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Capital Markets – a brief history

Capital Markets – a brief history. Paul Pickup. Capital Markets – a very brief history. 1844 Joint Stock Companies Act 1913 and all that The effect of two world wars + cold war socialism Milton Friedman and monetarism-ish Capital Markets golden age Lessons from History?.

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Capital Markets – a brief history

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  1. Capital Markets – a brief history Paul Pickup

  2. Capital Markets – a very brief history • 1844 Joint Stock Companies Act • 1913 and all that • The effect of two world wars + cold war socialism • Milton Friedman and monetarism-ish • Capital Markets golden age • Lessons from History?

  3. 1844 Joint Stock Companies Act • Oldest SE began in 1602. • UK Laws • 1817 An Act for regulating the Proceedings of certain Public Companies and Corporations . . . • 1837 Chartered Companies Act • 1844 Joint Stock Companies • London, New York, Paris were capital centres.

  4. 1913 and all that • Global trade after various wars • Telegraph • Ticker tape • Single currency in the U.S. • Federal Reserve Act of 1913

  5. The effect of two world wars + cold war socialism • Massive rebuilding – Marshall plan • Broken economies • Communism and socialism • State run industries • State pensions • Retreat of Capital Markets to the U.S.

  6. Milton Friedman and monetarism-ish • Keynesian economics failed • Oil crisis 1970s • Re-emergence of global trading • Western countries became uncompetitive • Monetarism introduced by:

  7. Capital Markets golden age • 1990s onwards! • IMF Loans did not work • Funding agencies encouraged capitalism • Boom in Stock Exchanges • Privatisations • Deregulation of monopolies • Short term gain for governments

  8. BUT – is based on international trading agreements We are back to 1913 AND - peace It does not take long for an uprising to happen

  9. Paul Pickup – Trading Technology

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