Modern New York
The Life and Economics of a City
-
- $11.99
-
- $11.99
Publisher Description
The economic history of New York is filled with high-stakes drama and big figures. In Modern New York, renowned economist and political commentator Greg David tells the story of the metropolis's financial highs and lows since the 1960s. He takes a hard look at how Wall Street came to dominate the economy in the years following the wrenching decade of the Fiscal Crisis and how New York's high finance roller coaster came to affect the entire city and the world. He tackles the major controversies over real estate development, the growth of inequality, the role of immigration and the prospects for diversification.
In addition Modern New York profiles the business and political leaders at the forefront of today's economic issues, as well as the average people who benefit from (and are the casualties of) the structure and cycles of this hub's capricious economy. From covert breakfasts with Wall Street heads to profiles of people like the brilliant but complex economic development artist Dan Doctoroff, Modern New York features all sorts of characters with big personalities and big wallets, from Donald Trump to Michael Bloomberg.
This book takes readers on a journey to understanding the machinery and people as well as the spirit of New York. With its many great stories and applicability to other metropolises such as London, Singapore, Sydney, or Hong Kong, it will be relevant to readers around the world..
PUBLISHERS WEEKLY
In this well-documented book, former Crain's New York Business editor and current columnist David presents Wall Street as the possible driver of New York's future prosperity despite its periodic booms and busts. Although the myth of manufacturing persists among those enamored of the city's past, high costs and clogged transport weigh on the sector's prospects, while higher education, film and television production, and a revived tech sector offer greater prospects for job creation and enhance the city's allure for young people. The financial field still rules the roost: "If Wall Street is permanently restructured, New York will simply be less wealthy." In October 2007, the peak for financial industry employment, the state comptroller reported that "each job in Wall Street created another 3.2 jobs in the economy 2 in the city and 1.2 elsewhere, mostly in the suburbs." David's review of policies and personalities shaping New York's past and future offers insights into Wall Street's leadership of the global financial industry, but leaves unexamined possible overseas challenges, neglecting to address prospects that New York's intellectual base could fuel the growth of high-value-added manufacturing locally. Nonetheless, his cautious claim that "Wall Street may save the city again as it has done so often in modern New York" may quiet market detractors.
