Part 10/12:
Unlike many older industrial cities like Cleveland or Pittsburgh, Boston’s earlier shift away from manufacturing—marked by less dependence on textiles, shipbuilding, or shoes—allowed it to pivot quickly to knowledge-based industries. The presence of pioneering venture capital firms, early high-tech industries, and a strong financial sector helped Boston transition into a post-industrial economy faster than many of its peers.
The city's early leadership in finance, mutual funds, and insurance (with firms like Fidelity and Boston-based insurers) established a stable economic foundation. Additionally, Boston’s academic institutions created a resilient ecosystem that propelled innovation and economic growth.