A History of the Global Stock Market: From Ancient Rome to Silicon Valley

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University of Chicago Press, Oct 1, 2004 - Business & Economics - 344 pages
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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.
 

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LibraryThing Review

User Review  - kencf0618 - LibraryThing

Capitalist Roadsters Rawk! or Capitalism and how it got that way. A good companion volume to "The Mind and the Market" Jerry Z. Muller, inasmuch as it gets more under the global hood. Read full review

The equity culture: the story of the global stock market

User Review  - Not Available - Book Verdict

As of 2002, 52.7 percent of U.S. households had some stake in the stock market. How stock ownership became so pervasive-and necessary-is explained in this dense, chronological history. Smith, a former ... Read full review

Contents

INTRODUCTION
3
1 A FINANCIAL REVOLUTION
9
2 BUBBLES
24
3 THE NEW WORLD
47
4 THE RAILROADS AND THE MIDDLE CLASS
66
5 A GLOBAL STOCK MARKET
86
6 A NEW ERA
105
7 CRASH
124
9 CHAOS
170
10 RETURN OF THE BULL
193
11 VOLATILITY
221
12 EMERGING MARKETS
242
13 CONTAGION
262
14 STOCK MARKET CAPITALISM
289
NOTES
317
INDEX
331

8 BRETTON WOODS
143

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About the author (2004)

A professional stock trader for nearly twenty years, B. Mark Smith is the author of Toward Rational Exuberance: The Evolution of the American Stock Market.

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