Introduction
The book gains new insights into the history of Britain’s stock market by foregrounding the power of popular knowledge and specific market practices from a ‘bottom-up’ perspective. Alongside high-level financiers, the voices of the small-scale participants of the market will be heard, an approach that yields a subtle narrative of cultural change and adaptation. Throughout the century, a popular knowledge of the stock market was promoted by the financial press and by numerous investment guides that sold millions of copies. This exposure to the market in everyday life has been overlooked by other accounts preoccupied with intellectuals and economists, Westminster politics, and the engine rooms of high finance. Contextualizing specific financial practices of retail investors offers a better understanding of how the stock market captured the public imagination. In doing so, Playing the Market takes issue with the way the investing public has been conceptualized in the existing literature: all too often the actual investors are either absent from the narrative or are implied to be a homogenous group of rational actors who consciously adjust to changing economic parameters. However, if we listen to their voices and stories, the diversity of attitudes towards investment and speculation comes to the fore as well as the inherent difficulty of distinguishing between the two categories. What some investors considered a perfectly legitimate way of making money, others may have viewed as immoral profiteering. The ensuing moral debates over the social value of buying and selling financial securities mattered profoundly for the legitimacy and popularity of capitalism.