Tech Speculation - 1800’s Style
May 28, 2008
What do you get when you cross a relatively new technology (canal locks) with potential for increased commerce (goods being transported down the Erie Canal instead of over land)? America’s first tech bubble. As the author notes, “in what may have been the first, but definitely not the last, instance of a tech bubble” the share price IPO’d at $225 and quickly peaked at over $475 before the construction of the canal was even approved.
This is just one of several amazing stories about America’s early entrepreneurs and business adventures that can be found in An Empire of Wealth: The Epic History of American Economic Power by John Steele Gordon (warning his website is WAY outdated). More of a quick hit (2 or 3 paragraphs) on dozens of different endeavors all wrapped in the general progression of the economic landscape rather than an in-depth analysis of a few instances. I’m enjoying it immensely - a very good read.
