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The Global Securities MarketA History$
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Ranald Michie

Print publication date: 2006

Print ISBN-13: 9780199280612

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199280612.001.0001

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New Beginnings and New Developments: 1815–50

New Beginnings and New Developments: 1815–50

(p.60) 3 New Beginnings and New Developments: 1815–50
The Global Securities Market

Ranald C. Michie (Contributor Webpage)

Oxford University Press

This chapter discusses developments in the global securities market between the end of the Napoleonic wars in 1815 and the middle of the 19th century. Most of the developments in the global securities market were isolated responses to local conditions, though they often shared common characteristics in terms of timing and the nature of the securities traded. The mid-1840s witnessed a number of speculative booms around the world in which corporate securities, especially railways, were very much at the fore. However, unlike previous booms, a degree of market integration was possible in the 1840s because of a transformation in the world-wide system of communication. Although the railway was important in providing faster transport, the greatest influence on the operation of the securities market was the development of the telegraph.

Keywords:   global securities markets, United States, Europe, government, finance, investments, communications, telegraph, railways

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