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NYC – an alpha global city • Introductory context/facts • Why is NYC the largest in the US? • Economic profile/how is it an alpha global city? • “on the ground” description of the socio-economic landscape of NYC
NYSE is the largest in the world • NASDAQ is the 3rd largest • 44 Fortune 500 HQs • 602 HQs • 1/10 private sector jobs is with a foreign company • North American terminus of the trans-Atlantic fiber-optic trunkline • #1 media market in the US • HQ for the Big Four music recording companies • Center of book publishing/magazine publishing • Advertising capital • Fashion capital • Medicine and biomedical research (Big Pharma)
New York City; the “city” **5 boroughs **roughly 8 million people **population of city has increased slightly in recent years **38% foreign-born
NYC: an economic profile • Context: • (1) Dissimilarity with London and Tokyo • Vast area and numerous cities in the US relative to both UK and Japan • (2) the decline in political clout • (3) cultural/educational leadership
The modern economy: a mixed situation • Financial services/producer services/securities trading have all increased dramatically since 1970 • Manufacturing has plummeted. 1969-90, 800,000 manufacturing jobs destroyed. (44%) • Relative (not absolute) decline in shipping • Post-Atlantic world • Bi-modal expansion of services (1/6) • Resulting in polarization by income and space