To meet fierce international competition for leadership roles in financial services, business innovation and tourism, New York and London must each think more “long term” vs. “short term,” “regional” vs. “municipal,” and “capital investment” vs. “current consumption.” Each city must capitalize on its strengths and address its weaknesses; do more to stimulate small and medium size business activity and to encourage business “start-ups;” and demand vastly greater efficiency from its public sector to assure better services and lower—not higher—taxes.
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