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Bubble Act
Bubble Act 1720 (6 Geo I, c 18) was an Act of the Parliament of Great Britain that forbade all joint-stock companies not authorised by royal charter. It was passed on 11 June 1720, and was also known as the Royal Exchange and London Assurance Corporation Act 1719, because those companies were incorporated under it.
==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.〔Ron Harris, ('The Bubble Act: Its Passage and Its Effects on Business Organization' ) ''The Journal of Economic History'', Vol. 54, No. 3. (Sep., 1994), pp. 610-627〕
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.〔〔Cooke, ''Corporation Trust and Company'' at 82; Gower (1952) 68 ''LQR'' 214〕
In fact, the Act was passed in June 1720, before the peak of the bubble. The Act was repealed in 1825.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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