1 C h a p t e r 1
Robert Heilbroner The Worldly Philosophers 1 18 10
1 (Jamestown) Plymouth Rock 1602 Guilders UDEI 11
17 1799 Peter Minuit 60 24 Virginia Company John Smith 12
1 7 Mayflower Orinoco Thomas Weston 13
4 7 7 4 6 Speedwell Cape Cod Provincetown 14
1 100 100 1 500 1622 5 1627 1 800 1 800 200 1 = 666.67 15
20 80 RJR Nabisco William Bradford 1 800 6 000 1642 16
1 18 John Law Colbert Joliet Mzquette 17
Nightly Business News mania bubble 1711 1720 5% 18
1 Tower of London 19
18 300 18 1702 J.E.Rhoads & Sons 19 60 1767 Dexter Company 225 D.Landreth 1784 20
1 1968 201 1781 1784 1792 Charles River (John Hancock) 1786 11 21
Bunker Hill Day 83 the Warren Bridge Lancaster Turnpike 60 1 = 1 609.344 22
1 Bank of Alexandria 1826 Harvard College) 1791 23
20 1811 1816 Andrew Jackson) 185 1819 24
1 1820 300 15 1810 1820 1825 1830 1840 1845 2 20 25
1776 1776 100 99 26
1 law of accumulation 27
28
1 20 90 80 1815 1831 82 29
600 1848 84 2 000 3 1 900 50 95% 55% 30
1 1800 295 1815 3 24 1818 29 1830 31 NYSE 11:30 1:30 1830 3 16 1/3 31
1995 3.38 1835 121 20 1836 1837 1853 1857 Erie Railroad 62 11 1860 32
1 1851 150 33
34
1 1 35
1790 8 8 1855 46 1.7 3.18 1.3 36
1 1862 25 1860 3 900 3 800 1869 145 37
19 1860 18% 40 19 38
1 1880 Bonsack 20 39
Uneeda 3 000 1 300 Adolphus Green 1902 1912 1934 19 20 Amadeo Obici Planter s Peanuts 1906 - RJR Nabisce Henry J. Heinz 1873 40
1 ketsiap 19 Salem 2 800 20 000 56 41
zwieback Postum 1893 1907 1925 1927 1897 (JM Smucker Company) 42
1 19 1859 A&P 1912 400 20 20 15 000 10 A&P Montgomery Ward 1872 Sears Roebuck and Company 1887 100 43
19 1/4 20 1820 2/3 19 80 1884 44
1 as robber barons 20 20 Joy Gould Cornelius Vanderbilt Daniel Drew J.P. Jay Cooke Jim Fisk Russell Sage Leland Stanford D. 45
Erie 1873 1942 1873 1864 20 7 George Westinghouse 22 (Pullman) 1877 1 46
1 1873 1893 20 1/4 1903 1900 47
19 48
1 19 19 19 80 40 40 90% 49
90% ASARCO J. P. 1901 8 10 1895 1904 1/3 50
1 125 1890 51
1904 44 1914 1911 Baby Bells 100 60 52
1-1884 11 11 the Customer s Afternoon Letter 30 50 53
9 12 20 70 30 20 20 54
1 1940 1920 9 000 55
1818 56
1 12 18 1929 1929 57
870 5.4 870 1929 T 1929 T 58
1 19 Woolworth A&P 1922 1929 1929 1.34 1.36 2.26 3.45 1994 700 Monkey Ward 10 59
Eugene Talmadge 20 90 20 20 1929 IBM 900 6 500 1929 10% 1929 1929 60
1 1929 20 30 1987 1981 1982 1973 1974 1972 1 000 10 800 1929 25 25 20 10 61
1929 1929 1930 50 50 1 800 62
1 20 30 20 30 20 30 1900 1929 1929 William Klingaman 1929 63
11 10 10 24 15 64
1 10% 000 90 000 100 000 50% 000 90 A&P A&P A&P 1928 1933 1932 A&P 65
A&P A&P A&P A&P A&P A&P 1935 96 24 A&P 66
1 20 19 1929 67
1929 SEC SEC SEC 68
1 500 5 000 SEC SEC SEC SEC NYSE 69
20 50 20 20 50 1952 650 4.2% 80% 1.6% 1962 20 60 1 700 10% 20 70 3 000 15% 20 50 20 70 100 20 70 500 70
1 3% 5 3 000 20 80 4 700 1/5 33% NYSE 1 1990 5 140 4 000 1990 45 44 46 400 39 400 13 500 7 200 21 370 7% 1995 NYSE 5 1980 1.2 15 4 2 71