In my mind, New York is the financial center of the world. Perhaps that is why I found the Freeman reading as a peculiar compliment to the theme of New York as the “global city” and its economy. In 21st century New York with all its banks and firms, it is not easy to imagine a New York that existed not so long ago where small manufacturing factories did exist. (37,000 manufacturing establishments! Who knew?)
In Sassen’s “Global City” overview, he tries to break down the reasoning behind why financial institutions should agglomerate as the economy becomes more and more globalized. To me, though, the agglomeration of financial centers makes sense. Our capitalist economy is predicated in large part on efficiency, and what better way to make it easy for everyone then have related economic institutions near each other for convenience and ease? Transactions and trading can be more efficient. Finding a job is potentially easier, especially for unemployed people living in job-deficient rural and suburban areas.
Yet thanks to David Harvey’s perspective on 9/11, New York as financial capital is now in question. He is of the opinion that New York will decline as the financial center. I don’t completely agree with that. It may be my bias towards New York as one of my favorite cities, but New York is not only the financial center. It is also a hub for many different cultures and people. Harlem, Washington Heights, Flushing, and Jackson Heights are all examples of particular neighborhoods in New York City with different ethnic diversities and attractions that will keep New York strong regardless of its financial role in the world. Its central location on the East Coast of the United States will also help in maintaining its importance. It is also possible that with such cultural importance, a certain degree of financial significance will remain, albeit it not necessarily being the continued location of the stock exchange. Tourism may still be a big business, as well as the food (restaurants) and hotel businesses. New York has a lot going for it even without its current financial infrastructure, and I find it hard to believe that it could ever have any type of “subservient” status.
