Jump to ContentJump to Main Navigation
Dividends of DevelopmentSecurities Markets in the History of U.S. Capitalism, 1866-1922$
Users without a subscription are not able to see the full content.

Mary A. O’Sullivan

Print publication date: 2016

Print ISBN-13: 9780199584444

Published to Oxford Scholarship Online: November 2016

DOI: 10.1093/acprof:oso/9780199584444.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 29 October 2020

The Wages of War, 1914–1922

The Wages of War, 1914–1922

(p.311) 8 The Wages of War, 1914–1922
Dividends of Development

Mary A. O’Sullivan

Oxford University Press

Although structural financial reform for the USA came in the guise of the Federal Reserve Act of 1913, it had not been implemented by the summer of 1914. Thus the outbreak of the First World War offered a window on the history of the US securities markets, exposing the limits of their development until then. On 31 July 1914, the governors of the NYSE were concerned about these markets’ capacity to withstand the crisis and decided to close the exchange. However, they need not have worried so much given what the future had in store. When normal peacetime conditions returned after the crisis of 1920–1, it was clear that the war had opened the door to a new future for US securities markets. From that point on, for good or for ill, broad and deep securities markets constituted an integral part of the institutional framework that sustained US capitalism.

Keywords:   First World War, speculation, industrials, call money, Federal Reserve System, crisis of 1920–1

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .