In his 1630 sermon "A Model of Christian Charity," Gov. John Winthrop of the Massachusetts Bay Colony warned his Puritan followers about the perils of pursuing worldly riches. By turning to "pleasure and profit," he wrote, "we shall surely perish." Gov. Winthrop himself would have been well acquainted with those perils: At the same time, he and his business partner were busy calculating how much they might earn by trading in a range of goods, from hemp to iron.

The early Puritan settlers in the New...