The US's digital future is being led by tech finance in New York

The Hill | January 22, 2020

New York City and its financial community have had a long-standing symbiotic relationship. Many of the world’s great financial institutions have been headquartered here, giving NYC the distinction of being the world’s financial center. But rapid technological change is threatening that designation. A recent New York Times article titled “How Big Tech is Turning New York into a Silicon Valley Rival” proclaimed the coming of a golden age of tech jobs in New York City. The four tech platform giants – Amazon, Apple, Google and Facebook – are gearing up to collectively employ 20,000 tech workers, notwithstanding what would have been an additional 25,000 workers from Amazon’s headquarter loss.

Spotlight

Trade was not such a controversial topic not so long ago. For most of the post-war era trade worked well for the US and for many other countries. A bipartisan consensus supported continuing trade liberalization as long as it was accompanied by full employment. However trade always had winners and losers as economies adjust to different costs of production among trading partners and over the last few decades the number of US workers losing from trade mounted and the losses spread across hard hit communities. For these and other reasons, trade has become so controversial that it is now a key pivot point in politics and elections in the US.

Spotlight

Trade was not such a controversial topic not so long ago. For most of the post-war era trade worked well for the US and for many other countries. A bipartisan consensus supported continuing trade liberalization as long as it was accompanied by full employment. However trade always had winners and losers as economies adjust to different costs of production among trading partners and over the last few decades the number of US workers losing from trade mounted and the losses spread across hard hit communities. For these and other reasons, trade has become so controversial that it is now a key pivot point in politics and elections in the US.

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