Die Staatsausgaben von Großbritannien, Frankreich, Belgien und Italien in der Vor- und Nachkriegszeit

The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1742735827

URN:: urn:nbn:de:zbw-retromon-120327

Document type:: Monograph

Title:: Die Staatsausgaben von Großbritannien, Frankreich, Belgien und Italien in der Vor- und Nachkriegszeit

Place of publication:: Berlin

Publisher:: Reimar Hobbing

Year of publication:: 1927

Scope:: 574 Seiten

Digitisation:: 2020

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Dritter Teil. Die Staatsausgaben in der Gliederung nach Ausgabezwecken

Collection:: Economics Books

ORGANIZED SECURITY MARKETS 35 of trade. These original markets did not in the beginning specialize, but dealt in all kinds of goods and were located for the most part in the open places of a town. Farmers drove in from the country with foodstuffs to sell, weavers displayed their textiles, and smiths their manufactured articles. In time, money-lenders and merchants in credit also came to take part in the market, and facilitate its operations. Markets of this primitive type, at least in foodstuffs, still exist in some Amer- ican and European cities, and are common in the bazaars of the immemorial East. But as communication became easier, population (and hence the consumption of goods) greater, political and social conditions more stable and tranquil, and the volume of trad- ing larger, a process of specialization began. At first, of ~ourse, this tendency appeared within the single original mar- ket place itself. Traders in textiles took their stand in one part of it, traders in foodstuffs in another. Sometimes, in the early international markets of Europe, the division was not so much according to the commodity as the nationality of the dealers. But with the increase in trading, certain com- modities which experienced the heaviest trading tended to break away from the single original market, and form separate markets exclusively for themselves. At first these specialized markets were often conducted in the open streets. But with a further increase in their trans- actions they have tended to assume the more dignified title of “exchanges,” and finally to go under a roof with restrictions upon the membership. In the course of the same evolutionary process, the development of trading in contracts for the receipt and delivery of given commodities on the floors of these exchanges or bourses, made it unnecessary to bring into the market place every individual object to be sold. The develop- ment of security certificates as evidences of the ownership of a public or a business debt, or of business equities, of course greatly facilitated the development of organized capital mar-

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation