The construction of the Erie Canal is one of the most ambitious infrastructure projects in American history. Its most influential legacy, however, is how it was paid for.

Hosts Gillian Tett and Robin Wigglesworth speak with financial historian Richard Sylla about how a gutsy New York City mayor won over politicians, citizens and investors to build a waterway that transformed trade in a young nation, elevated New York City to a financial centre, and laid the blueprint for America’s municipal bond market.

The episode, part of The Story of Money podcast, also features production credits from Lulu Smyth, Michela Tindera, and others, and is available on FT.com, YouTube, and major podcast platforms.

Listeners can download the MP3, read a transcript, and explore further readings such as Peter L. Bernstein’s Wedding of the Waters. The narrative underscores how infrastructure financing can shape the economic trajectory of a nation.