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The London Stock Exchange : A History - Ranald Michie

The London Stock Exchange

A History

Hardcover Published: 1st August 1999
ISBN: 9780198295082
Number Of Pages: 696

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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.

`a useful account of the formal structures of the London Stock Exchange' Christopher Armstrong, Business History Review `No one familiar with Professor Ranald Michie's earlier work ... will be surprised that he has produced a superb volume that will almost certainly be the last institutional history of the first two hundred years of the London Stock Echange ... carefully drawn and thorough ... His book is a must-read for any student of British and world finance, of formal security markets, and of British economic history, and an almost-must-read for anyone with a general interest in economic history.' Lance Davis, Journal of Economic History `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.' Forrest Capie, Business History `It is very far from a narrow treatment of finance, touching as it does on so many aspects in the economy.' Forrest Capie, Business History `Is a fascinating and well-told story that should have wide appeal.' Forrest Capie, THES `This is a solid work of original historical research that gives the reader many interesting insights and raises important questions for practitioners and policy makers as well.' Larry Neal, EH.NET, Aug 2000. `Written on the basis of an intensive examination of the records of the London Stock Exchange, his work will now be the standard reference on the London Stock Exchange.' Larry Neal, EH.NET, Aug 2000. `this masterly official history of the London Stock Exchange' E. Moggridge, Choice, Sept. 00. `With a sure command of the secondary literature plus the records of the Exchange, Michie ... traces the Exchange's 19th-century rise to world dominance ... Very stongly recommended.' E. Moggridge, Choice, Sept. 00. `Michie has written extensively about stock changes, particularly in England, but also in other countries and different periods. He is an authority ... this is a fascinating and well-told story that should have wide appeal.' Forrest Capie, The Times Higher Education Supplement, 29th Sept. 2000. "In 2001, the London Stock Exchange will be 200 years old; it deserves its history and has received it here in full measure..." "This is a work of scholarship and the author has made full use of the stock exchange's records, going back to 1798, as well as of a wealth of secondary material concerning the City of London and the firms in it. It is exceptionally useful as showing the internal workings of the exchange." Colin Leach, Financial Times, 05/01/2000 "Does the stock market deserve its bad reputation? Has is been a drag on the economy or an asset? The answer, as Ranald Michie shows in what will surely rank as the definitive history, depends on which period one is looking at." Geoffrey Owen, Daily Telegraph, 16/01/2000 "In explaining the causes and consequences of the Stock Exchange's failings, Michie casts fresh light on a much misunderstood aspect of the British economy decline." Geoffrey Owen, Daily Telegraph, 16/01/2000 `Written on the basis of an intensive examination of the records of the London Stock Exchange, his work will now be the standard reference on the London Stock Exchange' Professor Larry Neal, University of Illinois, EH.NET

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

ISBN: 9780198295082
ISBN-10: 0198295081
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 696
Published: 1st August 1999
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.77 x 16.51  x 4.45
Weight (kg): 1.0