2. The New York Metropolis in Transformation: History and Prospect. A Study in Historical Particularity

A Tale of Twelve Cities: Metropolitan Employment Change in Dynamic Industries in the 1980s

“…Likewise, if 20 EMPLOYMENT CHANGE there are conditions which get propulsive specialization going in certain placessuch as San Diego, Phoenix, or Dallasare there limits to growth without diversification? The history of the Los Angeles or New York cases might shed light on this issue (Fitch 1993;Lampard 1986). Finally, there is the extent to which specializations are sustainable over time.…”

A Tale of Two Urban Policies

“…The experience of New York City offers a rich counterpoint to Carter policies. New York reached its economic nadir in 1977, just as the Carter urban policy team began its work, and Manhattan achieved an economic renaissance over the next 10 years (Lampard, 1986). Over a quarter of a million jobs were added from 1977 to 1984 in the Manhattan central business district, almost half in various types of finance activities, business services, and international trade.…”

“…While the nation sank into deep recession in 1982 due to tight monetary policy and a strong dollar, New York boomed as foreign investors flung capital into the city. Spin off industries associated with the finance boom generated jobs in retail trade, construction, and health services, and the employment of city residents reached new highs and unemployment rates fell (Lampard, 1986).…”

“…At about the same time, both the public and the private sectors of New York undertook major infrastructure investments boosting the city's long-term competitiveness. The New York Stock Exchange, for example, invested in new computer technology linking traders to other exchanges around the world, while the city, together with the Metropolitan Transit Authority, undertook $40 billion of improvements to the city infrastructure systems (Lampard, 1986).…”