubble Act, 2023, pp 131-161 from Palgrave Macmillan

Abstract: Abstract The 1741 extension of the so-called Bubble Act to ‘all and every of his Majesty’s dominions, colonies and plantations in America’ contributed to the Imperial Crisis that led directly to the Declaration of Independence. The act limited the ability of colonists to respond to Britain’s deflationary monetary policy following the French and Indian War (1754–1763), i.e., the policy dispute that initiated colonial resistance to British rule beginning with the Stamp Act in 1765 (14 Geo. 2, c. 37; 6 Geo. 1, c. 18). This chapter will discuss the effects of the Bubble Act on the colonial credit sector and monetary system and show how the framers of the act helped to create, albeit unintentionally, the rationale for political and economic independence.

Date: 2023
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DOI: 10.1007/978-3-031-31894-8_7

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