Global New York

“Wall Street is a disaster area”—so declared a real estate lawyer in a 1974 New York Times story on the pitiful state of lower Manhattan. The World Trade Center had been inaugurated in 1973 as a beacon of global capitalism with a mandate to lease only to international firms. A year later, much of the Twin Towers went unoccupied. Some eight million square feet of financial district office space sat empty, brokerage houses were shuttering at a rate of more than one per day, and the surrounding city was hurtling towards a full-blown fiscal crisis. The New York of the mid-1970s did not appear destined to become the model global city we know today. Within a decade, however, the city had transformed into a central node—arguably the central node—in the ballooning global financial industry and its accompanying class and cultural formations. But this outcome was never guaranteed. How did New York go from “Fear City” to “Capital of the World”? What historical structures, contingencies, and policy decisions produced Global New York?

This course examines New York City’s long history as a site of globalization. Since European colonization, New York has served as a hub in world-spanning networks of capital, goods, and people. At the same time, the city’s reinvention in the late-20th century as a “global city”—defined in large part by its deep embeddedness in world financial markets—represented a fundamental shift in the city’s economy, governance, demography, cultural life, and social relations. We will interrogate how this came to be by exploring New York’s historical role in global business, culture, and immigration, with attention to how local and national conditions have shaped the city’s relationship to the world. While critically analyzing how elites both in and outside New York have wielded power over its politics and institutions, readings and discussions will also center the voices of New Yorkers drawn from the numerous and diverse communities that make up this complex city.