Most American Jews today are the descendents of immigrants who arrived about a century ago, especially during the decades between 1880 and 1920. They came from Tzarist Russia and the countries of Eastern Europe, politically repressive and anti-Semitic societies with little religious freedom for Jews. While the United States and much of Western Europe were experiencing rapid industrialization and economic modernization, the countries where Jews lived were still characterized by intense poverty and the virtual absence of economic opportunity. Russian Jews were also subject to religious persecution that took the form of severe crowding and restrictions on economic activity, with the result that their standard of living was among the poorest in a poor country. Even in the less repressive countries, when Jews moved to the cities, their economic advancement was often blocked by anti-Semitism or even legal restrictions on Jews.

The journey to America was both difficult and costly, but it was an investment in the future for the Jewish immigrants and their children. The United States at the turn of the twentieth century was arguably the most technologically advanced and fastest growing economy in the world. New York, the most common port of entry for Jewish immigrants, led the country in both respects. Although anti-Semitism was present, it was not nearly as prohibitive as in Europe and Jews could move up the socioeconomic ladder. The American economy was large enough for the Jews to be absorbed without difficulty; it was vigorous enough for them to find prosperity; and it was sufficiently open for them to unleash their latent creativity and in turn make some important contributions to economic development.