Word: sectoral
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...better in Monaco. When Scorpio Partnership, a wealth management-strategy think tank, asked affluent clients why they chose London over, say, New York City, Paris or Munich, the good reputation of Britain's schools, the country's political stability, the growing pool of talent in the financial-services sector and historical ties to Britain were frequently offered reasons. "Another thing is the legitimacy, particularly for foreigners coming from emerging markets like Russia," says managing partner Sebastian Dovey. "They might pay less tax in Russia, but they don't know where the country's economy or politics are going. So many...
...When folks try to place New York in the global economy, they immediately think of Wall Street. But that's not the whole story. In 2005 the Center for an Urban Future, a Manhattan-based think tank, issued a study of the city's cultural sector, which it defined broadly to include art, design, music, theater and dance, as well as TV and film production, architecture, publishing, fashion and even advertising. It found that taken together those professions were second only to financial services as an economic force, employing 309,000 people, or more than 8% of the New York...
...York can cultivate the arts as an industry sector for the same reason that Detroit can support the production of cars: because it offers a powerful infrastructure, a network of suppliers, expertise and kindred spirits. The camera crews of TV production units have access to countless photo-equipment shops. Fashion designers can find any fabric sample among the garment-industry retailers on Seventh Avenue. The local cultural eco-structure combines nonprofit institutions that can take chances on commercially risky productions with profitmaking enterprises seeking big returns. This means that an actress can work in an off-Broadway production...
...government of New York City takes the cultural economy seriously. Its Department of Cultural Affairs has a larger annual budget - $131 million in fiscal 2006 - than the U.S. government's National Endowment for the Arts. The prospect of New York's real estate sector driving out its culture sector has the city worried. Last year Mayor Michael Bloomberg established an office to help nonprofit groups, especially those in the arts, to find affordable space and attract financing. The city's housing agency also set up a $100 million fund to help artists buy the spaces where they live and work...
...Change Yet even in the darkest times, the Nylonkong cities had the sort of hidden strengths that would be their salvation. All had a certain adaptability hardwired into their people. All were once centers of manufacturing, but all have been able to shift their economic focus to the service sector as factories moved from New York's lower east side, or London's Park Royal estate, or the thousands of tiny enterprises in Kowloon, to the American sunbelt or up the Pearl River delta from Hong Kong to Guangdong province. All are - or have been - great ports. Today, only Hong...