The Real Deal New York

Editor’s note: Globalization on trial

The prospect of renegotiated trade agreements and restrictive borders could hurt NYC real estate
By Stuart Elliott | July 01, 2016 04:30PM

Stuart Elliot

Stuart Elliott

From the July issue: The world is getting smaller, and not in a good way.

For a while now, the U.S. has been divided between well-educated, diverse cities that have benefited from the global economy and less educated regions in the heartland where the manufacturing base has shrunk and there’s been no upside from globalization.

But now, that flyover country seems to be battling back. Calls for closed borders, renegotiated trade agreements and increased nationalism seem to be gaining some traction, with globalization as the enemy. This was highlighted by the recent Brexit vote, where similar socio-economic forces were at play, with citizens of the United Kingdom making the jarring and historic decision to leave the European Union. [more]