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Financing Innovation in the United States, 1870 to the Present$
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Naomi R Lamoreaux and Kenneth L Sokoloff

Print publication date: 2007

Print ISBN-13: 9780262122894

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262122894.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 04 August 2021

Funding New Industries: A Historical Perspective on the Financing Role of the U.S. Stock Market in the Twentieth Century

Funding New Industries: A Historical Perspective on the Financing Role of the U.S. Stock Market in the Twentieth Century

Chapter:
(p.163) 4 Funding New Industries: A Historical Perspective on the Financing Role of the U.S. Stock Market in the Twentieth Century
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Mary A. O’Sullivan

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0005

This chapter focuses on the manufacturing industries that emerged starting in the late nineteenth century until the late 1920s, and how innovation and technological change affected their growth. It explores the stock market’s role in the development of the automobile, aviation, and radio industries. The chapter then looks at historical trends in the financing role of the U.S. Stock Market and how stock issues affected the development of the U.S. economy. The role of stock issues is also studied; however the problem of available systematic data is seen as insufficient. The stock market is noted for its prominence in being able to help fund new industries and young firms. It is the reforms in the U.S. stock market that especially affect the funding of these new industries, especially with regards to the Nasdaq market.

Keywords:   U.S. stock market, financing role, stock issues, reforms, Nasdaq market, fund new industries, automobile industry

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