I. War
The fate of Wall Street is closely linked to this war. The hegemonic war between the Netherlands and Britain inadvertently created Wall Street. 1653, when the Dutch built the wall, became the first year of Wall Street, and the American War of Independence brought an opportunity for financial transformation. Through the War of Independence, the people of North America won their independence and the United States was founded. Since then, thirteen States in North America have got rid of the shackles of British colonial policy and started to develop their own manufacturing and banking industries with great fanfare. Wall Street has ushered in an opportunity to transform from a commercial street to a financial street.
With the bull market of civil war, Wall Street became the second largest capital market in the world. World War I played a decisive role in the rise of Wall Street as a world power. After World War I, the United States, which has been relying on imported capital to promote economic development, suddenly changed from a debtor country to the world's number one creditor country. In the Second World War, the "Big Brother" British Empire suffered heavy losses and was greatly weakened. Since then, it has been unable to compete for financial hegemony, and the City of London has become the younger brother of Wall Street, and the world financial history has officially entered the Wall Street era.
Second, infrastructure.
The most important infrastructure for Wall Street is the Erie Canal. With the opening of the Erie Canal, new york has become a major trade and economic center in the United States. As the financial street of new york, Wall Street has the advantage of getting the moon first. The huge financing and large-scale trade expansion of the Erie Canal need large-scale credit expansion, and issuing bonds and stocks has become the curse of financial magicians. The unprecedented economic prosperity in the United States has caused an unprecedented bull market in the American capital market, and Wall Street has to become the leading financial center in the United States.
Third, innovation.
To put it simply, there are four major innovations: technological innovation, institutional innovation, concept innovation and discipline innovation.
Fourth, gold.
As an accidental factor, the discovery of gold mines in California strengthened the confidence of world capital in Wall Street to some extent, and also partially accelerated the process of Wall Street financial empire.
The rise of Wall Street, on the one hand, depends on the historical opportunity and economic take-off of the United States, on the other hand, innovation provides internal motivation for Wall Street.
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