Average people view New York City as a dumpster fire with an oppressive government and rampant crime. They are spot on. Today’s version of the city is a mess because of tax-and-spend city (and state) governance that relies on large corporations to be a funding source for growing government intervention in private commerce.
Yet, the city is still considered a center of commerce in the United States and the world, thanks to long-standing relationships many corporations and wealthy individuals have with that historic city. As Dan Mitchell wrote on Feb. 18, 2025, at International Liberty, “NYC became rich because, for much of its history, capitalism flourished and government was constrained.” Mitchell argued that “the simple way to think of the city’s economic history is that the private sector was dominant for nearly 350 years. And that is the period when NYC became an economic Colossus.” He makes the case that despite corruption, including the infamous “Boss Tweed” era, the private sector was provided enough freedom to create wealth for investors, creators, and workers.
