1772day.year
Alexander Fordyce flees to France to avoid debt repayment, triggering the credit crisis of 1772 in the British Empire and the Dutch Republic.
In 1772, banker Alexander Fordyce flees to France to escape his debts, triggering a major credit crisis.
Alexander Fordyce’s flight to France on June 8, 1772, sparked a dramatic collapse in confidence across European financial centers. Fordyce’s bank in London defaulted on huge debts after risky speculation, sending shockwaves through the markets. Within days, panic spread and numerous banking houses in London and Amsterdam suspended payments. The crisis disrupted trade and caused a sharp contraction of credit in the British Empire and Dutch Republic. Merchants and investors suffered heavy losses as liquidity dried up. The turmoil highlighted the fragility of 18th-century banking practices and the lack of regulatory oversight. This event prompted calls for more prudent financial reforms and greater transparency in international lending.
1772
Alexander Fordyce
France
credit crisis of 1772
British Empire
Dutch Republic