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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 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..


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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 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..

30 review for Modern New York: The Life and Economics of a City

  1. 4 out of 5

    John_g

    Subtitle should be: how Mayors affected NYC's economy, supposedly The author believes your job and NYC's prosperity depends on a few ultra rich Wall Streeters. So let them have their fortunes, which will trickle-down. Do not elect mayors interested in social engineering, like Lindsay whose 1966 business tax increase contributed to 1969-77 "NY's Great Recession". He likewise regrets Koch's compromise to preserve part of Garment District, preferring those jobs to leave, and most other liberal polic Subtitle should be: how Mayors affected NYC's economy, supposedly The author believes your job and NYC's prosperity depends on a few ultra rich Wall Streeters. So let them have their fortunes, which will trickle-down. Do not elect mayors interested in social engineering, like Lindsay whose 1966 business tax increase contributed to 1969-77 "NY's Great Recession". He likewise regrets Koch's compromise to preserve part of Garment District, preferring those jobs to leave, and most other liberal policies. NYC is quintessentially unequal, including millionaire financial traders and famous Broadway actors. He barely mentions inequality but applauds entertainers, finance and tech wizards, not low-skilled labor. It's a laugh when he calls NYC economy "diversified". He consistently blames Lindsay for liberal policies, then admits that there was huge exit of manufacturing jobs at that time. "White flight" post-WWII behavior was a huge sociological wave, dubiously explained by these few factors. But it fits his ideological pro-business mindset. This book is sure to aggravate progressives and Tea Partiers alike. In style it is a long negative op-ed. He advises no worry about manufacturing jobs leaving for decades but replaced by lower-paying tourism jobs, while a few high-paying manufacturing survives. He doesn't think keeping those jobs is a problem worth a political struggle. He doesn't think the government can encourage jobs, look at the mess Lindsay made. Just rely on trickle-down from Wall St, he says. It is a jarring story, jumping around in time, inserting ideological statements His style mixing numbers and stories makes a difficult read. He throws numbers around, which would be better represented by charts. He knows the important numbers and should chart them, this is his major failure to communicate. Skip the other numbers and just tell the story. This is not history, nor sociology, it ignores wage-earners to depict decades of NYC, just by telling anecdotes of rich people. He rambles between anecdotes, sometimes bringing in another reporter/politicians's opinion, who are quickly criticized as if proven wrong, e.g. city comptroller report post-9/11, supposed Chris Quinn waffle on Hudson Yards. The reported stories are a debate on a few famous controversies. The author pokes in his ideological opinions occasionally, as well as others. Often the author quotes someone's predictions, soon to criticize them as wrong. The book names key thematic issues, with incomplete explanations: * Mayoral tax policies controlled NYC boom/bust, particularly Linday's high taxes caused 10 yr recession. He is inconsistent, applauding tax income when Koch governed, but not from other mayors. * Rent control gets heavy criticism. Blames Lindsay's 1969 rent stablization law and 1992 legislative actions as counter to good economics. This was just extension of wide-spread WWII regulation, which NYC still needed to cover inequality like other cities. * He says Bloomberg criticizes Rudy's policy of big tax breaks for rich corporations, which is one mention compared to whole chapter criticizing rent regulation being unfair subsidies to citizens. Unfair just because it's available unequally but you don't need to be rich to benefit and afford housing. Tax breaks (see Amazon 2019) are still an issue and his coverage is incomplete. * Community Policing originated with Dinkins, then supposedly discontinued under Bratton, Kerik, Kelly? I think it still exists. * Regrets "myth of manufacturing" while advocating NYC as purely high-skilled-labor. Present-day ctizens don't agree and vote to zone neighbohoods to protect local craft. Last chapter finally has a comparison outside NYC: how Dallas compares on jobs. He misses every other opportunity to make comparisons. At least we get to hear a voice from a different political viewpoint. But my expectations were too high that'd he explain politics, history and economics over past 50 years. He gave little positive advice. Does he want NYC to be like other cities and rely on bigger property tax? We should tax Wall St wealth both to remedy Inequality and to collect revenues, even if it is unsteady.

  2. 4 out of 5

    Phil Eaton

    Poor editing leaves you stuck in ambiguous sections as the author goes backward and forward in time. The author lacks expertise or interest in financial and economic details so the book is too late to be that interesting. Still, it's a starting point if you haven't read about the topic before. Poor editing leaves you stuck in ambiguous sections as the author goes backward and forward in time. The author lacks expertise or interest in financial and economic details so the book is too late to be that interesting. Still, it's a starting point if you haven't read about the topic before.

  3. 4 out of 5

    Kira

    Modern New York—whose writing and compilation has been the Great Greg David Undertaking of the last few years—answers, in a compact and accessible 217 pages, the #1 question I get asked by people who aren’t familiar with Crain’s: “So….what do you guys write about?” The answer, as diverse as the two-dozen beats covered by our staff of half as many reporters, is spelled out in the book’s 16 chapters: Wall Street, yes, but also every subject matter that might be relevant to New York City’s economy Modern New York—whose writing and compilation has been the Great Greg David Undertaking of the last few years—answers, in a compact and accessible 217 pages, the #1 question I get asked by people who aren’t familiar with Crain’s: “So….what do you guys write about?” The answer, as diverse as the two-dozen beats covered by our staff of half as many reporters, is spelled out in the book’s 16 chapters: Wall Street, yes, but also every subject matter that might be relevant to New York City’s economy (which in many cases, particularly with respect to the financial sector, is intimately connected with the nation’s economy as a whole.) Modern New York touches on the financial crisis of 2008, the decline of manufacturing in a city born of it, the explosion of immigration, the birth of a technology sector in a finance/media/fashion town, the loss of the Olympics, the dubious trend of rebuilding pretty much every major stadium or convention center in the city, and much more. [FULL REVIEW]

  4. 5 out of 5

    Caroline Cormack

    Fascinating history of modern New York (mid 60s onwards) focussing on the business and economics of the city, so recommended if you like that sort thing (I do).

  5. 5 out of 5

    Daniel Nolan ii

    Content was excellent and interesting. Writing was okay

  6. 5 out of 5

    John

    A bit dry in places (lots of footnotes!), but recommended for those familiar with life in modern New York City.

  7. 5 out of 5

    Stephanie

  8. 5 out of 5

    Laurie

  9. 5 out of 5

    Averi

  10. 5 out of 5

    Najee

  11. 5 out of 5

    Kiaran Johnson-Lew

  12. 5 out of 5

    Omar Nazem

  13. 4 out of 5

    Alex

  14. 5 out of 5

    MaggieY Wang

  15. 4 out of 5

    Claudia Elena

  16. 5 out of 5

    AnnMarie Colucci

  17. 4 out of 5

    Rachel Wise

  18. 4 out of 5

    Rolando

  19. 4 out of 5

    John

  20. 4 out of 5

    Emil

  21. 4 out of 5

    Daniel S

  22. 4 out of 5

    Cynthia

  23. 4 out of 5

    Tamon Hayes

  24. 4 out of 5

    Paul

  25. 4 out of 5

    Alan

  26. 5 out of 5

    Nasha

  27. 5 out of 5

    Jackie

  28. 4 out of 5

    Brian Ross

  29. 4 out of 5

    Ian Hardouin

  30. 4 out of 5

    Elisabeth Cordova

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