1986 Big Bang in London

On 27. October 1986, doing business through the stock market in London changed dramatically. In one huge step, known as Big Bang, trading in the Stock Exchange became a professional undertaking, as brokers began to do business through telephone and the computer instead of face-to-face. Technology changed the nature of the business in London forever. Looking back after these drastic changes had been implemented for ten years, Financial Times reporter George Graham found mixed feelings concerning Big Bang. It certainly elevated the Stock Exchange in London to a more global level, and with it brought a sense of professionalism. Some felt that it was anti-climatic, although others felt it was too sudden and should have been addressed in stages.

Elevating the Stock Exchange in London to a global level, instead of solely at the national level, certainly had a profound impact on the economy and business of trading stocks. This fundamental reform through improved technology and deregulation of the markets caused an economic boom that boosted the British economy for the next 20 years.

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2008 Economy

Dominus, Susan. "Well-Heeled Shoppers Defy Wall St. Malaise For a Sale at Hermes." New York Times: 26. Sept. 2008, A24.

Despite increasingly negative news concerning the American economy and Wall Street finances, women lined 18th Avenue in New York City this week to get their hands on a few deals at Hermes sample sale. "Oddly, that particular rationale -- shop to keep America strong -- did not come up in the Hermes line on Tuesday afternoon, although almost every other one did" (Dominus A24). Their reasons for buying luxury items in such a devastating economy primarily focused on the benefit of feeling good about getting something new and at a sale price. These women want to feel good about themselves and through their purchase, can feel better about their status through these luxury items, even though they are now feeling the pinch of the economy and need to budget more tightly.