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The Philadelphia Stock Exchange and the City It Made

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Description

The Philadelphia Stock Exchange and the City It Made recounts the history of The us’s first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts at the city’s place on the planet economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. All the way through the nineteenth century, they invested in making Philadelphia the center of industrial The us, raising capital for the railroads and coal mines that connected cities to each other and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the up to date metropolis, its transportation infrastructure, utility systems, and real estate development.

At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia’s loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange’s revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange’s fortunes diverged from those of the city around it. In the long run, it became a part of a larger, global institution when it merged with NASDAQ in 2008.

Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular these days. More most often, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied a part of the history of metropolitan economic development.

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