Wall Street has a history far richer than the Hunts' attempt to
corner the silver market and the development of the "junk bond."
Walter Werner and Steven Smith explore the relationship between the
securities markets and the historic development of the American
economy in "Wall Street," emphasizing the importance of the period
1790 through 1840. The book focuses on the corporate response to
the capital needs of the developing economy, and the role of the
securities markets in mobilizing and allocating that capital.
Werner and Smith argue that a long view of our corporate history
demonstrates that the line of development from the corporate system
of 1790 is direct and continuous. The authors contend there was no
corporate revolution; rather, each successive era set the stage for
the next, and all have built on the foundations laid during the
period from 1790-1840, which they call the Bank Age. The authors
view the history of the corporate system as a process of continuous
maturation where securities markets and public corporations have
always been of vital importance to each other.
"Wall Street" is written in non-technical language for the
general reader and provides insight into the early years of the
bull, the bear, and the buck.
General
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