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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, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 25 October 2021

Revolutionary Developments

Revolutionary Developments

(p.29) 3 Revolutionary Developments
The First Wall Street
University of Chicago Press

This chapter discusses how the mainland colonies of British North America underwent profound economic, social, and political changes during the 18th century. The American Revolution was as much a monetary phenomenon as a fiscal (tax) one. In addition to shaking off those pesky little taxes, the colonists rebelled to gain control over the domestic money supply and interest rates and hence the market value of their property. Ironically, the financial stress of the Revolutionary War created monetary chaos, rampant inflation, extremely high interest rates, and large property value fluctuations. Out of those difficulties, however, emerged a modern financial sector that laid the basis for America's ultimate political unification and economic development. The American Revolution did more than give the thirteen mainland colonies their political independence. That new government laid the foundation for the financial revolution that funded the transportation, market, and industrial revolutions of the 19th century.

Keywords:   Revolutionary war, colony, money, economy, economic development, America

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