Stock market history. Part 3

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US stock market
Stock exchanges on the American continent have undergone a similar evolution. The first stock exchange in America was founded in 1791 in Philadelphia. In 1792, 24 New York brokers who worked with financial instruments and concluded deals, like their London counterparts, in coffee houses (the most famous is the Tontin coffee house), signed the Buttonwood Agreement to create a New York Stock Exchange. The main provisions of this agreement were the conclusion of transactions only between members of the stock exchange and a fixed amount of commission (the last provision was canceled only in 1975).
As in London, at first the main objects of trade on the New York Stock Exchange were government bonds, and only after the end of the civil war of the North and South, shares took the leading place.
Perhaps no other institution has attracted as much attention from academics, journalists, and writers as the New York Stock Exchange. This is due to the huge role that she played in the second half of the 19th – early 20th century. in the development of American capitalism. It was here that the empires of the financial tycoons of the past were created – Vanderbilt, Morgan, Harriman, Rockefeller – the empire, part of which still exists today.

Allowing individuals to make fantastic fortunes, the exchange also played an important macroeconomic role, being one of the key elements of the investment mechanism. The creation of a railroad network in the United States in the 19th century, for example, is inextricably linked with the New York Stock Exchange.
Stock exchanges in Anglo-Saxon countries (USA, Great Britain, etc.), due to the peculiarities of the socio-economic development of these countries, initially played a more prominent role than in the states of continental Europe or Japan. This feature continues to this day (with the exception of Japan).

Russian stock market

The emergence of market relations in Russia has led not only to the transformation of the previously existing forms and methods of management, changes in the technology of functioning of commodity and financial markets, modernization of all spheres of the economy. Some types of economic activities that were not required in the conditions of an administrative economy, in particular the stock market, received their rebirth. This well-developed market in pre-revolutionary Russia appeared after 1917. destroyed, stock exchanges were liquidated, securities disappeared from circulation, the circle of professionals who worked in this market was lost. In a planned economy, the movement of financial flows was determined only by decisions of economic departments, so there was no place for the stock market. At the turn of the 90s, the process of reviving the stock market began in Russia. Currently, this market is developing at the fastest pace in comparison with other segments of the market economy. The training of stock market specialists has been introduced in higher educational institutions.

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