His book (no one was calling it a “novel” at the time) was a prospectus for potential investors, lacking only glossy photos of beaches and palm trees.īribery and insider dealing combined with public credulity to drive the share price of the South Sea Company unsustainably high, and in 1720 the bubble burst, causing widespread financial ruin. Defoe chose to locate the fictional island on which Crusoe is stranded around 40 miles from the mouth of the Orinoco, and furnish it with a kindlier climate than that of the actual island on which Alexander Selkirk, the presumed model for Crusoe, was marooned. The government would be required “to furnish six Men of War, and 4000 regular Troops, with some Engineers and 100 pieces of Cannon, and military Stores in Proportion for the maintaining and supporting the Design”, but “the Revenue it shall bring to the Kingdom will be a full amends”. I n February 1719, two months before the publication of Robinson Crusoe, Daniel Defoe proposed in the Weekly Journal that the South Sea Company – founded just eight years earlier to manage the national debt and awarded a contract to supply the Spanish colonies in Latin America with several thousand African slaves per year – should oversee the founding of a British colony at the mouth of the River Orinoco on the coast of present day Venezuela.
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