Strukturwandlungen der Weltwirtschaft

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Monograph

Identifikator:: 1758279451

URN:: urn:nbn:de:zbw-retromon-136273

Document type:: Monograph

Author:: Harms, Bernhard http://d-nb.info/gnd/118701657

Title:: Strukturwandlungen der Weltwirtschaft

Place of publication:: Jena

Publisher:: Verlag von Gustav Fischer

Year of publication:: 1927

Scope:: 58 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II.

Collection:: Economics Books

36 THE WORK OF THE STOCK EXCHANGE kets, or stock exchanges. As time went on, increasingly strict and inclusive rules were adopted to govern the character of trading on the exchanges, and also methods were gradually established for periodically clearing and settling such exchange contracts in the most efficient and economical way. Prerequisites for the Creation of Exchanges.—Undoubt- edly the organized exchange is the safest, the most democratic and the most efficient sort of market known, and represents the highest stage which the evolution of markets has thus far attained. However, an exchange market cannot be readily developed for many commodities or forms of property. Unless an article is widely demanded by consumers and produced in considerable quantities, there will not be sufficient trading in it to justify the creation of an exchange. Moreover, unless it can be readily graded and standardized, trading in it must usually consist only of small retail transactions, and not whole- sale transactions by contract on an exchange. Furthermore, many articles, though widely produced and consumed, are too perishable to permit of handling through a highly organized exchange market. Other factors, too, such as the proportion of production or consumption controlled by a single institu- tion, etc., also have a vital bearing on whether or not an ex- change can be readily established for the given commodity. In the gradual and confused process which has attended the higher development of markets, therefore, a considerable number of articles—and in particular, perishable foodstuffs and articles of widely varying quality and relatively small demand—have lagged behind, and have either remained in the old markets made in the street or else have moved back across the sidewalks into the retail stores. Trading in such commodi- ties is usually sluggish and speculation in them occurs on too narrow and limited a scale to afford the fullest economic benefit to the public. In consequence, the risks involved by carrying them are considerable and the profit on their occasional sales for that reason has to be comparatively large.

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