Cover image for The London Stock Exchange : a history
The London Stock Exchange : a history
Michie, R. C., 1949-
Personal Author:
Publication Information:
Oxford ; New York : Oxford University Press, 1999.
Physical Description:
xiii, 672 pages ; 24 cm
Reading Level:
1660 Lexile.
Format :


Call Number
Material Type
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HG4577 .M523 1999 Adult Non-Fiction Central Closed Stacks

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In 2001, the London Stock Exchange will be 200 years old, though its origins go back a century before that. This book traces the history of the London Stock Exchange from its beginnings around 1700 to the present day, chronicling the challenges and opportunities it has faced, avoided, orexploited over the years. Throughout, this history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was, and is, such an important component. One cannot be examined satisfactorily without the other. Without a knowledge of both, for example, thecauses of the `Big Bang' of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction between institution and market. Such was the importance of the London Stock Exchange that its rise to worlddominance before 1914, its decline thereafter, and its renaissance from the mid-1980s, explain a great deal about Britain's own economic performance and the working of the international economy. For the first time a British economic institution of foremost importance is studied throughout its entire history, with regard to the roles played and the constraints under which it operated, and the results evaluated against the background of world economic progress.

Author Notes

Ranald Michie is Professor of History at the University of Durham, where he has been since 1974. He has also held visiting research fellowships in both the United States and Canada and has delivered papers in numerous international institutions. His international speciality is the history ofstock exchanges having conducted research in both the British Isles and North America.

Reviews 1

Choice Review

The March 2000 publication of this masterly official history of the London Stock Exchange in anticipation of its March 2001 bicentenary was quickly followed by the announcement of merger discussions with the Frankfurt Exchange, with the latter as an equal. The merger will end a turbulent century for an exchange that in 1914 provided a market for a proportion of the world's securities unmatched by any other before or since. With a sure command of the secondary literature plus the records of the Exchange, Michie (Univ. of Durham) traces the Exchange's 19th-century rise to world dominance--a dominance then broken by the effects of two world wars on Britain's position in the international economy and the Exchange's timid, restrictive, insular responses to change. Thatcher's abolition of exchange controls in October 1979 marked the end of an era by destroying the last vestiges of the Exchange's domestic monopoly. Subject to increased competition from nonmembers and increased public criticism of its practices, it began a process of transformation in which international investment banks took over much of the British broking industry and almost all of the investment banking sector. This might have sufficed but for technological incompetence in London and growing European liberalization. Very strongly recommended for upper-division undergraduate through professional collections. D. E. Moggridge; University of Toronto

Table of Contents

From Market to Exchange, 1693-1801
From Money to Capital, 1801-51
From Domestic to International, 1850-1914
Shattered Dominance: The First World War, 1914-18
Challenges and Opportunities, 1919-39
The Changing Marketplace between Wars
New Beginnings: The Second World War
Recovery and Crisis, 1945-9
Drifting towards Oblivion, 1950-9
Failing to Adjust, 1960-9
Prelude to Change, 1970-9
Big Bang
Black Hole