It was, and should be again, that should a small start-up need fuinding, they write up a simple prospectus, advertise their offereing and go door to door in the neighborhood selling shares. The first company I worked for had started up in the late-forties doing exactly that.
For answering the door bell and risking only a few hundred dollars for a hundred shares, many local folks later bought Caddies and new home additions some years later.
All of that is true. I think this article illustrates how some will use their connections to manipulate the system for their own profit, to the detriment of others. Some things never change. Be wary of ALL concentrations of power.