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==Summary==
Stock markets extend the ancient idea of investments in ventures by groups of individuals to the wider public. In fact, this idea of making companies public proved so popular in the 17th century that stock markets spread throughout Europe from that time. However, as stock markets increasingly became important in raising funds for firms, this also made the wider economy more vulnerable to panic selling and speculation. Many well known and relatively old stock markets are still located in the settings near or where they were first established, including the stock markets in London and New York. Today's global economy, for better or worse, would be impossible to develop without major financial centers and smaller stock exchanges that fund local businesses.
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