Savas, E. S.
Heinemann, H. Erich
Wriston, Walter B.
Delta Airlines' announcement that it was moving its reservation center, together with hundreds of jobs, out of New York City is just one of the latest of such events to make the papers. Modern telecommunications make it almost immaterial where such functions are located, since all a customer cares about is a seat on a plane and the company knows that communication costs today are an insignificant component of total business expense.
The advent of the Information Age makes capital even more mobile than in the past; it will go where it is wanted and stay where it is well-treated. It will flee onerous regulations and high taxes. Since capital, both financial and intellectual, is what produces jobs, New York has to create a climate to attract capital. The high-tax, overregulated environment you inherited repels capital. It is no solution to cut a few special deals for favored big companies at the expense of the rest of the taxpayers.
For years, many Latin American countries motivated even their own citizens to employ their capital abroad, not at home. Today, our neighbors to the south have opened their borders, adopted free-market ideas, reduced unnecessary regulations, and caused the process to reverse-capital is now pouring into Latin America and economies are booming. New York should take a leaf out of their book and start disassembling the apparatus of what is becoming the last remaining center of socialist economics in the world. This is the only way to reverse the loss of jobs and give people hope.
These problems are being attacked in other, smaller cities. The mayors of Philadelphia, Jersey City, and Indianapolis are working to attract private capital and reduce the size of government. Yours is a great opportunity to lead New York out of its self-inflicted problems and make New Yorkers proud again.
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|Advice for the New Mayor|
Walter Wriston former Chairman, Citicorp
Stanley Crouch Author, Notes of a Hanging Judge
Stephen Berger former Executive Director, Port Authority of New York and New Jersey
Charles Morris Author, The Cost of Good Intentions
Margaret Mahoney President, Commonwealth Fund
Richard Cornuelle Author, Reclaiming the American Dream: The Role of Private Individuals and Voluntary Associations
Mortimer Zuckerman Publicher, Daily News
Richard Nathan Director, Nelson A. Rockefeller Institutle of Government
Mitchell Moss Director, Urban Research Center, New York University
Harley Brooke-Hitching President, Equitites, Ltd. an inner-city development firm
H. Erich Heinemann Chief Ecnomoist, Landberg Thalmann
Elizabeth McCaughey Senior Fellow, Manhattan Institute
Daniel Biederman President, Grand Central Partnership
E.S. Savas Chairman, Department of Management, Baruch College
Joel Kotkin Author, Tribes: How Race, Religion, and Identity Determine Success in the New Global Economy
Peter Cove Founder, America Works, a job-placement firm
William Stern former Chairman, Urbank Development Corporation