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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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The Triumph of the Market: 1900–14

The Triumph of the Market: 1900–14

(p.119) 5 The Triumph of the Market: 1900–14
The Global Securities Market

Ranald C. Michie (Contributor Webpage)

Oxford University Press

This chapter discusses developments in the global securities market from 1900 to the onset of the First World War. By 1914, securities markets played a key role in the financial systems of the most advanced world economies and had established a niche position within the less developed countries. Though far from being the universal means through which government and business raised funds or people employed their savings, securities had achieved a high level of penetration by the most sophisticated borrowers and investors. Internationally, securities markets were instrumental in the worldwide movement of funds that provided finance for major infrastructure projects and development of the earth's minerals and oil.

Keywords:   global securities markets, national economies, stock exchanges, Europe, global economy

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