The London Wool Terminal Market
The present study offers an historical outline of the antecedents, establishment and growth of the London Wool Terminal Market. It also examines the problem whether in the long run either side of the market made significant gains. The analysis undertaken indicates that operators maintaining long positions would have made gross profits and certain groups among them also net profits. The findings are broadly consistent with the Keynesian theory of normal backwardation. The absence of definite...[Show more]
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