The South Sea Bubble burst in 1720, triggering Britain's inaugural stock market crisis. The collapse of the government-backed South Sea Company, which aimed to convert national debt into wealth, destabilized the nation's finances and imperiled the state's credibility.

Amid this turmoil, Robert Walpole emerged. Tasked with restoring public confidence, he led the restructuring of government debts, establishing the groundwork for Britain's ascent to financial superpower status. This pivotal role marked him as the country's first de facto prime minister, a title he initially disavowed due to its pejorative connotations.

In an episode of The Story of Money, Robin Wigglesworth and Gillian Tett discuss Walpole's rise with Thomas Levenson, professor at MIT. Their discussion draws from Levenson's book, 'Money for Nothing: The South Sea Bubble and the Invention of Modern Capitalism', exploring how this financial crash inadvertently shaped Britain's political landscape and ushered in its first prime minister.