Capitalism In New York City Case Study

The evolution of capitalism in New York City begins during the pre-industrial mercantile city as a shipping and distribution point of the hinterlands and to the colonial government. As New York changes hands the British government helps New York grow further by allowing it special privileges. This in turn helped the merchants to accumulate capital. However after the Revolutionary War ended, New York became the Capital of the country and continued to ship goods and resources to not only the British, but the world, and the city has begun to industrialize as well. Additionally the growth in banking and financial services became apparent as the New York Stock Exchange signaled the emergence of American Capitalism. The growth of the textile factories and other manufacturing jobs in New York characterizes the nature of the Industrial Revolution as industries tended grow together. While the shipping enterprise has always characterized New York, it began to acquire more wealth that it began to create a financial network. The first step was when New York City merchants organized the country’s first chamber of commerce (1768). Soon the concept of commercial banking began in Manhattan in 1784 when the Bank of New York opened for business. It was …show more content…
A multitude of small businesses were centered in Manhattan by the 1850s, producing products for export. For example the increased immigration helped transformed the clothing industry into a dominant economic force. New York City then developed a service sector composed of advertising, insurance, and legal services to deal with the needs of its growing manufacturing sector. Thus, the interaction of capital, cheap labour, access to raw materials, entrepreneurial initiative, and transportation facilities made New York the ideal place for