Economic Growth Along the Hudson River 4th Grade
New York Then
Hudson River Native Americans used for travel Henry Hudson discovered in 1609 British tried to take over river to separate the colonies Still used for commerce
Barter Means trade Direct exchange of goods without money
Barter and the Triangle of Trade Trade route connecting Americas, Europe, and Africa Example: to work Enslaved Africans traded to West Indies North Americans trade grain for slaves Guns and metal goods trade to African Grains and furs traded to Europe for metal If you draw this route, it looks like a triangle, hence the name, the Triangle of Trade. Mrs. Philipse owned the shipping business. She and Mr. Philipse were both merchants!
Money When people invented money, it allowed for getting what you want without trading valuable items that you owned. Banks were allowed to print their own money. The $10,000 bill is the largest bill. Most are kept in museums. Currently, the $100 bill is the largest currency note in circulation. Money goes back to 2200 B.C. Early money includes shells, beads, stones, and furs. The first coins were invented in the 700 B.C. by people in Turkey.
Specialization People only produce some of the goods and services they consume. It increases the amount of goods and services used. A doctor specializes in taking care of and helping people. A blacksmith specializes when working with iron.
Shopkeepers specialized in a particular item This system was helped by the use of money.
Industrial Revolution The Industrial Revolution was underway by the early 1850’s. Machines helped workers make goods faster and in greater numbers. Sewing machines were an example of a product created during this time. The most popular one was built in 1851 by a New Yorker named Isaac Singer. It made sewing clothing much easier and faster.
Big Business After the Civil War, industries in New York grew very fast. In the 1800’s, more people started to work for others. Since more people kept inventing better ways to make trains, railroads became a big business. Railroads helped transport more goods quicker. Jay Gould was in control of half the railroad mileage in the Southwest New York.
Stock Market A stock market is where stocks are sold. Each year people buy and sell billions of stocks. Stocks are certificates of ownership.
New York City Now
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