A History of Stock Exchanges

This book offers a vivid and accessible narrative of the evolution of financial markets from the first millennium to 2025. Through compelling historical accounts and engaging storytelling, it brings to life the complex transformations that have shaped global finance.
While Western financial centers such as Antwerp, Amsterdam, London, Paris, and Wall Street are thoroughly explored, the book also highlights the often-overlooked contributions of the East—including Islamic finance, ancient trade routes, and the Istanbul Stock Exchange.
Grounded in the institutional framework of Daron Acemölu and James Robinson—who argue that inclusive institutions are key to long-term development—and informed by Andrew Lo’s Adaptive Markets Hypothesis, the book examines how financial systems have responded to shifting political, cultural, and economic forces.
Far more than a chronological history of stock exchanges, this is a global narrative of how institutions, adaptation, and the power of storytelling have shaped the financial world across centuries.

Mehmet Baha Karan is a Professor of Finance at the Faculty of Economics and Administrative Sciences, Hacettepe University, Ankara, Turkey. His research focuses on financial economics and energy economics. He is a board member of the Multinational Finance Society and co-founder of the Center for Energy and Value Issues (CEVI). He is passionate about fair competition in financial markets and independent central banks. His previous book, A History of Banks (2024), was published by Springer.