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..
“Argues convincingly that Wall Street has been largely responsible for the city’s cycle of booms and busts since the 1960s.”—The New York Times
“How did Wall Street become the engine of the New York economy? In Modern New York: The Life and Economics of A City, Greg David provides an answer. Readers will be rewarded…They'll learn about the role New York's power elite played not only in the city but also in the country.”—USA Today
“Interesting history of the country’s largest city.”—Kirkus Reviews
"David has given us an engaging read, complete with the heroes and villains who have contributed to the city's changing face as it keeps step with the rise and fall of Wall Street during the last half of the twentieth century."--June Breton Fisher, author of When Money Was In Fashion
"David brings to his account of the transformation of the city’s economy... a reporter’s attention to detail, a storyteller’s sense of drama, and an insistence on integrity." - Matthew Goldstein, chancellor of The City University of New York
"Greg David is one of the most thoughtful, incisive and fearless commentators on the New York City economy and its fiscal condition. No one is better equipped to explain how New York City came to what it is today and what is needed for its economy and citizens to proper in the 21st Century." - Carol Kellerman, president of the Citizens Budget Commission