Based on the book From welfare State To Real Estate by Kim Moody. Toward the end of chapter 3 (p112) Moody describes New York’s political economy at the end of the 1990s thus:Not only had the city been transformed racially and ethnically, but the growth of the financial and business core of its corporate headquarters complex and been made competitive and its well-paid professionals and managerial workforce served and entertained by a huge pyramid of low-wage labor that ran down through legitimate service providers to shadow contractors in the depth of the underground economy. In short, to a larger extent than most imagine, the commanding heights of the global city’s economy rests on this vast, low-paid, largely immigrant workforce.explain what does Moody mean here refer to straightforward statistics from the reading
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