"The Philadelphia Stock Exchange and the City It Made" recounts
the history of America'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 on the city's place in
the world 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. During the nineteenth
century, they invested in making Philadelphia the center of
industrial America, raising capital for the railroads and coal
mines that connected cities to one another and built a fossil
fuel-based economy. After financing the Civil War, they underwrote
the growth of the modern 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.
Ultimately, it became 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 today. More generally,
it traces the networks of firms and institutions revealed by the
securities market and its participants. Herein lies a critical and
understudied part of the history of metropolitan economic
development.
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