Abstract
A combination of macroeconomic, industrial, and political circumstances—a perfect storm—brought New York City to brink of bankruptcy in October 1975. The years after 1975 marked the nadir of the City’s postwar economic contraction. The subsequent recovery began almost imperceptably, but it did begin.
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Notes
- 1.
The difference between New York and the other metropolitan regions is real and substantial, but the chart may overstate the case somewhat. The Bureau of Labor Statistics publishes monthly employment statistics for all metropolitan areas and for a few large central cities, one of which is New York. Because, in comparison with other cities, New York is large relative to its metropolitan area in terms of land area, population, and employment the metropolitan area statistics for this region may reflect the impact of the central city urban crisis of the 1960s and 1970s more than, say, the data for metropolitan Philadelphia or Chicago.
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Gurwitz, A. (2019). The Perfect Storm and the Turning Point. In: Atlantic Metropolis. Palgrave Studies in American Economic History. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-13352-8_16
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