A Nation of Small Shareholders

A Nation of Small Shareholders

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Immediately after the frightening Great Crash of 1929, many Americans swore they would qneverq or qnever againq become involved in the stock market. Yet hordes of Americans eventually did come to embrace equity investing, to an extent actually far greater than the level of popular involvement in the market during the Roaring 1920s. A Nation of Small Shareholders explores how marketers at the New York Stock Exchange during the mid twentieth century deliberately cultivated new individual shareholders. Janice M. Traflet examines the energy with which NYSE leaders tried to expand the countrya€™s retail investor base, particularly as the Cold War emerged and then intensified. From the early 1950s until the 1970s, Exchange executives engaged in an ambitious and sometimes controversial marketing program known as qOwn Your Share of America, q which aimed to broaden the countrya€™s shareholder base. The architects of the marketing program ardently believed that widespread shareownership would strengthen qdemocratic capitalismq which, in turn, would serve as an effective barrier to the potential allure of communism here in the United States. Based on extensive primary source research, A Nation of Small Shareholders illustrates the missionary zeal with which Big Board leaders during the Cold War endeavored to convince factions within the Exchange as well as the outside public of the practical and ideological importance of building a true shareholder nation. In these troubled economic times, every citizen should welcome studies that shed light on U.S. financial markets. A Nation of Small Shareholders puts the role of individual investors in broader, long-term perspective.a€œThe Investor is Almost Everybody, a€ Saturday Evening Post, May 24, 1949, 32a€” 34. 80. Some of these ... Merrill, qtd. in Transcript, Conference of Branch Office Managers, 9. 84. ... Merrill Lynch, Conference of Branch OHa#39;ICG Managers, 77. 86.

Title:A Nation of Small Shareholders
Author:Janice M. Traflet
Publisher:JHU Press - 2013-03-20


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