J. P. Morgan in London and New York before 1914

摘要: Before 1914, London had a stock exchange that was larger and qualitatively more developed than New York's. Yet the Stock Exchange has received bad press from historians, while York achieved star billing. This forensic reexamination of J. P. Morgan–a player in both markets–suggests such historiography is egregiously biased. Morgan's higher profi ts derived partly insider deals monopolistic exactions U.S. protectionism facilitated but proved problematic U.K.'s open, competitive markets. contributions to impressive catch-up process by are plausibly viewed as successful emulation European securities-market precedents on routine matters allegedly path-breaking “information-signaling” innovations Panglossian accounts.