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Sound Speculators: Public Debates about Futures Trading in British India and Germany, 1880–1930
Published online by Cambridge University Press: 19 June 2020
Abstract
Considerations about the legitimacy of futures trading have been ubiquitous in the highly integrated world economy since the late nineteenth century. This article compares two national debates in Germany and British India from the 1880s to the 1930s. Despite significant differences in the cultural and economic contexts of the two countries and in the emergence of futures trading, there are interesting similarities. In both countries, individual futures exchanges were organized and controlled by small privileged groups of traders. These minorities were glued together by social ties, de facto controlling (or profiting from) access to futures markets and facing criticism because of their privileged position. While contemporaries and historians often focus on futures trading as trading without intent to deliver, the historical analysis in this article shows that an equally important issue was the conflict over distribution and power between more and less privileged interest groups and their respective market access.
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References
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Engel, Alexander. “Buying Time: Futures Trading and Telegraphy in Nineteenth-Century Global Commodity Markets.” Journal of Global History 10, no. 2 (2015): 284–306.CrossRefGoogle Scholar
Engel, Alexander. “Futures and Risk: The Rise and Demise of the Hedger-Speculator Dichotomy.” Socio-Economic Review 11, no. 3 (2013): 553–576.CrossRefGoogle Scholar
Engel, Alexander. “‘Ist Nämlich Der Ganze Spekulationsverkehr Erst Einmal in Einen Krankhaft Erregten Zustand Hineingerathen…’: Pathologien Der Börse Im Späten 19. Jahrhundert.” Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook 57, no. 2 (2016): 333–365.CrossRefGoogle Scholar
Findlay, Ronald, and O’Rourke, Kevin H.. “Commodity Market Integration, 1500–2000.” In Globalization in Historical Perspective, edited by Bordo, Michael D., 13–64. Chicago: University of Chicago Press, 2003.CrossRefGoogle Scholar
Garbade, Kenneth D., and Silber, William L.. “Technology, Communication and the Performance of Financial Markets 1840–1975.” Journal of Finance 33, no. 3 (1978): 819–832.CrossRefGoogle Scholar
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Goswami, Omkar. “Sahibs, Babus, and Banias: Changes in Industrial Control in Eastern India, 1918-50.” Journal of Asian Studies 48, no. 2 (1989): 289–309.CrossRefGoogle Scholar
Hansen, Per H. “Business History: A Cultural and Narrative Approach.” Business History Review 86, no. 4 (2012): 693–717.CrossRefGoogle Scholar
Harley, C. Knick. “Late Nineteenth Century Transportation, Trade and Settlement.” In
The Emergence of a World Economy 1500–1914
, edited by Fischer, Wolfram, McInnis, R. Marvin, and Schneider, Jürgen, 539–617. Stuttgart: Steiner, 1986.Google Scholar
Levy, Jonathan Ira. “Contemplating Delivery: Futures Trading and the Problem of Commodity Exchange in the United States, 1875–1905.” American Historical Review 111, no. 2 (2006): 307–335.CrossRefGoogle Scholar
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