Immediately after the frightening Great Crash of 1929, many
Americans swore they would "never" or "never again" become involved
in the stock market. Yet hordes of Americans eventually did come to
embrace equity investing, to an extent actually far greater than
the level of popular involvement in the market during the Roaring
1920s. "A Nation of Small Shareholders" explores how marketers at
the New York Stock Exchange during the mid twentieth century
deliberately cultivated new individual shareholders.
Janice M. Traflet examines the energy with which NYSE leaders
tried to expand the country's retail investor base, particularly as
the Cold War emerged and then intensified. From the early 1950s
until the 1970s, Exchange executives engaged in an ambitious and
sometimes controversial marketing program known as "Own Your Share
of America," which aimed to broaden the country's shareholder base.
The architects of the marketing program ardently believed that
widespread shareownership would strengthen "democratic capitalism"
which, in turn, would serve as an effective barrier to the
potential allure of communism here in the United States.
Based on extensive primary source research, "A Nation of Small
Shareholders" illustrates the missionary zeal with which Big Board
leaders during the Cold War endeavored to convince factions within
the Exchange as well as the outside public of the practical and
ideological importance of building a true shareholder nation.
In these troubled economic times, every citizen should welcome
studies that shed light on U.S. financial markets. "A Nation of
Small Shareholders" puts the role of individual investors in
broader, long-term perspective.
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