• Banking and Finance in Historical Perspective
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39. Jahrgang | Jahr 2013 | Heft 1


Aufsatz: Seite 73–90

Boris Gehlen
,Manipulierende Händler' versus ,dumme Agrarier': Reale und symbolische Konflikte um das Börsengesetz von 1896
'Manipulative Traders' versus 'Stupid Agriculturalists': Real and Symbolic Conflicts over the Securities Exchange Act of 1896 — Whereas in the late 19th century, in most countries negotiations being conducted on the futures trading ban and the stock market regulation were mainly pragmatic and according to objective criteria, the discussion on the Securities Exchange Act of 1896 became a political issue in Germany. A number of pointed comments, hefty comparisons and sometimes defamatory statements accompanied the debate on the stock exchange legislation, which, in the context of the social modernisation process of the Empire, had become the outlet for those groups which deemed themselves at risk of economic and social decline and wanted to defend their social resources, while the social rise of the middle class economy had just started to increase in economic resources. The symbolic conflicts over social positions, therefore, by far dominated ultimately the real conflicts. The present paper deals with the questions of what factors influenced the significant politicisation of the Exchange Act, which indirect interests are identified, and how this real or symbolic resource conflicts were fought.