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The following is based on the inaugural commencement address held at the Boston Graduate School for Psychoanalysis, the first free-standing psychoanalytic training institute chartered to grant a master's degree in psychoanalysis. The paper briefly reviews the development of psychoanalysis and the issue of autonomy. It also recapitulates the evolution of psychoanalytic training institutes within the United States. It then examines and speculates on possible directions psychoanalysis will take in the upcoming century.