James Craggs

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Craggs, detail of a portrait attributed to Johann Baptist Closterman, 1710; in the National Portrait Gallery, London

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History & Society

James Craggs

British politician

Written and fact-checked by The Editors of Encyclopaedia Britannica

Last Updated: Mar 12, 2024 • Article History

James Craggs

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Category: History & Society

Baptized:: June 10, 1657, Wolsingham, Durham, Eng.

Died:: March 16, 1721

Title / Office:: House of Commons (1702-1721), Great Britain

Role In:: South Sea Bubble

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James Craggs (baptized June 10, 1657, Wolsingham, Durham, Eng.—died March 16, 1721) was an English politician implicated in the South Sea Bubble (1720), a widespread speculation in shares of the South Sea Company, which had taken over most of the British national debt. The company persuaded investors to exchange their state annuities for the greatly overvalued stock, which rose as high as 1,000 during the summer of 1720 and fell to 124 in December. After the collapse of the “bubble,” it was learned that Craggs and other government officials had accepted large bribes from the company’s directors. Following service as ...(100 of 222 words)

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