The global impact of the Wall Street crash (1929) emphasised the importance of New York on the world. The effects included a fall of 15% in global GDP between 1929 and 1932 and international trade fell by 50%. The 2001 attacks on the World Trade Centre also demonstrated New York’s importance because the stock markets fell globally and in London it fell by 5.7%. New York has many famous and iconic landmarks and international visitors spend more money in New York each year than in any other city in the world. The city has been the creative force behind many artistic scenes such as the Greenwich Village Folk music scene in the 1950s-60s, the graffiti art and hip-hop culture.
New York’s growth into a world city has been fuelled by waves of migrants and in 1893 migrants were living in slums and poverty levels were high. In 1909 the slums were cleared and developments such as sewers and transport routes were implemented. New York has migrants from Western Europe, China and refugees from Russia and Eastern Europe. Currently 38% of inhabitants are born abroad and diaspora development and culture has led to merging of different communities. Migrants of similar ethnic origins that have become residents in New York have created a community that maintains some of the attributes of their different homelands such as religious beliefs and linguistic backgrounds. New York is therefore an example of a cultural melting pot. New forms of art, cuisine and languages have emerged from the diverse society living in Manhattan. Due to diaspora the society has become more tolerant and aware of the wider world and its problems from where their neighbours originate. Similarly, ethnic rights and recognised and equality is gradually being achieved.
Overall, New York is an important world city with economic and cultural world influence.
Air transport- this is visible evidence of world city interaction. For example, from London to New York there are 240 flights per week
New York has the need for three airports (JFK, La Guardia and Newark).
the size of a world city’s stock market is a good indicator of the city’s financial power in the global economy. For example, in ’93 the New York Stock Exchange traded $4221 billion,
World Cities also exert a powerful cultural role by their ability to generate and spread ideas, values and influence cultural processes. They have a social infrastructure that facilitates contact between people and exchange information, where they have office buildings, international hotels, conference centres, prestige residencies and distinct architectural design. This social structure is supported by sophisticated transport and information systems
locate their headquarters within world cities due to the already, well established financial infrastructure such as banking, stock broking and a system of telecommunications. The three major world cities stand out above all other cities as being the location for the majority of the world’s TNC’s. For example, Tokyo is the leader with 80 TNC’s. London follows with 63 and finally New York with 58.
World cities hold the infrastructure to accommodate such forms of finance. For example New York is renowned for Wall Street, which is a recognised leader in the world stock market
World cities are also areas of major importance in leisure activities such as shopping and fashion. World cities often lead the world through fashion and the selling of exclusive items. Such areas include 13th Avenue in New York
In addition, a highly established telecommunications system exists between and within world cities. Such a system is extensively used by world cities to effectively coordinate the roles of world cities, such as finance and banking.
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