Globalization, Gentrification and Migration Impact to New York Coursework

Globalization, Gentrification and Migration Impact to New York - Coursework Example There has been an argument as to whether the processes of gentrification, globalization, and migration lead to involuntary displacement of the low-income residents in a city. For instance, in New York City, the low-income residents are not likely to move out of a gentrifying suburb than they are to move out of a non-gentrifying suburb. On the other hand, the process of globalization in New York is explained in terms of the strategic sites where various global processes materialized and the various linkages that join them. Among the above-mentioned sites are the off-shore banking facilities, export processing areas and the global cities (Hamnet 1994, p.422). According to Sassen, the rapid growth of the global economy in New York City has led to the modern geography of marginality and centrality. The above mentioned modern form of geography causes inequalities, nevertheless, it leads to the formation of dynamic economic growth, where the city operates from the development of the employment structures to the distribution of telecommunication. New York as a global city possesses a lot of economic powers and various financial services, which offer super-profits. The level of transactions in New York specifically through the trade in services, financial markets and investments have rapidly increased, therefore, the orders of magnitude involved have also increased.