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New York Wasn't the Biggest Port Because of Its Harbor. It Was 7th, Until a State Dug a Ditch.
In the 1790s, New York was only the seventh-largest US port. By 1830 it was the largest, and never lost that position -- not because the harbor changed, but because the state dug the Erie Canal, cutting shipping costs from Buffalo to New York from $90 a ton to $4.
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Where this connects
The thumb on the lever, not the market
A lot of what gets described as "the market decided" is actually a specific, dated policy choice overriding what the market would have de...
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