History of the transformation of Wall Street

Author: Joel Seligman
Publisher:
Publish Date: 2004-06-01
Features: Introduction to the "Translated Series of Financial Histories of the United States"
History is a summary of past experiences and an inspiration and reference for future actions. Books that detail financial history have not yet been systematically published so far. To meet the needs of a broad audience in this regard, we have prepared to organize the publication of the "Translated Series of Financial Histories of the United States" in the format of "Financial Histories." We believe that the United States is relatively advanced and well-developed in terms of financial development to date, so we first selected five representative books for translation and publication. This series consists of five books: "The History of Wall Street," "The Transformation of Wall Street," "The History of American Monopoly," "The Year of the Financial Bull," and "The Greed of Money," which narrate the history of American financial development. The earliest date can be traced back to 1790 when Wall Street was first established, and the most recent extends to 1999. From different perspectives and stages, they describe major events in the financial and political aspects of the American financial sector over its more than 200 years of development history, as well as the close relationship between the government and Wall Street. Today, the financial strength of the United States far exceeds its production capacity. The United States accounts for 34.6% of global GDP, while the market value of the U.S. capital market represents 54% of the global capital market's market value. Among the world's 15 largest banks, eight are American. Only 10 years ago, no American bank was included in the list of the world's 15 largest banks; just 15 years ago, the market value of the U.S. capital market accounted for only half of what it does today. Two hundred years ago, the U.S. financial industry was merely a windbreak wall at the southern end of Manhattan, which is the location and origin of the name of Wall Street today.