Final answer:
Economic restructuring in global cities of the Global North involves transitioning from manufacturing to service-based, technological, and financial industries, facilitated by globalization and market-oriented economic reforms. Investments in human capital, like health and education, are critical, and there's an emphasis on adapting to structural changes in the economy over time.
Step-by-step explanation:
Economic restructuring in global cities, particularly in the Global North, refers to the significant changes in the economic systems and labor markets of these urban areas. This shift is often characterized by the transition from industries that rely heavily on manufacturing to those that focus on services, technology, and finance. Such restructuring is influenced by globalization, technological advancements, and market-oriented economic reforms. As economies have opened up to the global trade of goods and services, there has been a substantial increase in the standard of living for many, with the notable growth of nations like the East Asian Tigers, as well as many in Latin America and Eastern Europe. Yet, this participation in global markets requires involvement in international financial flows, which can be a double-edged sword, as seen during the Asian Financial Crisis. When economies of the Global North restructure, human capital development becomes essential, notably through investments in health and education.
Additionally, structural economic change indicates that following a recession, fiscal policy may be used to stimulate demand, but the shift to new industries and roles takes time. This can be seen as the construction and finance sectors, which once boomed in the mid-2000s, contracted during the economic downturn, requiring new sectors to emerge and workers to adapt to new jobs. This evolution of the economic landscape is a gradual process and is part of the broader trend of economic restructuring in these cities.