The conclusion returns to the big questions that animate the book, drawing out what it tells about the timing, the operation, and the dynamics of the US securities markets. It argues that seeing the history of the US securities markets as inextricably rooted in the broader dynamics of the economic history of the United States suggests a different conception of financial history from the dominant one today. In addition, the book shows that the impact of political and other institutions on the evolution of US securities markets was strongly conditioned by the dynamics of the financial and productive sectors of the US economy. Finally, the book suggests that if we want to understand the economic role that securities markets play in the economy, it is essential that we understand them as they actually existed, rather than imagining them as they never were.
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