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首页> 外文学位 >When Wall Street met main street: The quest for an investors' democracy and the emergence of the retail investor in the United States, 1890--1930.
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When Wall Street met main street: The quest for an investors' democracy and the emergence of the retail investor in the United States, 1890--1930.

机译：华尔街遇见主要街道：1890--1930年，寻求投资者民主和美国散户投资者的兴起。

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摘要

From the outset of the great merger movement among industrial corporations in the 1890s to the Great Crash of 1929, governments and corporations seeking capital, the financial industry and its advertising and marketing agents, academic economists, and a new financial press all promoted stock and bond ownership. This dissertation analyzes these efforts to create a retail market for financial securities alongside new theories that placed the individual investor at the center of the American political economy. "When Wall Street Met Main Street" recovers the neglected, intertwined histories of the small investor and the ideal of investor democracy in early twentieth century America.;Stock and bond investments gained legitimacy in the context of a larger project that aimed to materialize an investors' democracy---that is, to integrate all Americans into the investor class, so that each might receive his rightful political-economic stake in industrial corporate capitalism. Investor democracy ideologists concurred that universal ownership of financial securities could secure individual economic autonomy and security, as well as national economic equity and prosperity. Yet they competed to associate the practice of investment with their varied political agendas. Ultimately, investor democrats refigured the financial securities markets---once popularly regarded as instruments of unaccountable elite power---as both analogous and instrumental to political democracy and economic justice.;As a rhetorical figure, the small investor first appeared in prewar economic policy debates. During the First World War, the federal government's mass bond drives encouraged new, positive ways of thinking about the relationship between investment and democracy. These War Loan campaigns urged Americans to incorporate financial securities ownership into their understandings of citizenship and nation. Many anticipated that widespread ownership of federal debt might transform postwar American society and government.;Over the course of the 1920s, the inchoate wartime vision of investor democracy solidified along more politically conservative lines. Immediately after the Great War, a range of thinkers promoted the 'New Proprietorship,' the notion that corporate stocks---not federal bonds---would best convey an economic-political stake in America. Mid-decade, first corporations and then financial firms and associations reoriented War Loan marketing and New Proprietorship ideals. As they celebrated the advent of a shareholder's democracy, they built the nation's first mass market in financial securities and established key tenets of modern free market political conservatism.
机译：从1890年代工业公司之间的大规模合并运动开始到1929年的大崩溃，寻求资本的政府和公司，金融业及其广告和行销代理商，学术经济学家以及新的金融媒体都在推动股票和债券的发展。所有权。本文分析了为建立金融证券零售市场所做的这些努力以及新的理论，这些理论将个人投资者置于美国政治经济的中心。 “当华尔街大都会大街”恢复了小投资者之间被忽视，交织在一起的历史以及二十世纪初美国投资者民主的理想。；股票和债券投资在旨在实现投资者的更大项目的背景下获得了合法性民主-即将所有美国人纳入投资者阶层，以便每个人都可以在工业公司资本主义中获得应有的政治-经济利益。投资者民主思想家同意，金融证券的普遍所有权可以确保个人的经济自主权和安全，以及国家经济的公平和繁荣。然而，他们竞争将投资实践与各种政治议程联系起来。最终，投资者民主人士重新定义了金融证券市场（曾经被普遍认为是无法承担责任的精英力量的工具），与政治民主和经济正义相类似并起了作用。作为一个夸张的数字，小投资者首先出现在战前经济中。政策辩论。第一次世界大战期间，联邦政府的大规模债券推动了人们对投资与民主之间关系的全新积极思考方式。这些战争贷款运动敦促美国人将金融证券所有权纳入对公民身份和国家的了解。许多人预计，联邦债务的广泛拥有可能会改变战后的美国社会和政府。在1920年代，战时初期的投资者民主构想在政治上更加保守。一次大战结束后，立即有许多思想家提倡“新私有制”，即公司股票（而非联邦债券）将最能传达美国的经济政治利益这一观念。十年中期，首先是公司，然后是金融公司和协会重新调整了战争贷款的营销和新所有人的理想。当他们庆祝股东民主制度的到来时，他们建立了美国第一个大众金融证券市场，并确立了现代自由市场政治保守主义的主要原则。

著录项

  • 作者

    Ott, Julia Cathleen.;

  • 作者单位

    Yale University.;

  • 授予单位 Yale University.;
  • 学科 History United States.;Economics History.;American Studies.
  • 学位 Ph.D.
  • 年度 2007
  • 页码 662 p.
  • 总页数 662
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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