The Philadelphia Stock Exchange and the City It Made

by Domenic Vitiello, George E. Thomas

2010 · University of Pennsylvania Press

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.

The Living Bread

by Thomas Merton

1915 · Farrar, Straus and Giroux

The whole problem of our time is the problem of love. How are we going to recover the ability to love ourselves and to love one another? We cannot be at peace with others because we are not at peace with ourselves, and we cannot be at peace with ourselves because we are not at peace with God. There is a distinction between a contrite sense of sin and a feeling of guilt. The former is a true and healthy thing, the latter tends to be false and pathological. The man who suffers from a sense of guilt does not want to feel guilty, but at the same time he does not want to be innocent. He wants to do what he thinks he must not do, without the pain of worrying about the consequences. The history of our time has been made by dictators whose characters, often transparently easy to read, have been full of repressed guilt. They have managed to enlist the support of masses of men moved by the same repressed drives as themselves. Modern dictatorships display everywhere a deliberate and calculated hatred for human nature as such. The technique of degradation used in concentration camps and in staged trials are all too familiar in our time. They have one purpose: to defile the human person.