From Capital of the NewWorld to New World-Capital

ABSTRACT: Much of the global cities literature suggests that the world economy experienced an epochal shift in the early 1970.1 ' which made cities more economically important that nation-states. capital flows more important than fixed investments. and commodity distribution more important than income redistribution. If these are the defining characteristics of the global city then New York has been 'global ' for much longer than the last 25 years. Nell ' York has related more with the world econom\, than with its regional economy since the onset of Anglo-Dutch settlement in the 17th century. This article unravels the global nature of New York during the period between the construction of the Erie Canal and the Great Depression. Gil'en this evidence of 'global city-ness ' long hefore the 'glohal city ' is supposed to have emerged. 1 suggest that we need to he more careful ahout characterising the 'glohal city ' as a qualitatively nell ' phenomenon. Income polarization, finance capital hegemotn', and hyper-flows of immigration- all characteristics of the contemporary global city- were key aspects of New York City's evolution well before social scientists 'discovered ' globalization. of 'rounds ' of globalizalion than to speak of an ontologically separable 'era of globalization'. Local studies are valuable at understanding the nature o