From steel to banking: US and Puerto Rico’s gilded ages

As an advocate for the creation of the Puerto Rico Stock Exchange and author of a previous article on this initiative for News is My Business, I believe it is important to understand the historical context that shapes our present opportunity.

Puerto Rico stands on the cusp of a transformative moment — one that echoes two previous eras of economic growth and innovation: the American Gilded Age and Puerto Rico’s own Bankers Club era.

The American Gilded Age, unfolding from the 1870s through the early 1900s, was a period characterized by rapid industrial expansion, technological breakthroughs and unprecedented wealth creation. Innovations in steel production, such as the Bessemer process, revolutionized manufacturing and infrastructure development.

Historic figures like Andrew Carnegie and J.P. Morgan built empires that reshaped the nation’s economy and laid the foundation for modern capitalism.

While this era grappled with challenges such as social inequality and political corruption, its energy and innovation propelled the United States onto the world stage as an industrial powerhouse.

Decades later, Puerto Rico experienced its own economic renaissance through the rise of the Bankers Club, founded in 1939. This exclusive group of the island’s financial and business elite, centered in the iconic Banco Popular building in Old San Juan, embraced a vision for modernization.

Operating within the framework of Puerto Rico’s colonial status, these leaders guided industrial growth, consolidated financial institutions and advocated for policies that supported economic integration with the mainland United States.

Despite obstacles — including the Great Depression and political challenges — this era laid groundwork for Puerto Rico’s economic transformation.

These two “gilded” eras, while different in scale and context, share a common thread: concentrated leadership and financial innovation driving economic progress.

The American Gilded Age transformed a nation; Puerto Rico’s Bankers Club shaped an island’s destiny.

Today, my work in championing the Puerto Rico Stock Exchange seeks to light the path for a new era of prosperity. The stock exchange is more than a financial platform — it is a catalyst for capital formation, entrepreneurship and economic diversification. It has the potential to mobilize resources, attract investors and create opportunities in Puerto Rico’s economy.

Building on the legacy of these historic gilded ages, the Puerto Rico Stock Exchange can help usher in renewed growth and inclusivity. As I outlined in my earlier article in News is my Business, this initiative can position our island for a future where innovation and opportunity abound.

History shows us that bold vision paired with financial infrastructure transforms economies. By embracing the stock exchange effort, Puerto Rico can once again harness the power of visionary leadership to write the next gilded chapter in its economic story — one that honors our past while facing the future.