First, the spread of ownership is becoming global,...

...just as the economy itself is. In the last few years, Europe has suddenly sent a mind-boggling infusion of money into the stock markets. Europeans discovered equity culture and overnight invested hundreds of billions of dollars of their old wealth into the network of ownership. At the same time, hungry investors are pouring billions into the coffers of Asian and Latin American "emerging markets." Today, almost any investor in mutual funds, whether he knows it or not, has a stake in a company operating in a nation outside his own.



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This is a blog version of a book of mine first published in 1998. I am re-issuing it (two posts per week) unaltered on its 10th anniversary. Comments welcomed. More details here.
-- KK