Richard
Florida, the author of “How the Crash Will Reshape America,” writes about the
social and economic effects of the recent fiscal recessions. Published in The Atlantic magazine in 2009, the
article creates feelings of reflection and hope for America’s future. Florida
starts out with a short background about his experience with the Great
Depression: the recession of all recessions. His father grew up during this
time and suffered greatly as Florida, his mother and six siblings had to work
and combine their income in order to make sufficient funds. Such a lifestyle
represented that of most other Americans during these times filled with
suffering and distress.
This
article was published in the hype of the 2008 stock market crash. While Florida
remains hopeful about the future toward the end of the article, he first notes,
“No place in the Unite States is likely to escape a long and deep depression.”
Notice his use of the word “escape.” I feel that his main focus evolves into
the methods through which the country can survive the detrimental impacts, as
they are, as he clearly describes, inevitable. According to Florida, the crisis
will hit hardest in the interior of the country (factory towns and the Sun and
Rust Belts), as these modest areas and manufacturing regions are least
associated with finance. They do not have the capitol to support as many jobs
and, simultaneously, property values decrease.
Large
city-centers like New York City have interesting dynamics as a result of the
fiscal crisis. The reasons New York survived are not very obvious (at least
they weren’t to me). As Florida says, this mega-region is not solely dependent
on the monetary job market. In fact, financial positions make up “only eight
percent of New York area jobs.” Because this city is so heavily populated,
there are people with a wide range of skills and areas of interest. New York
City is also home to designers, musicians, artists, film directors, etc.
Consequently, these citizens make up a diverse and innovative collection of people.
That being said, one of Florida’s main thesis points is the need for innovation
and diversity in our American society. Jane Jacobs even labels diverse economic
and social structures as engines of growth.
From
what I have gathered, Florida’s main focus revolves around letting go of the
old fashioned American Dream and embracing a new future reliant on a more
innovative, resourceful perspective. For instance, Florida presents the real
estate industry in a new light. He proposes part of the solution as an end to
the focus on homeownership. Renting a home/apartment is not only more
economically efficient but also does not necessarily bring undesirable social
status. While many Americans feel homeownership is a key to the American dream,
a recent study by Grace Wong reveals that “homeowners are no happier than
renters, nor do they report lower levels of stress or higher levels of
self-esteem.” Another solution he presets is the need for growth and population
redistribution. During the time the article was written, there was a large need
for an efficient circulation of people, goods, and ideas. In effect, society
would be making mega-regions/ money-centers more accessible to all classes, not
only the elite.
Upon
further research, I found this article on The
Atlantic website. As an urban studies theorist with a focus on social and
economic theory, it is not surprising that the comments on his article vary in
opinion. Most think it is a well-done, accurate description of and consequences
from the 2008 crash. That being said, some are critical of Florida’s outlook
and criticize him for his lack of consideration to the role of government
throughout the whole process. All in all, I think the author does a great job
addressing the much-needed improvements in American society that were
illuminated by the economic crash. I also think his predictions of the future
economic state are very realistic, as most of them are either taking place or
beginning to take place today.
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