From Barter to Big Business Economic Growth Along the

From Barter to Big Business

• Economic Growth Along the

• Hudson River

• 4th Grade

New York Then

Hudson River

• Native Americans used for travel

• Henry Hudson discovered in 1609

• Philipse’s used for trade

• British tried to take over river to separate the colonies

• Still used for commerce

Barter

• Means trade

• Direct exchange of goods without money

• Before money barter used

Barter and the Triangle of Trade

• Trade route connecting Americas, Europe, and Africa

• Example:

• North America wanted Enslaved Africans

• to work

• Enslaved Africans traded to West Indies

• North Americans trade grain for slaves

• Guns and metal goods trade to African

• tribes for prisoners

• 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

• allowed consumers to have a greater variety of goods

• 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