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The First Wall StreetChestnut Street, Philadelphia, and the Birth of American Finance$
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Robert E. Wright

Print publication date: 2005

Print ISBN-13: 9780226910260

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226910291.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 03 June 2020

Of Financial Markets and Marketplaces

Of Financial Markets and Marketplaces

Chapter:
(p.1) 1 Of Financial Markets and Marketplaces
Source:
The First Wall Street
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226910291.003.0001

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

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