From Money to Capital, 1801–1851

Ranald C. Michie

in The London Stock Exchange

Published in print April 2001 | ISBN: 9780199242559
Published online November 2003 | e-ISBN: 9780191596643 | DOI:
 From Money to Capital, 1801–1851

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The first section of this chapter traces the development of the organization of the London Stock Exchange from 1801 to 1851. The new ability to enforce the rules and regulations that increasingly governed the conduct of business in the securities market and the change in nature of the securities market that occurred––essentially it became a closed market––are discussed. The development of the rules and regulations, and operational mechanisms are outlined. The second section looks at the securities market itself during the same period, describing its growing importance within the entire British financial system (including financing the National Debt), the switch to foreign securities in 1822, and the gradual convergence of interest between the Foreign Funds Market and the Stock Exchange proper during the 1830s. Finally, the changes resulting from the railway mania of the 1840s are described, which resulted in the appearance of numerous provincial stock exchanges and a fundamental extension to the British securities market.

Keywords: Britain; closed market; economic history; foreign securities; history; institution; London Stock Exchange; National Debt; provincial stock exchanges; railways; rules and regulations; securities market

Chapter.  17167 words. 

Subjects: Economic History

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