近代英国社会关于证券市场发展的大争论  

The Great Debate on the Development of the Securities Market in Early Modern England

作　　者：李新宽 Li Xinkuan

机构地区：[1]上海师范大学世界史系

出　　处：《世界历史》2022年第2期44-57,I0004,共15页World History

基　　金：上海哲学社会科学规划课题一般项目“近代英国个人信用网络构建的启示”(项目编号:2021ZLS004)的阶段性成果。

摘　　要：从17世纪晚期开始,英国逐步形成了一个以股票、债券和衍生品交易为主的证券市场。证券市场蓬勃发展引发的投机和混乱,导致英国社会各界围绕证券市场是否有利于经济发展、证券经纪人是否通过操纵市场牟取暴利、国家是否应该出面管控证券市场等问题开展了大争论。这种争论出现的根本原因在于初兴的证券市场价格波动频繁,再加上当时通过欺诈手段获取暴利的行为广泛存在,以及当时辉格党和托利党两大利益集团的政治斗争。通过争论,人们逐步认识到证券市场的存在对经济发展是有益的,英国初步形成了对证券市场监管的法律框架,促进了金融市场的健康发展,提升了资本主义资金流通和使用的效率,为工业革命准备了金融条件。The securities market based on the trade of stocks,bonds and derivatives gradually formed in England since the late 17thcentury. The speculation and chaos caused by the booming securities market led to a great debate in the English society focusing on the following issues:whether the securities market was conductive to the economic development,whether the stockbrokers profiteered from market manipulation and whether the state should step in to regulate the securities market. The underlying causes of the emergence of this debate were the frequent price fluctuations in the emerging securities market,the widespread fraudulent profiteering at the time,and the political struggle between two major interest groups which were the Whigs and the Tories. This debate led to the initial development of a legal framework for the regulation of the securities market in England. It allowed people to gradually realise that the existence of the securities market was beneficial to the economic development. The debate promoted the healthy development of financial markets and enhanced the efficiency of the circulation and use of capitalist funds. It also prepared the financial conditions for the Industrial Revolution.

关 键 词：英国金融史 证券市场 辉格党 托利党 金融革命 

分 类 号：K561.4[历史地理—历史学] F831.51[历史地理—世界史]