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This study examines the crucial role of merchants in the rise and decline of New Orleans during the nineteenth century.

As cotton production shifted toward the southwestern states during the first half of the nineteenth century, New Orleans became increasingly important to the South's plantation economy. Handling the city's wide-ranging commerce was a globally oriented business community that represented a qualitatively unique form of wealth accumulation merchant capital that was based on the extraction of profit from exchange processes. However, like the slave-based mode of production with which they were allied, New Orleans merchants faced growing pressures during the antebellum era. Their complacent failure...