With a wall that was erected in 1653 by Dutch colonist to protect themselves from the British and the Native Americans; Wall Street came into existence. Even after the wall was taken down in 1699, the street retained its name as Wall Street and became the center of trade in the city. In the late 1790s Wall Street firms started issuing publicly traded investment. This was also the time when the New York Stock Exchange was established.
After World War I, Wall Street and New York City became the most significant financial center of the world. Till this day, Wall Street is home to some of the world’s most powerful financial organizations. Top investment banks and brokerages are still found on Wall Street along with the New York Stock Exchange and the American Stock Exchange.
As globalization takes place, the term Wall Street has gained global recognition and it has come to be used for financial institutions around the world. While Wall Street is seen as a symbol of financial power among most people, many Americans associate Wall Street to power politics and elitism. This is probably what gave rise to the Main Street which is a metonym for small businesses, individual investors and employees.
Comparisons between Wall Street and Main Street are very frequent with reference to the objectives, desires and motivations of the people on both sides. Where Wall Street is the more popular and awe-inspiring figure, Main Street is more about the simple trader or the lesser known businesses.
Ebook $2.99 Print $7.99 Audiobook $3.99