New York's business leaders do not have a rich history of making courageous decisions that could upset their short-term business prospects. An editorial in the latest edition of The American Enterprise magazine highlights historical examples of New York merchants prioritising trade over ethics.

In 1664, Dutch merchants ordered the city governor to surrender to an invading English fleet, fearing resistance could upset business. During the American Revolution, New York merchants traded with and supported the British for the same reason. During the Civil War, merchants tried to talk the government into leaving the Union to help the cotton trade.