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Ups and downs in the global city: London and New York In the 21st century

Fainstein, Susan, Gordon, Ian and Harlow, Michael (2011) Ups and downs in the global city: London and New York In the 21st century. In: Bridge, Gary and Watson, Sophie, (eds.) New Blackwell Companion to the City. Wiley-Blackwell, Chichester, pp. 38-47. ISBN 9781405189811

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Abstract

London and New York entered a new era of development in the early 1980s, with a period of growth continuing despite some fluctuations continued at least up to the financial crisis 2008. This continuity resulted from a combination the expanding role of financial capital in a globalizing economy, and the new flexible economy. Physical proximity facilitated the face-to-face encounters among the key actors, while routine support functions continued to hive off to cheaper domestic and offshore locations. Both growth and internationalisation of the two cities were promoted also by large scale immigration. This phase of growth was interrupted by a financial crisis in the making of which each city played a major role, but from the worst consequences of which they were protected by robust measures taken by the two national administrations to avoid meltdown of the banking systems. Through steady aggregate growth, boom and bust, however, inequality continued to increase.

Item Type: Book Section
Official URL: http://eu.wiley.com/WileyCDA/
Additional Information: © 2011 Wiley-Blackwell
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HT Communities. Classes. Races
Journal of Economic Literature Classification System: J - Labor and Demographic Economics > J0 - General
O - Economic Development, Technological Change, and Growth > O1 - Economic Development
R - Urban, Rural, and Regional Economics > R0 - General
Sets: Research centres and groups > Spatial Economics Research Centre
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 11 Jul 2011 14:16
URL: http://eprints.lse.ac.uk/37080/

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