Open market

“ That the free and open market, in which all honest money and all honest commodities are free to be given and received in exchange for each other, is the true, final, absolute, and only test of the true and natural market value of all money, as of all the other commodities that are bought and sold for money. ”

“ The facilities offered by the open markets on the exchanges and the practice of dealing in futures are taken advantage of by many who, without any special training or opportunities of knowing the market, simply bet on the price movements. Brokers are willing to buy and sell produce or stocks for their customers if the latter will put up with them a margin of about 10 per cent to protect them from loss. It is therefore possible for a person with little capital and no knowledge to speculate on a margin, buying what he does not want and selling what he does not own. ”

“ On the Continent bank acceptances thus open the market widely to all who can arrange for them, while the open market for single-name paper in this country is restricted to large firms of established reputations. ”

“ It is also argued that to determine whether it is better to manufacture or to buy goods in the open market, and whether it is better policy to manufacture by means of expensive machinery and other equipment or by manual labor, interest on investment must be considered. ”

“ In our opinion there can be no question between the policy of free and open market and the policy of only allowing goods to be sold here 'at the natural price of the world's market.' We hold that the maintenance of an open and unhindered market is essential to our welfare ”

“ The maximum laws prevented prices from rising in the open market, but they could not assure abundance. It was possible to search a tradesman’s cellars, and to force him to offer his existing stock of goods for sale at a definite price ”

“ And, it may be added, the same satisfactory result is attained when bears who have sold the farmer’s crop short come to cover their short sales by buying in the open market; their buying steadies the market if there is a tendency to decline; if the market is strong, their buying helps make it stronger. ”

“ But in Great Britain the companies are largely free from such influences, while an open market exists for policies which have a commercial value, with results on the whole more satisfactory to all parties interested than any rule of compulsory purchase which could be enforced on the companies. ”

“ In this practice is found the origin of the market, a medieval institution of which more will be said later. A market was a place appointed by the government, where bargains could properly be made; and only small exchanges of household produce could be made outside it, in the open country. Beginning in the need that was felt to prevent thieving it developed as a public institution, which the people found it profitable to extend as a means of collecting tolls and of regulating internal trade.
35. Society organized to exist with the minimum of commerce ”

“ In the open markets the stands are rented by the day, week, or year, the rate for the day ranging from ten to thirty cents, according to space. Several of these local markets have charters dating back to pre-revolution days, that cannot now be annulled. ”

“ By making prices known to each other they will gradually tend toward a standard in harmony with market conditions, a situation advantageous to both buyer and seller.'
Not long after the consolidation, a further explanation of the objects and purposes of the Plan was made in an appeal to members to join it, in which it is said:
'The theoretical proposition at the basis of the Open Competition Plan is that
'Knowledge regarding prices actually made is all that is necessary to keep prices at reasonably stable and normal levels. ”

“ Excepting where a very large demand meets an insufficient supply in a free, open and comparatively unmanipulated market, where sales are regularly made of record and those records command the respect and confidence of the legitimate financial public, there is no "market value" save that which is arbitrarily made by the broker. He is the market ”

“ This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favors the few, and not the many. ”

“ From this thinking about market agency approaches, gold open access throws into relief the anomalies of ascribing a monetary value for the purchase of a research article or book, given that the primary audience for its purchase is the same as its genesis. That said, eliminating this demand-side price and instead thinking of an OA article or book as ‘free’ (and labour-free) can lead to the fallacy that a gold open access work could resist the commodity form. If something is given away for free, such logic would run, is it a commodity? ”

“ The tensions in the open access publishing world are representative of those in all aspects of openness in education: Incumbents have a vested interest in maintaining the status quo; there are considerable sums of money involved; the open approach allows new entrants to the market; the open label becomes a marketing tool; and there are tensions in maintaining the best aspects of existing practice as we transition to new ones. Driving it all is a conviction that the open model is the best approach, both in terms of access and innovation. ”

“ In order to understand why market-orientated governments are keen on open access, which seems based on a more egalitarian premise than would usually be palatable to them, it is necessary to consider the economic use-values and sites of exchange of published research. As covered above in the section on objections to open access in the humanities, one core point of contention is the way in which open licensing could lead to reappropriation of university research by external commercial entities. ”

“ I’ve always believed that an open marketplace is good for everyone. In the marketplace of ideas about how best to integrate our efforts in the IC to support customers doing their job better, we’d like to be challenged—challenged against the assumptions that we may have about what’s needed, as well as with innovations that are beyond my current bias. ”

“ Through such a system of mandates in which researchers would be directly confronted with both the services offered and the expenditure of their own potential research funds on such services, this market might be spurred to competition. ”

“ Instead of discovering new models of open education, running a MOOC on the Coursera (or EdX or FutureLearn) platform becomes seen as the way to run a MOOC. Diversity in the market is undesirable for commercial providers; they want to become the Microsoft or Google of MOOCs, since that leads to the best revenue. Indeed, becoming the dominant provider may be the only route to high revenue returns in the MOOC field. In the opening chapter I argued that the tensions in open education could be deemed a battle, because there was real value associated with being a victor. ”

“ Spending on education has been increasing, while the return graduates receive in terms of increased salary has been diminishing. In short, higher education is no longer a good return on investment from a purely monetary perspective. Of course, this argument only applies where student fees are paid by the student (such as in the US and UK) ; other countries, such as Germany, provide free access to higher education. The blame for these rising costs are usually placed at the doors of universities, but in essence they are simply responding to market demands. ”

“ For instance, establishing a journal was an arduous task that needed negotiations with publishers and a sufficient business model to be workable. For some areas, such as interdisciplinary journals, the projected market might be too small to be economically worthwhile. ”

“ It may be MOOCs currently, but the same pattern is likely to occur with whatever the next open education innovation might be, because there is a powerful story to be told around global education, and the size of the education market is irresistible to the Silicon Valley narrative. Recognising this struggle for narrative and constructing alternatives is therefore at the heart of the battle for open. One method of doing so is to utilise the power of the internet for academics to share their practice openly. ”

“ There are undoubtedly other areas of practice, but these seem to constitute at least some of the essence, and use values, of research in the humanities. Some of these are directly shared with the sciences. Of course, it is also clear that research in the humanities may not be purely ‘used’ in a practical sense and frequently exists to inform without a clear applicable use, at least in the sense of a market economy. However, within the spheres where use can be identified, it is important to consider how open access impinges upon each of these areas. ”

“ It will at once be seen that although the Stock Exchange may be defined as a mere market, the wares that are displayed and dealt in are of such importance as to entitle it to the more ambitious definitions with which it has been exalted. It is worthy of being defined as the mart of the world, because these wares represent property in every part of the world, and because the orders which are executed in this mere market emanate from all over the world. The business of the Stock Exchange is more varied and cosmopolitan than that of any other mart, except, perhaps, the Money Market. ”

“ When companies are not established, and when trade is open, our merchants, by their eagerness to profit of the new trade, betray the secrets of it, they enter into competition for the purchase of the foreign produce, and this raises prices and favours the commerce of the most ignorant savages. ”

“ The manner in which the wealth created by the toiling millions, passed through the channels of trade, into the possession of a few wealthy speculators, was illustrated by pictures and printed explanations, in almost endless variety, so that even the most obtuse observers, could not fail to get a clear idea of the practical workings of a system of commercial exchange, under the operation of which, interest, profit and rent were always added to the market price of the product, every time it changed hands. ”

“ Every day we hear of combinations, Farmers’ Alliances, rural co-operative movements, etc., each designed to regulate the market for eggs, butter, potatoes, and such things, and each having for its purpose the very functions which govern a Stock Exchange in its own field—namely, the establishment of a fair price under the nearest possible approach to ideal conditions. ”

“ The constant view of such companies is always to raise the rate of their own profit as high as they can; to keep the market, both for the goods which they export, and for those which they import, as much understocked as they can; which can be done only by restraining the competition, or by discouraging new [Pg 309] adventurers from entering into the trade. ”

“ Contrary to the prevailing notion that there is no public utility in anything which does not produce something, or that does not transform and improve products by the processes of manufacture, or interchange them by the operations of commerce, the Stock Exchange is an institution of the highest utility and of vital necessity in an age and country of progress, of commercial and financial activity and of material development. ”

“ It may be answered, that it cannot be said of companies as of private dealers, that they profit of every little circumstance of competition, to raise their price. Those have a fixed standard, and all the world buys from them at the same rate; so that retailers, who supply the consumption, have in one respect this notable advantage, that all buying at the same price, no one can undersell another; and the competition between them secures the public from exorbitant prices. ”

“ It is true, therefore, of every particular producer or dealer, that a great demand, a brisk circulation, a rapid consumption, of the commodities which he sells at his shop or produces in his manufactory, is important to him. The dealer whose shop is crowded with customers, who can dispose of a product almost the very moment it is completed, makes large profits, while his next neighbour, with an equal capital but fewer customers, gains comparatively little. ”

“ We enjoyed the confidence of the large importers and dealers and were in close touch with the consuming trade throughout the country. Our facilities for getting information as to stocks in the aggregate and individually were unequalled. The large consumers posted us in advance of what their requirements would be for certain periods. If the large city dealers were manipulating the market it was done through our office and we knew their plans. ”

“ While the Stock Exchange is in theory a private institution, it fulfills in fact a public function of great national importance.
That function is to afford a free and fair, broad and genuine market for securities and particularly for the tokens of the industrial wealth and enterprise of the country, i.e., stocks and bonds of corporations. ”

“ When indeed the market, being that of a great city, holds out a sufficient inducement to large capitalists to engage in retail operations, it is generally found a better speculation to attract a large business by underselling others, than merely to divide the field of employment with them. This influence of competition is making itself felt more and more through the principal branches of retail trade in the large towns ”

“ Those who lived near a town were permitted to sell their products in the market place within the walls on condition that they sold directly to the consumers. They might not dispose of their whole stock to one dealer, for fear that if he had all there was of a commodity he might raise the price above a just one. ”

“ Second, we may call attention to those exchange dealers whose principal business is to buy commercial and bankers' bills, and to resell them, chiefly to banks. Third are the independent brokers who make small commissions by bringing buyers and sellers together. These do not invest their own capital, do not, that is, buy bills of exchange in the market, but assist those desiring to sell bills to find buyers, and vice versa.... ”