Der Wirtschaftskampf der Völker und seine internationale Regelung

The work of the Stock Exchange

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Monograph

Identifikator:: 1013266285

URN:: urn:nbn:de:zbw-retromon-23296

Document type:: Monograph

Author:: Lenz, Adolf http://d-nb.info/gnd/11764000X

Title:: Der Wirtschaftskampf der Völker und seine internationale Regelung

Place of publication:: Stuttgart

Publisher:: Verlag von Ferdinand Enke

Year of publication:: 1920

Scope:: 1 Online-Ressource (XVI, 315 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Fünftes Kapitel. Die internationale Regelung des Wettbewerbes der Völker

Collection:: Economics Books

THE EVOLUTION OF SECURITIES 13 were exploration and commercial development companies like the Dutch East India Company, the French Compagnie des Indes Occidentales, or the British East India, and many similar companies. Many of these old British exploration companies still exist, and still perform important economic functions in the development of North America, Africa, and elsewhere. But in the late eighteenth century the practical development of machinery, and particularly the application of water and then steam power to industrial purposes, made large industrial profits possible, and called for large sums of capital to pur- chase and maintain extensive industrial equipment. Thus it was principally the invention of the steam engine and its practi- cal employment in steam railways and steam factories that at the opening of the nineteenth century wrought a profound and permanent change in business methods and business organiza- tion. Indeed, the so-called Industrial Revolution which re- sulted was ultimately destined to raise standards of living, in- crease populations, modify laws, overthrow governments, upset almost immemorial business practices, transform finance and the stock exchanges, shift the routes of trade, create and de- stroy market places, and alter profoundly the morals, beliefs, and the very security of many nations. The Industrial Revolution, however, at once encountered serious obstacles arising from the very structure of the small- scale business of that day. Unconsciously, industrial enter- prises had grown beyond the point where a few wealthy part- ners could finance them. Thus the larger enterprises which steam locomotives and steam factories necessitated could not be financed until the stock corporation was developed to enable more partners to engage in them, and until stock exchanges were developed to stabilize and protect investment by the public in the new corporate bonds and shares.* Financing the First Railroads.—A significant example of just how difficult it was for individuals to finance the great 4 Appendix Ic.

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