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"To understand the Kentucky Derby is to understand the contemporary American spirit.". One hundred and fifty years have passed since the Thoroughbreds of the inaugural Kentucky Derby sprang from the starting gate to race beneath the iconic Twin Spires of Churchill Downs. But the story of the greatest two minutes in sports is more than the pageantry of the horses and thrill of the people who love and celebrate the event. . Through the decades, the Derby, like the state that founded it, has experienced profound moments of social, economic, and cultural change. As one of Kentucky's flagship cultural and economic institutions, the Thoroughbred racing industry must constantly reconcile with its past and think critically about the stories that have traditionally made it into the winner's circle.