Explanation:
No region in New York—and for that matter, no
place in the United States—has been spared from
experiencing negative impacts from globalization. As
just one example, while New York City has by and
large benefited from global economic changes, since
the 1960s nearly 300,000 of the city’s apparel manufacturing jobs have moved overseas or were eliminated in large part due to foreign competition.
Few places in the world have benefited more from
globalization than New York City. This is largely
because it has built a vibrant, globally-competitive,
knowledge-based economy that has generated enormous new wealth. The unmatched pool of highly educated workers from around the U.S. and across the
world is a big reason for the city’s success, as is its
formidable clusters in several sectors that are benefiting from globalization—from finance and fashion
design to legal services.
