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上世纪20年代初期,随着经济发展、拥有治外法权的外国租界的存在以及民族主义幻想与实际的革命经费的需要等综合性因素,在上海出现了中国人开设的早期股票交易所。上海近代股票市场不同于世界其他地方,其投机性质十分明显。上海作为半殖民地和中西文化交汇处的特点决定了其股票市场和民族主义、中外文化、道德伦理冲突纠结在一起的发展特征。
In the early 1920s, with the combination of economic development, the existence of foreign concessions with extraterritorial rights, and the need for a fantasy of nationalism and actual revolutionary funding, an early stock exchange opened by the Chinese appeared in Shanghai. Modern Shanghai stock market is different from the rest of the world, its speculative nature is very obvious. As a characteristic of semi-colonial and Chinese-Western cultural interchange, Shanghai has determined the development characteristics of its stock market and nationalism as well as the conflicts between Chinese and foreign cultures and moral ethics.