Reversal or Change? The Global Securities Market in the 20th Century

Abstract

The twentieth century saw remarkable transformations in the scope and impact of securities markets across the globe. The trajectory of these transformations, however, is more complex than meets the eye, particularly when one takes into account the relationships between markets and the State. This article traces this trajectory and suggests a good deal of 'reversal' in particular cases but a linear change taking place at the global level.