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In the days before computers, believe it or not, price reporting often ran behind. In the 68 'paperwork crisis' the NYSE went to a four-day trading week for a w
by RockyMcNuts 14y ago
In the days before computers, believe it or not, price reporting often ran behind. In the 68 'paperwork crisis' the NYSE went to a four-day trading week for a while to give back offices time to catch up. Capitalism survived.
- dllthomas 14y ago... but was that capitalism "as we know it"? Though, to be fair, I don't have an answer myself. Many things have changed, many haven't; it depends which bits you care about how much...
- RockyMcNuts 14y agolol, you never step in the same stream twice, you're not the same person and it's not the same stream - Heraclitus or somesuch you never step in the same steaming turd twice, you're not the same person and it's not the same steaming turd - RockyMcNuts
- brc 14y agoIndeed - 'capitalism' is about the allocation of saved capital to investment in a largely unregulated marketplace of goods and services. The rise of capitalism and free markets spawned shared capital markets as investments got too large for even the wealthiest invididuals to solely fund. The instant-casino-trading side of things came much later along the road. It's not crucial to capitalism to the level people might think it is. The arch-capitalist Warren Buffet regularly says he'd be happy for markets to close for a year. Though that refers to equities and not forex, which obviously does need to stay open to allow trade to happen.