New York’s Cyclical Economy

The ups and downs of the city’s economy are tied to Wall Street. See the beginning of Chapter 16 for a summary of the city’s modern economic history.

The Myth of Manufacturing

More than a million New Yorkers worked in manufacturing at the end of World War II. See Chapters 4 and 12 for a discussion of how the myth of manufacturing continues to distort city policy.

 

Emerging Industries: Higher Ed

While manufacturing has continued to plummet in the last 25 years, higher education has expanded steadily, creating middle class jobs the city needs. See Chapter 15 for an explanation of the key role of three emerging industries—higher education, film and television production and Internet businesses.

A Countercyclical Sector

One key reason the city’s economy shook off the Financial Crisis is that recession-resistant education and health jobs have replaced cyclical manufacturing and steadied the economy.