A History of the Global Stock Market
From Ancient Rome to Silicon Valley
350 pages
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6 x 9
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© 2003
The stock market is central to the global economy. Tens of millions of people look to it to provide for a comfortable retirement. Central bankers watch it closely as they set monetary policy. Businesses around the world are forced to adjust the way they operate to meet the demands of equity investors. Yet very little has been written about how the modern global stock market came to be. In A History of the Global Stock Market, B. Mark Smith weaves an entertaining tale that ranges from medieval trading companies and nineteenth-century robber barons to modern theorists and international speculators. Here, Smith debunks the popular myth that the market is inevitably subject to recurring speculative bubbles and discredits the notion that the current "globalization" of the market is something radically different from what has occurred in the past.
Informative, entertaining, and written for specialists and non-specialists alike, A History of the Global Stock Market is a worthy read for anyone who wants to understand the role of the stock market in the global economy.
Informative, entertaining, and written for specialists and non-specialists alike, A History of the Global Stock Market is a worthy read for anyone who wants to understand the role of the stock market in the global economy.
"Smith's book is a seamless, well-considered account of how stocks became a vital part of everyday life."—Bill Day, San Antonio Express News
"Comprehensive and readable . . . Smith couples an insider's insights with a deep understanding of the intellectual breakthroughs that have shaped global finance since the fifteenth century."--Carlos Lozada, The Christian Science Monitor
"A remarkable, well-written, and fascinating history of the rise and course of international stock market culture, focusing on the twentieth century."—Alan Ebenstein, author of Friedrich Hayek: A Biography
"[Smith] explains crashes, panics, and other changes in light of various . . . investment theories, citing both popular and academic sources. There is almost no political agenda. . . . The solid analysis, balance, and straightforward chronological approach strongly recommend this title."
"Smith ably traces the evolution of this global market from the early modern era to the present. . . . A treat for policy wonks and students of economics--and worth reading for anyone who plays the market."
"Smith shows how global equity, or stock, markets have become one of the most powerful--and least understood--economic forces on the planet."
Contents
Introduction
1. A Financial Revolution
2. Bubbles
3. The New World
4. The Railroads and the Middle Class
5. A Global Stock Market
6. A New Era
7. Crash
8. Bretton Woods
9. Chaos
10. Return of the Bull
11. Volatility
12. Emerging Markets
13. Contagion
14. Stock Market Capitalism
Notes
Index
1. A Financial Revolution
2. Bubbles
3. The New World
4. The Railroads and the Middle Class
5. A Global Stock Market
6. A New Era
7. Crash
8. Bretton Woods
9. Chaos
10. Return of the Bull
11. Volatility
12. Emerging Markets
13. Contagion
14. Stock Market Capitalism
Notes
Index
For more information, or to order this book, please visit http://www.press.uchicago.edu
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Economics and Business: Economics--History
History: General History
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