USA HISTORY

Detailed explanation-1: -The completion of the Erie Canal spurred the first great westward movement of American settlers, gave access to the rich land and resources west of the Appalachians and made New York the preeminent commercial city in the United States.

Detailed explanation-2: -New York gained ground on Philadelphia thanks to its dominance in commercial trade, in large part thanks to the completion of the Erie Canal in 1825. New York became the leader in American finance after the Second Bank of the United States failed to renew its charter in 1836.

Detailed explanation-3: -The Global Financial Centers Index has ranked New York City as the world’s financial capital. This is due to the connection of the city with the financial world. Home to many of the world’s biggest banks, credit rating companies, organizations, insurance companies, hedge funds, credit rating agencies, and many more.

Detailed explanation-4: -New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. The NYSE and NASDAQ are the two largest stock exchanges in the world.

Detailed explanation-5: -New York’s growth in the early nineteenth century was driven by the rise of manufacturing in the city, which itself depended on New York’s primacy as a port. New York’s growth in the late nineteenth century owed at least as much to its role as the entryway for immigrants into the United States.