The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

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Document type:: Monograph

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Title:: Chapter II. Organized security markets and their economic functions

Collection:: Economics Books

ORGANIZED SECURITY MARKETS 33 in proportion as methods of grading and standardization obvi- ated the necessity of inspecting all products piece by piece, wholesale purchasing and selling by contract and by sample became possible, and the permanent market was able to organ- ize itself more definitely as a bourse or exchange. Thus it came that at the close of the Middle Ages, many of the leading bourses of Europe slowly evolved from the great but periodic and loosely organized fairs of medieval times. Modern stock exchange practices in many cases can be traced back to an origin in these medieval fairs, where future trading was to some extent employed, money lending and money dealings of many kinds developed, and a rough and ready justice dispensed to contentious buyers and sellers by the “pie powder” ? (or “dusty foot” courts)—the historical forerunners of the governing committees of our modern ex- ~hanges. Civilization’s Debt to Market Places.—The social life and culture of even the most ancient cities cannot be adequately understood without considering them as market places de- pendent on the ever-shifting routes of trade. Most of the cities of the ancient and modern world—whether prehistoric Cnossus or modern London—have owed their location and much of their political power and cultural eminence to their usefulness as market places for goods. This fundamental relationship of market places to the wider cultural and political aspects of the cities which have in time grown up about them, is most obvious and apparent in the earlier stage of city devel- opment. For it was within their market places that the early sities of history often came to set up the statues of their gods, organize armies, talk politics, hold assemblies, and sometimes rule whole empires. Although often hidden by the rhetorical flights of orators and patriots, the celebration of military triumphs, and even the more enduring artistic and social achievements of the 9 An Anglicized corruption of the French pied poudré.

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