Over the 20th century, Mollenkopf and Castell (1992) argued New York City has become a poorer, smaller and in some respects less economically important part of the nation. Simultaneously, the global city has remained dominant in thriving economic activities often associated with the international economy. Ultimately, the city has had a long history of concurrent growth and decay. To provide an in-depth analysis of New York’s economic development path, the essay will focus specifically on the economic developments and challenges between 1940’s and 1990’s. Analysis will be focused on three distinct phases and will examine the role of New York as an economic global city. The first of these phases is the recovery after the Second World War and the role manufacturing played on making New York an industrial powerhouse. Second, is the economic decline of the New York between 1955 and 1975. It will be exploring the way in which suburbanization, long-term indebtedness and the relocation of the manufacturing base both domestically and internationally ran up to the technical bankruptcy in 1974. Theoretically, it will be looking at ‘locational analysis’ as a perpetrator in economic activity relocation. Finally, it will examine the recovery of the economic crisis post-1980s with reference to the role of neoliberalism and agglomeration.
Post- War Recovery:
The United States as the world’s hegemonic power dates back to the 1940s which was intimately linked to Great Britain’s post-war instability within the world economy. It provided New York City with the prominent position in international finance and industry. Yet, this power was relatively brief and lasted approximately around 1945 and 1973 (Vogel, 1993). What encouraged this...
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...ol sites. New York as a ‘nodal city’ requires agglomeration due to its large expansion of producer services, where information is intensive and complex (McClelland and Magdovitz, 1981). A ‘spatial bias’ enables critical information to move within close physical proximity before technology enables it to be dispersed worldwide (Pred, 1977). Phillips (1987) argues that the clustering of firms provides New York with dominance in terms of financial transactions, as things happen before anywhere else and therefore gives the city a comparative advantage. Clustering is also beneficial to New York as it provides network embeddedness which enables personal relations and face-to-face interactions (Lueck, 1988). Corporations desired relational elements of embeddedness as provides role integrity, restraint of power, commitment, trust and harmonisation of conflict (Marsden, 1983).
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