The London Stock Exchange
A History
Published on 11. November 1999
Book
Hardback
696 pages
978-0-19-829508-2 (ISBN)
Description
In 2001, the London Stock Exchange will be 200 years old, though its origins go back a century before that. This book traces the history of the London Stock Exchange from its beginnings around 1700 to the present day, chronicling the challenges and opportunities it has faced, avoided, or exploited over the years.
Throughout, this history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was, and is, such an important component. One cannot be examined satisfactorily without the other. Without a knowledge of both, for example, the causes of the `Big Bang' of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction between institution and market. Such was the importance of the London Stock Exchange that its rise to world dominance before 1914, its decline thereafter, and its renaissance from the mid-1980s, explain a great deal about Britain's own economic performance and the working of the international economy.
For the first time a British economic institution of foremost importance is studied throughout its entire history, with regard to the roles played and the constraints under which it operated, and the results evaluated against the background of world economic progress.
Throughout, this history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was, and is, such an important component. One cannot be examined satisfactorily without the other. Without a knowledge of both, for example, the causes of the `Big Bang' of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction between institution and market. Such was the importance of the London Stock Exchange that its rise to world dominance before 1914, its decline thereafter, and its renaissance from the mid-1980s, explain a great deal about Britain's own economic performance and the working of the international economy.
For the first time a British economic institution of foremost importance is studied throughout its entire history, with regard to the roles played and the constraints under which it operated, and the results evaluated against the background of world economic progress.
Reviews / Votes
Full of insight into the operation of the London money market. It is essential reading for anyone who wishes to understand the City and the financial system, and he [Michie] provides a strongly argued defence of the operation of markets. But it should also be read by a wider range of historians who are interested in social relationships within a commercial society, a theme of increasing interest amongst historians of modern Britain ... Many of the themes in Michie's book should allow them to start a long and fruitful conservation. * London Journal * A rare combination of romance and impersonality ... he [Michie] has a better technical grasp than any other historian of how the exchange functioned ... His book will become a major work of reference and a resource for anyone interested in this major element in the City of London. It also has much wider implications for an understanding of modern Britain. * London Journal * Ranald Michie's massive history of the Stock Exchange is undeniably a formidable achievement, going far beyond previous accounts. It is the product of not only heroic research ... but also a sure grasp of how securities markets work ... His book, in short, transforms our understanding of a key national institution. * David Kynaston, Times Literary Supplement * As a work of reference, with a quite exceptional amount of well-documented and detailed material, this book is invaluable. * Colin Leach, Financial Times * This is a fascinating and well-told story that should have wide appeal. It will be the standard reference for a long time. And it is something of an achievement to produce a book on this subject that can carry the reader along so effortlessly. * Business History *More details
Language
English
Place of publication
Oxford
United Kingdom
Target group
Professional and scholarly
Illustrations
tables
Dimensions
Height: 240 mm
Width: 161 mm
Thickness: 42 mm
Weight
1203 gr
ISBN-13
978-0-19-829508-2 (9780198295082)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Book
04/2001
Oxford University Press
€136.40
Shipment within 15-20 days
E-Book
04/2001
OUP eBook
€102.99
Available for download
Persons
Ranald Michie is Professor of History at the University of Durham, where he has been since 1974. He has also held visiting research fellowships in both the United States and Canada and has delivered papers in numerous international institutions. His international speciality is the history of stock exchanges having conducted research in both the British Isles and North America.
Content
Introduction ; From Market to Exchange, 1693-1801 ; From Money to Capital, 1801-51 ; From Domestic to International, 1850-1914 ; Shattered Dominance: The First World War, 1914-18 ; Challenges and Opportunities, 1919-39 ; The Changing Marketplace between Wars ; New Beginnings: The Second World War ; Recovery and Crisis, 1945-9 ; Drifting towards Oblivion, 1950-9 ; Failing to Adjust, 1960-9 ; Prelude to Change, 1970-9 ; Big Bang ; Black Hole ; Conclusion