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Book Chapter
A Privilege of the Power Elite
2016
Overview
THIS BOOK EXPLORES THE HISTORICALLY dramatic development of the democratization of investment. Simply put, this means that a much larger proportion of the population in advanced societies has been able to participate meaningfully in the enterprise of investment. This process of democratization has transpired as a result of several fundamental changes: the advent of collective ownership through the modern corporate form and public markets; the spread of investable surpluses beginning with the Industrial Revolution; the development of the concept of retirement, motivating the need for sizable savings; the enhancement of the regulatory environment that aided the leveling of the playing
