Modern New York: The Life and Economics of a City

In this well-documented book, former Crain’s New York Business editor and current columnist David presents Wall Street as the possible driver of New York’s future prosperity despite its periodic booms and busts. Although the myth of manufacturing persists among those enamored of the city’s past, high costs and clogged transport weigh on the sector’s prospects, while higher education, film and television production, and a revived tech sector offer greater prospects for job creation and enhance the city’s allure for young people. The financial field still rules the roost: “If Wall Street is permanently restructured, New York will simply be less wealthy.” In October 2007, the peak for financial industry employment, the state comptroller reported that “each job in Wall Street created another 3.2 jobs in the economy—2 in the city and 1.2 elsewhere, mostly in the suburbs.” David’s review of policies and personalities shaping New York’s past and future offers insights into Wall Street’s leadership of the global financial industry, but leaves unexamined possible overseas challenges, neglecting to address prospects that New York’s intellectual base could fuel the growth of high-value-added manufacturing locally. Nonetheless, his cautious claim that “Wall Street may save the city again as it has done so often in modern New York” may quiet market detractors. Agent: Robert Guisler, Sterling Lord Literistic. (Apr.)