Officer Essay

2739 WordsDec 18, 200811 Pages
1 . Introduction History of the stock market in the world can be traced back to over 300 years ago with the establishment of London Stock Exchange in 1698. And then stock market appeared and developed prosperously in America with the appearance of New York Stock Exchange (1792) and American Stock Exchange (1849). The development of stock exchange in Asia was marked by the foundation of Bombay Stock Exchange (1875), which is also known as Mumbai Exchange. Founded in 1971, the National Association of Securities Dealers Automated Quotation or NASDAQ was the first stock exchange in the world to recognize the role of electronics in stock trading, which was a turning point in the stock market history. And with this trend, despite two big crashes (1929 and 1987), stock markets have been opened up and become a popular notion in most of the nations in the world. Overtime Stock Markets have become the very symbol of commerce in the modern world. They are truly unique in their scope and in the complexity of the number of transactions they handle each day. Stock market in different nations are now developing at different levels, basing on the specific economic situation. In turn, the stock market plays a major role in the economic development of a nation. To more understand this problem, it is necessary to clearly define the concept of “stock market” and “economic development”. “Economic development” is a broader definition than economic growth. It implies qualitative measure progress in an economy. It refers not only to increase (or growth) of a specific measure such as real national income, gross domestic product, or per capita income but also the development and adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards. “Stock market” the Biggest Auction in the World where where

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