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By Ryan (registered) - website
Posted July 17, 2012 at 11:21:36 in reply to Comment 79510
You're begging the question here. NYC is wealthy because it's amazingly well-suited to create wealth. That is, it's an amazingly well-functioning city - a place that invests heavily in human capital and provides an environment in which people can meet, collaborate and generate value.
Remember: just a few decades ago ago, NYC was in bad shape: run down and declining, with a collapsing manufacturing/textile economy, high rates of violent crime, a fleeing middle class, and a life expectancy much lower than the national average. The city managed to reinvent itself and turn that around by doing an excellent job of being a city: of coming up with innovative solutions to its own problems and applying that same innovation to creating new sources of value, new engines of employment and new magnets for further investment.
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