Cities in Times of Crisis

By Manuel Perlo Cohen

The global economic crisis, which began officially on September 15, 2008 due to the bankruptcy of the investment bank Lehman Brothers, has spread throughout a wide range of countries and regions. It has penetrated rural areas and cities, has simultaneously taken over large metropolises and small urban centers, and has caused devastation in neighborhoods as well as in central districts. In short, it has spread over the most diverse geographies. However, the devastating effect of this phenomenon differs considerably among large regions, countries, cities and neighborhoods. In the case of urban locales—this study’s central theme—we can identify cities whose main macroeconomic indicators (employment, production, investment, consumption, public-­sector spending) have suffered considerable deterioration. However, we see at the same time that some urban locales have been able to mitigate the most adverse effects, and still others have emerged from the crisis onto a path of sustained growth.