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The Origin of the New York Stock Exchange, 1791-1860

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  • Banner, Stuart

Abstract

A small number of early nineteenth-century New York stockbrokers built, from scratch, an organization that by the end of the century would be one of the most powerful nongovernmental bodies in the world. The origin and the early growth of the New York Stock and Exchange Board can be attributed in large part to the brokers' success in regulating themselves, a success that enabled them to create wealth and to capture wealth from nonmembers. The value of the stock and exchange board's regulatory function was enhanced by the unenforceability in the New York courts of an important class of transactions. In its earliest decades, the board was the only institution capable of regulating, and resolving disputes arising from, a wide range of market activity. Copyright 1998 by the University of Chicago.

Suggested Citation

  • Banner, Stuart, 1998. "The Origin of the New York Stock Exchange, 1791-1860," The Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 113-140, January.
  • Handle: RePEc:ucp:jlstud:v:27:y:1998:i:1:p:113-40
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    File URL: http://dx.doi.org/10.1086/468015
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    Cited by:

    1. Brousseau, Eric & Raynaud, Emmanuel, 2011. "“Climbing the hierarchical ladders of rules”: A life-cycle theory of institutional evolution," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1), pages 65-79.
    2. Edward Stringham, 2002. "The Emergence of the London Stock Exchange as a Self-Policing Club," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 17(Spring 20), pages 1-19.
    3. Bryan Caplan & Edward Stringham, 2003. "Networks, Law, and the Paradox of Cooperation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 309-326, December.
    4. Baron, David P., 2001. "Private Ordering on the Internet: The eBay Community of Traders," Research Papers 1709, Stanford University, Graduate School of Business.
    5. Edward Stringham & Todd Zywicki, 2011. "Rivalry and superior dispatch: an analysis of competing courts in medieval and early modern England," Public Choice, Springer, vol. 147(3), pages 497-524, June.

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