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NY globalization (opposition between classes ("(the residents) are…
NY globalization
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the rent (doc 1)
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The lowest rent of Manhattan can be explained by the presence of the 1st world stock exchange in the World (Wall Street)
Indeed, the market capitalization of the NYSE, one of the two sotck exchange, reaches $19,200 billion
Market Captitalization: it refers to the total value of a company's outstanding shares. It's calculated by multiplyng a compagny's outstanding shares by the current price of one shares
economy
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Its GDP reached 1,400 billion dollars in 2012, twice as much as Paris GDP
Gross Domestic Product: the total value of good and services produced by the people in a territory during a year not including the value of income earned in foreign countries
gentrification (doc 2)
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gentrification: is a process of renovation and revival of deteriorated urban neighborhoods by means of influx of wealthier residents, which results in increasing poverty values and displacing of lower-income families and small business.
"springing up in the waterfront warehouses, and companies specialising in loft apartments building snapping up land" (l5-6)
"snoaring rents" (l 12)
NY is the 4th expensive city in the world in terms of price per square meter (19,000$)
cutural
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NY is know for its artists ( the Harlem Renaissance in the 1920s, the HipHop in 1973 with DJ Kool Herc)