J. P. Morgan in London and New York before 1914

Leslie Hannah

Business History Review, 2011, vol. 85, issue 1, 113-150

Abstract: Before 1914, London had a stock exchange that was larger and qualitatively more developed than New York's. Yet the London Stock Exchange has received a bad press from historians, while the New York Exchange has achieved star billing. This forensic reexamination of J. P. Morgan–a player in both markets–suggests that such a historiography is egregiously biased. Morgan's higher profi ts in New York derived partly from insider deals and partly from monopolistic exactions that U.S. protectionism facilitated but that proved more problematic in the U.K.'s open, competitive markets. Morgan's contributions to the impressive catch-up process by the New York Exchange are more plausibly viewed as successful emulation of European securities-market precedents on routine matters than of the allegedly path-breaking “information-signaling” innovations of more Panglossian accounts.

Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:buhirw:v:85:y:2011:i:01:p:113-150_00

Access Statistics for this article

More articles in Business History Review from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().