In contrast to Britain’s bourse, China and America’s tech-heavy stockmarkets are full of companies likely to drive future growth
America’s and Europe’s stockmarkets first took off in the 19th century. Successive crazes for investing in canals, Latin America and railways led to the creation of hundreds of companies that raised capital in London, explains Bryan Taylor of Global Financial Data, a provider of historical statistics. “Once most of Europe’s railroads were built by the 1850s, British investors started financing the American ones instead,” he says.
Two world wars later, a hobbled and fragmented European market offered little by way of challenge to America’s dominance . During the fighting bourses had largely been shuttered. When exchanges were able to open, they had frequently been subject to price restrictions that limited trading. Currencies were devalued and capital controls imposed, complicating cross-border flows. Hyperinflation in Germany and much of eastern Europe, combined with the rise of communism, had wiped out many investors.
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