The Equity Culture by B. Mark Smith
The Story of the Global Stock Market

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An Expert Chronicle of the Market’s Ever-Growing Role Worldwide

The modern stock market, B. Mark Smith’s new book makes clear, is only one component of a much broader “equity culture”—a lively and complex international market involving stocks, bonds, mutual funds; joint stock and limited liability corporations; and trading in grain, gold, diamonds, and currency.

The Equity Culture is the story of how that market came about—from shipping magnates banding together in eighteenth-century India to the railroad robber barons of nineteenth-century America to currency traders such as George Soros. Smith’s spirited and colorful telling makes two points especially clear: that the equity culture has always been international, with globalization as merely its current phase; and that the equity culture is often surprisingly self-adjusting, with “manias, panics, and crashes” making possible ever greater risk and innovation.

About B. Mark Smith

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B. Mark Smith is the author of Toward Rational Exuberance: The Evolution of the Modern Stock Market (FSG, 2001). He was a professional stock trader for two decades, first with CS/First Boston, then with Goldman Sachs. He lives in Manhattan.
Published August 20, 2003 by Farrar, Straus and Giroux. 352 pages
Genres: Business & Economics. Non-fiction

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just a generation ago, stock markets were widely regarded as “economic backwaters to be ignored or treated with disdain,” whereas between the great speculative bubbles of 1987 and 2000, untold numbers of First Worlders acquired significant amounts of stock, fueling an economic subsystem that in t...

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Project MUSE

Smith provides sensible structural explanations as to why Japanese and German equity markets lagged, and in the end, he sees that emerging equity markets in the rest of the world succeed insofar as they mimic Anglo-American practice.

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