Author(s): Greg David
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.
Greg Davidwasthe editorial director of Crain's New York Business for 25 years andnow writes a weekly column and blogs for the publication. Heisalsothe director of the business and economics reporting program at the Graduate School of Journalism at the City University of New York.He is a commentatorforWNYC's Financial 411 on the city's economy, business, and politics and makes frequent media appearances on WCBS Newsradio 880 and other outlets. He lives in New York City.
Introduction The Fiscal Crisis and Recovery The Rise of Wall Street and the First Boom and Bust The Decline of Manufacturing The Rise of Tourism The Importance of Immigrants A Real Estate Business Unlike Any Other Wall Street Revives and the Internet Boom Creates Silicon Alley Retail: The Invasion Remakes the City The Enduring Media Business The Internet Bust, the Terrorist Attacks and the Beginnings of Another Boom Development: A City that Constantly Rebuilds Itself Residential New York: Insiders versus the Outsiders Small Business: Lionized in Rhetoric and Oppressed in Practice Health Care and Nonprofits The Unprecedented Wealth of the Third Wall Street Boom The Financial Crisis and Great Recession Power: Concentric Circles and Declining Influence Diversifying the Economy Conclusion