Capital City: New York City and the Men Behind America's Rise to Economic Dominance, 1860-1900

by Thomas Kessner

Book Overview

At the beginning of the nineteenth century, New York City was an undistinguished town, competing with Philadelphia and Boston to be America's dominant port city. Just two generations later, it had built itself into the country's powerhouse center of trade and finance, rivaled only by London as financial capital of the world. In Capital City, Thomas Kessner tells the story of this remarkable transformation.
With the advantages of its famous...

• Format: Paperback
• Language: English
• ISBN: 0743257537
• ISBN13: 9780743257534
• Release Date: April 2004
• Publisher: Simon & Schuster
• Length: 416 Pages
• Weight: 0.25 lbs.
• Dimensions: 1.0" x 5.5" x 8.5"

Customer Reviews

a brilliant history of the origins of modern capitalism

This book is highly readable, although written by a history professor, and reads like almost like a novel, with plots, sub-plots and a great story. The book describes the psychogeography of New York City in the last half of the 19th century and the brilliant, eccentric and many times shady: businessmen, politicians, civic reformers, professionals, labor leaders and others who formed the character of the great city while working out the structure and basic methods of corporate capitalism. The author explains why new york was aptly disposed for this formative role, versus other potential suitors such as Boston or Philadelphia. It also gives some insights into the urban development of new york, which, in spite of sincere efforts and unique achievements (e.g. Central Park) by many of its more inspired civic doyens, seems to reflect the requirements of business and the vestiges of political corruption: vertical growth and size were the main criteria, versus the more human dimensions dictated by a residentially-focussed city such as Paris. Indeed, as an Irishman, I was somewhat dismayed to read about the misdeeds of the Tammany Hall clique. Alas, the truth hurts, and professor Kesson deals with the

The World's Business is New York's Business

In his book, "Capital City: New York City and the Men Behind America's Rise to Economic Dominance, 1860-1900", Thomas Kessner has taken what might be considered a dry subject and made it a swift-moving narrative of power, ego, and intrigue, on the one hand, and another narrative of civic pride, fiscal genius, and apparent historic inevitability.What becomes clear in this epic story is that everything we associate with New York can be seen as deriving from its economic power. Certainly, the immense financial institutions, the extravagant city lifestyle, and the old shipping and railroad dominance of the city come to mind when we think of New York City's amazing economic influence. But Professor Kessner also makes it clear that other New York trademarks would have been impossible without it: the parks and the Brooklyn Bridge; the philanthropic endeavors and museums (sparked by such men as John Rockefeller, Andrew Carnegie, and J.P. Morgan); even its consolidation of all five boroughs into Greater New York in 1898 is seen as a reflection of the corporate consolidations going on in the business community. This is a fascinating thesis that is easily proved by Professor Kessner's impressive research.What holds the book together and keeps the reader's attention (well, this reader at least), is the cast of irascible characters and their single-minded purpose to make lots of money. Not surprisingly these men progress from the merely greedy to the mercenary and cold-blooded. Compared to Carnegie, Gould, Morgan, and Vanderbilt, men like John J. Astor, A.T. Stewart and Moses Taylor come off looking like Cub Scouts. Carnegie's vicious anti-labor practices, Morgan's tyrannic disposition, Gould's unabashed attempts to own everything, and Vanderbilt's contempt for charity, are brilliantly captured, warts and all, by Professor Kessner. Of course, not everything these men did can be viewed as self-serving greed. Gould did what he did because they system as it existed allowed him to. And had not Morgan reined in the wild and wooly railroad industry, the larger economy would suffer. And his creation of US Steel--which greatly profitted Andrew Carnegie--set the standards for 20th century corporate culture in America and the world.Cementing these tales of unchecked love for Mammon are the stories of labor's attempts to share in the profits or, at the very least, earn a fair wage. The selfless quests of remarkable men like Andrew Green, Samuel Gompers and Henry George make the picture whole. "Capital City: New York City and the Men Behind America's Rise to Economic Dominance, 1860-1900" is a brilliant study, and a testimony to Professor Kessner's dedication and research. I recommend it highly.

The World's Business is New York's Business

In his book, "Capital City: New York City and the Men Behind America's Rise to Economic Dominance, 1860-1900", Thomas Kessner has taken what might be considered a dry subject and made it a swift-moving narrative of power, ego, and intrigue, on the one hand, and another narrative of civic pride, fiscal genius, and apparent historic inevitability.What becomes clear in this epic story is that everything we associate with New York can be seen as deriving from its economic power. Certainly, the immense financial institutions, the extravagant city lifestyle, and the old shipping and railroad dominance of the city come to mind when we think of New York City's amazing economic influence. But Professor Kessner also makes it clear that other New York trademarks would have been impossible without it: the parks and the Brooklyn Bridge; the philanthropic endeavors and museums (sparked by such men as John Rockefeller, Andrew Carnegie, and J.P. Morgan); even its consolidation of all five boroughs into Greater New York in 1898 is seen as a reflection of the corporate consolidations going on in the business community.

Well written Economic History

Capital City is a scholarly examination of the development of New York City in the age of unfettered Capitalism when great fortunes were made overnight. The book explains in great detail how characters such as Moses Taylor, Cornelieus Vanderbilt and Jay Gould contributed in ways both beneficial and harmful to the growing American economy as well as to the economic and civic life of New York itself. The sense of a wide open country with all economic activity being governed out of the growing financial community gathering strenghth in lower Manhattan at the end of the Civil War is clearly conveyed.This is a very entertaining and enlightening book. If you have an interest in History, Economics or Finance then I would highly recommend this.