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Capital Markets

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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 ... – PowerPoint PPT presentation

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Title: Capital Markets


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
We are back to 1913
  • BUT is based on international trading agreements

AND - peace
It does not take long for an uprising to happen
9
Paul Pickup Trading Technology
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