Ranald Michie is Professor of History at the University of Durham, where he has been since 1974. He has also held visiting research fellowships in both the United States and Canada and has delivered papers in numerous international institutions. His international speciality is the history of stock exchanges having conducted research in both the British Isles and North America.

Full of insight into the operation of the London money market. It is essential reading for anyone who wishes to understand the City and the financial system, and he [Michie] provides a strongly argued defence of the operation of markets. But it should also be read by a wider range of historians who are interested in social relationships within a commercial society, a theme of increasing interest amongst historians of modern Britain ... Many of the themes in Michie's book should allow them to start a long and fruitful conservation.

• Introduction ; From Market to Exchange, 1693-1801 ; From Money to Capital, 1801-51 ; From Domestic to International, 1850-1914 ; Shattered Dominance: The First World War, 1914-18 ; Challenges and Opportunities, 1919-39 ; The Changing Marketplace between Wars ; New Beginnings: The Second World War ; Recovery and Crisis, 1945-9 ; Drifting towards Oblivion, 1950-9 ; Failing to Adjust, 1960-9 ; Prelude to Change, 1970-9 ; Big Bang ; Black Hole ; Conclusion

Ranald Michie is Professor of History at the University of Durham, where he has been since 1974. He has also held visiting research fellowships in both the United States and Canada and has delivered papers in numerous international institutions. His international speciality is the history of stock exchanges having conducted research in both the British Isles and North America.

Full of insight into the operation of the London money market. It is essential reading for anyone who wishes to understand the City and the financial system, and he [Michie] provides a strongly argued defence of the operation of markets. But it should also be read by a wider range of historians who are interested in social relationships within a commercial society, a theme of increasing interest amongst historians of modern Britain ... Many of the themes in Michie's book should allow them to start a long and fruitful conservation.

• Introduction ; From Market to Exchange, 1693-1801 ; From Money to Capital, 1801-51 ; From Domestic to International, 1850-1914 ; Shattered Dominance: The First World War, 1914-18 ; Challenges and Opportunities, 1919-39 ; The Changing Marketplace between Wars ; New Beginnings: The Second World War ; Recovery and Crisis, 1945-9 ; Drifting towards Oblivion, 1950-9 ; Failing to Adjust, 1960-9 ; Prelude to Change, 1970-9 ; Big Bang ; Black Hole ; Conclusion

Ranald Michie is Professor of History at the University of Durham, where he has been since 1974. He has also held visiting research fellowships in both the United States and Canada and has delivered papers in numerous international institutions. His international speciality is the history of stock exchanges having conducted research in both the British Isles and North America.

Full of insight into the operation of the London money market. It is essential reading for anyone who wishes to understand the City and the financial system, and he [Michie] provides a strongly argued defence of the operation of markets. But it should also be read by a wider range of historians who are interested in social relationships within a commercial society, a theme of increasing interest amongst historians of modern Britain ... Many of the themes in Michie's book should allow them to start a long and fruitful conservation.

• Introduction ; From Market to Exchange, 1693-1801 ; From Money to Capital, 1801-51 ; From Domestic to International, 1850-1914 ; Shattered Dominance: The First World War, 1914-18 ; Challenges and Opportunities, 1919-39 ; The Changing Marketplace between Wars ; New Beginnings: The Second World War ; Recovery and Crisis, 1945-9 ; Drifting towards Oblivion, 1950-9 ; Failing to Adjust, 1960-9 ; Prelude to Change, 1970-9 ; Big Bang ; Black Hole ; Conclusion