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Although implicit in the discovery of the Schwarzschild solution 40 yearsearlier, the issues raised by the theory of what are now known as black holeswere so unsettling to physicists of Einstein's generation that the subjectremained in a state of semiclandestine gestation until his demise. That turningpoint -- just half a century after Einstein's original foundation of relativitytheory, and just half a century ago today -- can be considered to mark thebirth of black hole theory as a subject of systematic development by physicistsof a new and less inhibited generation, whose enthusastic investigations haverevealed structures of unforeseen mathematical beauty, even though questionsabout the physical significance of the concomitant singularities remaincontroversial.Comment: 30 pages latex. Contrib. to Encuentros Relativistas Espanoles: A  Century of Relativity Theory, Oviedo, 2005 (ed. L. Mornas

Half Century of Black-Hole Theory: From Physicists’ Purgatory to Mathematicians’ Paradise