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The fracture at the end of the 19th century and the beginning of the 20th century Although on the political and social level, the change from the 18th to the 19th centuries had generated great transformations linked largely to the control of cereals, on the level of the economy and its regulation the changes were less visible. The "bourgeois" and capitalist societies of the first half of the 19th century still distrusted stock markets and speculation. In both the 18th and 19th centuries, public surveillance of food markets was recognized in France as necessary and, at the same time, contrary to what we might think from contemporary liberal arguments, this discipline was not seen as necessary. not at all as opposed to the free market, but as an indispensable spring for its proper functioning. The discussions of the time distinguished two types of speculation: on the one hand, speculation as a desire to obtain a profit; This ambition was accepted and even defended by the new liberal society.

 But, on the other hand, speculation was also seen as synonymous Phone Number List monopoly and hoarding.13. This type of speculation was accused of altering the game of competition and therefore had to be repressed. As for the stock market, whether stock market or merchandise market, the answer was clear for much of the 19th century : stock market operations came from mere speculative activity. For this reason, stock exchanges were closely monitored and regulated not only in France, Italy and Prussia, but even in the United Kingdom.14and usa.




This balance was shattered starting in the 1860s, concomitant with several factors: the American Civil War, the opening of the Suez Canal and the expansion of the telegraph across the Atlantic. This combination of elements gave rise to a reorganization of the sectors and the rise of commodity exchanges. These organizations, highly regulated until then, were liberalizedfifteen. Forward markets (advance purchases of future products), international speculation and the exchange of virtual products developed. Futures had nothing to do with the forward markets that existed since the Middle Ages.