IN THIS ISSUE
▶ By Peter C. Earle
▶ By Jason E. Taylor and Robert E. Wright
▶ By Gregory DL Morris
▶ By Lawrence A. Cunningham
▶ By Christine Parker
▶ By Joseph Calandro, Jr.
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 154 • Summer 2025( ISSN 1520-4723)
Kristin Aguilera Editor
12 An Exorbitant Privilege
The history of global reserve currencies.
▶ By Peter C. Earle
EDITORIAL ADVISORY BOARD
Howard A. Baker, Esq. Howard Baker Associates Lawrence A. Cunningham University of Delaware Peter C. Earle American Institute for Economic Research Brian Grinder Eastern Washington University Mark Higgins Index Fund Advisors( IFA) Institutional Gregory DL Morris Freelance Journalist Susie Pak St. John’ s University Arthur W. Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E. Wright Andersen Institute for Finance and Economics Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
16 IPOs on Tap
Financing the 1933 brewery boom.
▶ By Jason E. Taylor and Robert E. Wright
20 A Hollow Triumph?
The business history of US healthcare.
▶ By Gregory DL Morris
24 The Weinbergs of Goldman Sachs and the Making of the Modern Corporate Board
Examining the legacy of the father and son pair of Sidney and John Weinberg, who served as the leaders of Goldman Sachs for a majority of the 20th century.
▶ By Lawrence A. Cunningham
MUSEUM STAFF David J. Cowen, President / CEO Kristin Aguilera, Deputy Director Robert Dinkelmann, IT / Technology Maura Ferguson, Director of Exhibits Gregory DL Morris, Research Associate
Linda Rapacki, Managing Director of Visitor Services and Operations
Mindy Ross, Director, External Relations
Copyright © 2025 by the Museum of American Finance, publisher. All rights reserved.
Financial History is the official membership magazine of the Museum of American Finance.
28 Mayday at 50
The birth of competitive capitalism on Wall Street.
▶ By Christine Parker
34 President Grant and the Panic of 1873
Timeless lessons in crisis management.
▶ By Joseph Calandro, Jr.
2 FINANCIAL HISTORY | Summer 2025 | www. MoAF. org