George Berkeley warned that industry, not financial speculation, was the guarantee of a nation’s wealth.
In 1721, Bishop Berkeley published an agonised response to the frenzy for get-rich-quick schemes then gripping the country, of which the infamous South Sea Company was just one startling example. The nation’s economy, he said, needed money and credit to cycle steadily through honest industry. Too many people were taking them out and staking them on the wheel of fortune.