Introduction

The total 1986 income in New York was $362.7 billion, about the same as in Canada. Based on its per capita income, New York State would rank as the richest nation in the world. The state is home to some of the largest corporations and leading universities; its politicians are and always have been national leaders; and New York's rich melting pot history has made the economy a center of economic development energy. Metropolitan New York City is one of the world's largest urban agglomerations and, as the leading financial center, is one of the most important. Despite these advantages and despite its great economic and political power, New York cannot balance its budget. New York City went broke in 1975 and its finances were monitored by a state-appointed control board. This chapter also presents an overview on the key concepts discussed in this book.