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Are We Rich Yet?: The Rise of Mass Investment Culture in Contemporary Britain PDF

383 Pages·2022·12.897 MB·English
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Are We Rich Yet? Berkeley Series in British Studies Edited by James Vernon 1. The Peculiarities of Liberal Modernity in Imperial Britain, edited by Simon Gunn and James Vernon 2. Dilemmas of Decline: British Intellectuals and World Politics, 1945–1975, by Ian Hall 3. The Savage Visit: New World People and Popular Imperial Culture in Britain, 1710–1795, by Kate Fullagar 4. The Afterlife of Empire, by Jordanna Bailkin 5. Smyrna’s Ashes: Humanitarianism, Genocide, and the Birth of the Middle East, by Michelle Tusan 6. Pathological Bodies: Medicine and Political Culture, by Corinna Wagner 7. A Problem of Great Importance: Population, Race, and Power in the British Empire, 1918–1973, by Karl Ittmann 8. Liberalism in Empire: An Alternative History, by Andrew Sartori 9. Distant Strangers: How Britain Became Modern, by James Vernon 10. Edmund Burke and the Conservative Logic of Empire, by Daniel I. O’Neill 11. Governing Systems: Modernity and the Making of Public Health in England, 1830–1910, by Tom Crook 12. Barbed- Wire Imperialism: Britain’s Empire of Camps, 1976–1903, by Aidan Forth 13. Aging in Twentieth- Century Britain, by Charlotte Greenhalgh 14. Thinking Black: Britain, 1964–1985, by Rob Waters 15. Black Handsworth: Race in 1980s Britain, by Kieran Connell 16. Last Weapons: Hunger Strikes and Fasts in the British Empire, 1890–1948, by Kevin Grant 17. Serving a Wired World: London’s Telecommunications Workers and the Making of an Information Capital, by Katie Hindmarch- Watson 18. Imperial Encore: The Cultural Project of the Late British Empire, by Caroline Ritter 19. Saving the Children: Humanitarianism, Internationalism, and Empire, by Emily Baughan 20. Cooperative Rule: Community Development in Britain’s Late Empire, by Aaron Windel 21. Are We Rich Yet? The Rise of Mass Investment Culture in Contemporary Britain, by Amy Edwards Are We Rich Yet? The Rise of Mass Investment Culture in Contemporary Britain Amy Edwards University of California Press University of California Press Oakland, California © 2022 by Amy Edwards Library of Congress Cataloging-in-Publication Data Names: Edwards, Amy, 1989- author. Title: Are we rich yet? : the rise of mass investment culture in contemporary Britain / Amy Edwards. Other titles: Berkeley series in British studies ; 21. Description: Oakland, California : University of California Press, [2022] | Series: Berkeley series in british studies ; 21 | Includes bibliographical references and index. Identifiers: lCCn 2021056651 (print) | lCCn 2021056652 (ebook) | isbn 9780520385467 (cloth) | isbn 9780520385474 (epub) Subjects: LCSH: Investments—Great Britain—20th century. | Finance—Great Britain—20th century. | Capitalism—Great Britain—20th century. | Financial institutions—Great Britain— 20th century. | Great Britain—Economic conditions—20th century. | BISAC: HISTORY / Europe / Great Britain / 20th Century | BUSINESS & ECONOMICS / Corporate & Business History Classification: lCC hg5432 .e39 2022 (print) | lCC hg5432 (ebook) | ddC 332.60941—dc23/eng/20220107 LC record available at https://lccn.loc.gov/2021056651 LC ebook record available at https://lccn.loc.gov/2021056652 [Manufactured in the United States of America] 31 30 29 28 27 26 25 24 23 22 10 9 8 7 6 5 4 3 2 1 For mum and dad, because the eighties made you. Contents List of Illustrations ix Acknowledgments xi List of Abbreviations xvii Introduction 1 1. “A Wonderful Growth”: Investment Culture from 1840 to 1980 22 2. Over the Counter: Speculation and the Small Investor 55 3. Shopping for Shares: The Rise of Financial Consumerism 94 4. “The Moneymen’s Sunday Sermon”: The Making of a Mass- Market Financial Advice Industry 136 5. Yuppies: Finance and Investment in Popular Culture 173 6. Are We Rich Yet? Investment Clubs and Investor Activism 209 Conclusion 241 Notes 247 Bibliography 313 Index 343 Illustrations figUres 1. Lloyds Bank High Interest Cheque Account advertisement, c. October 1987 / 2 2. Percentage of total market value of UK quoted shares by sector of beneficial owner, 1963 to 2010 / 8 3. Single- capacity trading / 60 4. Dual- capacity trading / 61 5. Cartoon, “Beware of the high risks,” The Times, April 1986 / 72 6. Halifax Instant Xtra advertisement, c. December 1987 / 118 7. Drawing by David Fernandez, Daily Mail, February 1987 / 120 8. Drawing by Peter Maddocks, Daily Telegraph, September 1985 / 121 9. Lloyds Bank High Interest Cheque Account advertisement, c. October 1986 / 125 ix x | Illustrations 10. Lloyds Bank Sharedeal advertisement, c. December 1986 / 126 11. and 12. Lloyds Bank Unit Trust Regular Savings Scheme advertisement, c. November 1987 / 128 13. Halifax Instant Extra advertisement, c. October 1987 / 129 14. Abbey National Building Society advertisement, c. October 1987 / 130 15. Cover of Tony Levene’s The Shares Game: How to Buy and Sell Stocks and Shares / 162 16. Cover of Harold Baldwin’s Shares: A Beginners’ Guide to Making Money / 163 17. Drawing by Kipper Williams, Daily Telegraph, January 1988 / 170 18. Drawing by Christine Ellingham, Daily Mail, August 1987 / 215 MaP 1. Locations of licensed dealers c. 1984 / 70

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