The Marketing of Securities, 1930–1952

Donald L. Kemmerer

The Journal of Economic History, 1952, vol. 12, issue 4, 454-468

Abstract: One of the major centrifugal forces in American economic history is the industrial revolution which has been taking place for the past 150 years. Corollary to it are the agricultural revolution and the transportation revolution. Most of the investment capital and working capital for the expanding enterprises involved in these revolutions came from plowing back profits, but a sizable amount had to be borrowed or obtained from outside investors. Mobilizing this capital was a major undertaking, especially in a new nation in which capital was relatively scarce. Its successful accomplishment involved a financial revolution.

Date: 1952
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