How to Build a Stock Exchange

“Roscoe writes beautifully. He skilfully weaves together finance’s past, his own experiences as a financial journalist, and the best new social science research on markets, asking profound and important questions about the financial system and its place in modern life.” Donald MacKenzie, University of Edinburgh

“Brilliantly exposes the toxicity and the mystery of stock markets with vivid examples, while tackling complex topics such as shareholder politics and pricing theory to demystify the history of the stock exchange. Beautifully written and a real pleasure to read.” Joyce Goggin, University of Amsterdam

“Much in the way that the early Methodists pondered why it was that the Devil had all the best tunes, before using this as inspiration for writing toe-tapping hymns, Philip Roscoe, in this excellent and entertaining book, seeks to develop a counter-narrative to the stories that have been produced by and about the financial system. These stories give it a power and authority way above its station and that have been proved to be both damaging and destructive. Drawing on a wide range of sources, including from his pre-academic career in the foothills of the financial system, Roscoe tells alternative stories of finance to emphasize how its institutions are all too human inventions that are highly fallible but also open to reinvention, if only we make sufficient effort to understand them and, importantly, to think carefully about ways in which they might be rebuilt.” Andrew Leyshon, University of Nottingham

“A rare phenomenon – succeeds in both demystifying an object with a technical and arcane history and a genuine delight to read. It is an authoritative account that demonstrates exactly why stock markets should not be left to financiers and economists.” Liz Mcfall, University of Edinburgh

“A superbly written and urgent book which makes complex issues lucid. If you want to enjoy finding out how we got to where we are now, and what’s wrong with our financial system, read Roscoe.” Martin Parker, University of Bristol Business School

"Far from a dull manual on the technical aspects of stock exchange building, Philip Roscoe’s How to Build a Stock Exchange presents a delightfully readable and engaging collection of vignettes on the history of the stock exchange." LSE

Philip Roscoe is Professor in Management at the University of St Andrews. His research takes a sociological approach to markets and finance. A former journalist, he was one of the first BBC Radio 3’s New Generation Thinkers.

Prologue: A Bad Kind of Magic?

1. Why We Should Care about Finance

Part 1: How the Markets Became

2. From Future Pigs to Present Prices, a Chicago Story

3. King William’s Overdraft

4. Mind Your Eye!

5. God Bless Margaret Thatcher

Part 2: The Spectacular Science of Money

6. Finding Prices, Making Prices

7. Where Real Men Make Real Money

8. Wires! Shocks! Sausages!

Part 3: Opportunity Lost

9. Other People’s Money

10. Fear and Loathing on Wall Street

11. The Burden of Empire

12. Extractive Industries

Part 4: Financial Futures

13: Finance Takes Flight

14. The Temples of Capitalism

Epilogue: The Market Replies