The Rise of the Small Investor in the United States and United Kingdom, 1895 to 1970
本文研究了1895至1970年间英美小股东数量的变化趋势，揭示了三段关键时期（一战前、1929年股市崩盘前后、二战后）小股东在金融发展中的重要性，对理解股东民主和投资大众化有参考价值。
The role of the small shareholder has been largely ignored in the literature, which has tended to concentrate on controlling shareholders and family ownership. Yet, focus on the importance of small shareholders can capture significant aspects of financial development. Pre-1970 debates and policy conflicts linked to stock exchange development concentrated on shareholder democracy and diffusion as key indicators. This article explores the so-called democratization of investment and the factors behind it through the lens of trends in estimates of the UK and U.S. shareholding populations between 1895 and 1970. It covers three key periods: before World War I, before and after the stock market crash of 1929, and post-World War II. It identifies three periods in the United States when shareholder numbers were paramount: in the boom years of the 1920s, as part of the inquest into the 1929 crash, and post-World War II in an attempt to boost stock market activity. In the United Kingdom, although some concern was expressed during the 1920s and 1930s at the passive nature of small investors, who held diversified portfolios with small amounts in each holding, it was the fear of nationalization after World War II that led to more in-depth shareholder estimates.