April – "South Sea Bubble" in England: A scheme for the South Sea Company to take over most of the unconsolidated national debt of Britain massively inflates share prices.
April 4 (March 24 Old Style) – The Riksdag of the Estates elects Frederick I new King of Sweden.
July 12 – "Bubble Act": the Lords Justice in Great Britain attempt to curb some of the excesses of the stock markets during the "South Sea Bubble". They dissolve a number of petitions for patents and charters, and abolish more than 80 joint-stock companies of dubious merit, but this has little effect on the creation of "Bubbles", ephemeral joint-stock companies created during the hysteria of the times.
July 27 – The Battle of Grengam takes place in the Ledsund strait between the island communities of Föglö and Lemland. It was the last major naval battle in the Great Northern War that took place in the Åland Islands, marking the end of Russian and Swedish offensive naval operations in Baltic waters.