Chapter

Of Financial Markets and Marketplaces

in The First Wall Street

Published by University of Chicago Press

Published in print December 2005 | ISBN: 9780226910260
Published online March 2013 | e-ISBN: 9780226910291 | DOI: http://dx.doi.org/10.7208/chicago/9780226910291.003.0001
Of Financial Markets and Marketplaces

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This book is the story of a financial district eventually shorn of its luster, dethroned from its financial kingship. America's first “Wall Street”—to wit, its first leading financial district—was in Philadelphia, not Manhattan. Centered on Chestnut Street, Philadelphia's financial district ruled the nation's financial system until 1836. Chestnut Street's rise and fall forms the narrative core of the book, which, in its broadest terms is about economic growth, increased real per capita aggregate output. In simpler terms, it is about wealth creation and the reasons why a few nations produce much more wealth per person than most other countries. This chapter therefore provides a brief overview of the major components of the financial system and their importance to U.S. economic growth.

Keywords: financial market; marketplaces; economics; United States

Chapter.  5589 words. 

Subjects: History of the Americas

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