Abstract
An upsurge in the international flows of goods, capital, and people earned the decades around the turn of the twenty-first-century designation at the second great age of globalization. Sociologist Saskia Sassen’s analysis of how this powerful trend has affected the international hierarchy of cities, her “Global Cities” hypothesis, sheds considerable light on how New York City’s economy has changed over the past 40 years.
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Notes
- 1.
The source for this figure is the Local Area Unemployment Series (LAUS) data assembled by the U.S. Bureau of Labor Statistics (BLS) and based on the Current Population Survey (CPS), a monthly sample survey of households. Annual average data from the LAUS are available for all U.S. and Puerto Rican counties or the local jurisdictional equivalents of counties. Another BLS data source, the Current Employment Statistics (CES), is based on a monthly survey of employers. The CPS-derived information provides a great deal of geographic detail but little industrial breakdown. The CES data are detailed on the industrial level but are for only a small number of cities. Unfortunately, the two sources are not readily comparable, and the two series differ substantially in some cases. The CES data, for example, indicate that total nonfarm payroll employment in New York City rose by 6.6% between 1990 and 2008, far below the 18.1% figure reported by the LAUS series. Some of the difference between the two figures may reflect definitional differences. Other possible sources of the discrepancy will be discussed below. The general conclusions of this chapter do not depend on which source is used. Both the LAUS and CES series indicate that total employment in New York grew faster than in other large northeastern cities (Bureau of Labor Statistics, 2018).
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Gurwitz, A. (2019). America’s “Global” City. In: Atlantic Metropolis. Palgrave Studies in American Economic History. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-13352-8_18
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