Michael R. Cohen
- Published in print:
- 2017
- Published Online:
- September 2018
- ISBN:
- 9781479879700
- eISBN:
- 9781479881017
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479879700.003.0008
- Subject:
- History, History of Religion
The conclusion reaffirms how the history of Jewish merchants in the American cotton industry is not only a story of American Jewish success that accounts for a golden age for Jews during the ...
More
The conclusion reaffirms how the history of Jewish merchants in the American cotton industry is not only a story of American Jewish success that accounts for a golden age for Jews during the Reconstruction era. It is also a more universal case study that speaks to niche economies and minority entrepreneurship more broadly, revealing the ways in which ethnicity mattered in the development of global capitalism. It suggests that the economic milieu in which a niche economy emerged was critical, and any explanation of how niche economies function must begin with a rigorous understanding of that particular capitalism. But within the confines of those structural factors, ethnicity fostered trust in the economic transactions upon which a particular capitalism relied. These forces worked together to provide minority groups such as Jews a competitive advantage that fueled their niche economies.Less
The conclusion reaffirms how the history of Jewish merchants in the American cotton industry is not only a story of American Jewish success that accounts for a golden age for Jews during the Reconstruction era. It is also a more universal case study that speaks to niche economies and minority entrepreneurship more broadly, revealing the ways in which ethnicity mattered in the development of global capitalism. It suggests that the economic milieu in which a niche economy emerged was critical, and any explanation of how niche economies function must begin with a rigorous understanding of that particular capitalism. But within the confines of those structural factors, ethnicity fostered trust in the economic transactions upon which a particular capitalism relied. These forces worked together to provide minority groups such as Jews a competitive advantage that fueled their niche economies.
Michael R. Cohen
- Published in print:
- 2017
- Published Online:
- September 2018
- ISBN:
- 9781479879700
- eISBN:
- 9781479881017
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479879700.001.0001
- Subject:
- History, History of Religion
Jewish merchants created a niche economy in the United States’ most important industry—cotton—which positioned them at the forefront of capitalist expansion for much of the second half of the ...
More
Jewish merchants created a niche economy in the United States’ most important industry—cotton—which positioned them at the forefront of capitalist expansion for much of the second half of the nineteenth century. This book analyzes that niche economy and asks how it came to be. It argues that timing mattered, alongside a host of other structural factors, which created the conditions that allowed Jewish merchants to succeed in this particular capitalism. But it also argues that, within this milieu, the Jewish merchants’ status as a minority fueled their niche economy by fostering ethnic networks of trust. Trust served as the cornerstone of financial relationships, and it was frequently cultivated by shared ethnicity. While this book investigates the ways in which both structural factors and ethnic networks mattered in the emergence of this particular niche economy, it also acts as a case study that explores how ethnicity mattered in the development of global capitalism. The story of these American Jewish merchants is far more than the story of American Jewish success and integration—it is the story of how ethnicity mattered in the development of global capitalism.Less
Jewish merchants created a niche economy in the United States’ most important industry—cotton—which positioned them at the forefront of capitalist expansion for much of the second half of the nineteenth century. This book analyzes that niche economy and asks how it came to be. It argues that timing mattered, alongside a host of other structural factors, which created the conditions that allowed Jewish merchants to succeed in this particular capitalism. But it also argues that, within this milieu, the Jewish merchants’ status as a minority fueled their niche economy by fostering ethnic networks of trust. Trust served as the cornerstone of financial relationships, and it was frequently cultivated by shared ethnicity. While this book investigates the ways in which both structural factors and ethnic networks mattered in the emergence of this particular niche economy, it also acts as a case study that explores how ethnicity mattered in the development of global capitalism. The story of these American Jewish merchants is far more than the story of American Jewish success and integration—it is the story of how ethnicity mattered in the development of global capitalism.
Michael R. Cohen
- Published in print:
- 2017
- Published Online:
- September 2018
- ISBN:
- 9781479879700
- eISBN:
- 9781479881017
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479879700.003.0001
- Subject:
- History, History of Religion
The introduction explores the centrality of cotton, credit, and the Gulf South in global capitalism. It establishes the importance of trust in economic transactions and the ways in which this trust ...
More
The introduction explores the centrality of cotton, credit, and the Gulf South in global capitalism. It establishes the importance of trust in economic transactions and the ways in which this trust fostered the economic networks that were so central to the development of a Jewish niche economy in this industry. The introduction quantifies this Jewish niche economy, utilizing methodologies of the digital humanities—particularly geographic information system (GIS) maps—and it establishes the impact of this niche economy for Jews and the communities in which they lived. Economic success begat communal, civic, and social success for merchants, and Jews shaped the communities at the heart of the cotton industry.Less
The introduction explores the centrality of cotton, credit, and the Gulf South in global capitalism. It establishes the importance of trust in economic transactions and the ways in which this trust fostered the economic networks that were so central to the development of a Jewish niche economy in this industry. The introduction quantifies this Jewish niche economy, utilizing methodologies of the digital humanities—particularly geographic information system (GIS) maps—and it establishes the impact of this niche economy for Jews and the communities in which they lived. Economic success begat communal, civic, and social success for merchants, and Jews shaped the communities at the heart of the cotton industry.
Michael R. Cohen
- Published in print:
- 2017
- Published Online:
- September 2018
- ISBN:
- 9781479879700
- eISBN:
- 9781479881017
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479879700.003.0007
- Subject:
- History, History of Religion
Chapter 6 explores the end of the niche economy. By the late nineteenth century, changes to the cotton industry meant that merchants in the Gulf South were no longer as important as they once were. ...
More
Chapter 6 explores the end of the niche economy. By the late nineteenth century, changes to the cotton industry meant that merchants in the Gulf South were no longer as important as they once were. Structural changes to global capitalism, including the rise of investment banking, changed the nature of credit and lending, as networks of trust, which once provided a competitive advantage for Jews and other minorities, began to lose their importance. Additional global forces also mitigated the Gulf South’s centrality in the cotton industry, as the world’s thirst for cotton pushed European powers to find cheaper places in the world to produce cotton. Localized factors were also marginalizing the Gulf South and its Jewish merchants, as floods and invasive species ravaged cotton crops and a spate of anti-Jewish violence took direct aim at the Jewish niche economy. All of this meant that, in much the same manner that Jewish merchants had once marginalized cotton factors, Jewish merchants themselves became marginalized, and their niche economy came to an end.Less
Chapter 6 explores the end of the niche economy. By the late nineteenth century, changes to the cotton industry meant that merchants in the Gulf South were no longer as important as they once were. Structural changes to global capitalism, including the rise of investment banking, changed the nature of credit and lending, as networks of trust, which once provided a competitive advantage for Jews and other minorities, began to lose their importance. Additional global forces also mitigated the Gulf South’s centrality in the cotton industry, as the world’s thirst for cotton pushed European powers to find cheaper places in the world to produce cotton. Localized factors were also marginalizing the Gulf South and its Jewish merchants, as floods and invasive species ravaged cotton crops and a spate of anti-Jewish violence took direct aim at the Jewish niche economy. All of this meant that, in much the same manner that Jewish merchants had once marginalized cotton factors, Jewish merchants themselves became marginalized, and their niche economy came to an end.
