Rise of The Global Capitol

Walking down Broadway, one will feel an overpowering sensation of wealth, power, and grandeur that emanates from New York City. With skyscrapers surrounding on all sides, many of which will have scaffolding and lifts filled with construction workers continuing their construction or applying maintenance, it obvious to see the sheer amounts of labor and investments that went into constructing these modern pyramids. One will notice small differences on the path down Broadway however. First passing through the garment district, one will see the see husks of large factories accompanied by tenement buildings nearby which used to house thousands of seamstresses of yesterday. Continuing onto Wall Street where tall glass towers rise from the earth to house the bankers and stock traders of today. The history of New York City’s rise to wealth and power can be seen in a leisurely stroll, but one question remands unanswered, why.
From its inception, New York City was established as city of trade and wealth. The island of Manhattan was intended to be a trading post by the Dutch to partake in the trade of furs and wampum between the local Native Americans, colonists in Albany, and with Europe. The location of Manhattan contributed to this idea of a central point, as it sat in the Hudson river only 20 miles from the ocean and the river itself was wide, deep, and ran inland much farther than the rivers at most other American ports. The land in New York was exceptionally fertile, allowing for outlying hinterlands beyond the island to feed the settlement’s population. Finally, the irreligious nature of settlement, being established solely for trade purposes rather than religious or political ones, set the tone for a more diverse and accepting settlement compared to the rest of early North America. (Glaeser) However these initial traits did not immediately launch New York City into the largest economic center in the world as we know it today. Rather these traits simply proved more useful as time went on, due to advances in technology and with various political events.

The location of Manhattan contributed to this idea of a central point,

When the English conquered New Amsterdam and renamed it to New York, the original Dutch population was allowed to stay which combined with the influx of British immigrants resulting in 5,000 citizens over time. New York’s dual identity of English and Dutch allowed it to trade favorably with the other English colonies, as well as with the Caribbean which was still under Dutch control. The colony’s economy relied on profitable trade with the Dutch West Indies, for New York would sell food and basic goods to the Caribbean in exchange for cash crops to be sold at a profit to Europe and the English colonies. (Glaeser) At the time however, it was still only about the third largest port.
After the French and Indian War, New York grew in value to the British. They saw it as a way to easily reach Canada so that they may trade with the French colonies there, and it allowed the colony to supplement its income earned through its trade with the Dutch. During the American Revolution, New York’s importance grew as the British armies held it desperately for the majority of the war. (Fischer) They chose New York above all other American ports due to its easy ocean access and the large Hudson River which could accommodate larger navies, and because New York was a docile trade city that was more focused on profits than on revolting. Despite losing the war, the British almost exclusively traded in New York City after the United States of America was established. (Glaeser)

Despite losing the war, the British almost exclusively traded in

New York City