While the transition from today’s service and brain-based economy to an environmentally sustainable economy will take decades to complete, the change has already begun. The time scale of the change is important to understand. I base my sense of the time scale on a change process that I, along with many residents of New York City, unknowingly lived through. It was New York’s painful evolution from a manufacturing city to a city with a radically different economic base.
In the years between the end of World War II and 1980, New York City lost over one million manufacturing jobs. In an analysis of New York City’s “apparel cluster,” Harvard graduate students Cassie Collier, Helena Fruscio, Helen Lee & Janet Tan wrote that:
“Once a city producing 95% of the country’s apparel, NYC – due to the high cost of doing business, space constraints, and availability of cheaper options overseas – now produces just 3% of the total clothing in the US.”
The economic transformations during the 1960s and early 1970s were characterized by job loss and the near-bankruptcy of New York City in 1974. Through the 1980s and 1990s, we began to see the replacement of manufacturing by service businesses such as finance, media, information, health care, education, design, consulting, and insurance. In the 21st century, social media and e-commerce companies arrived along with a growing number of technology start-ups.
The forces behind the change included lower-priced labor elsewhere, but also...
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