11.14.2012

The New, New, World Financial Capital?

The Big Apple was, for a long time, the undisputed Financial Capital of the World. Others have made claims to that throne, from the Athens of antiquity to Rome and Constantinople, to renaissance Milan to Austro-Hungarian Vienna. And of course there was a time when Dickensian London reigned supreme and the Big Apple was not much more than a small apple in the UK capital's eye. However, for the better part of the 20th century, it was hard to argue with lower Manhattan holding the belt.

As capital markets in the US dried up, the housing bubble burst and the dollar drifted in and out of favor others made strong claims, including a few with a distinctly Asian flair like Hong Kong and Singapore. In a circle of life-esque manner however, The City (ie London) came roaring back to definitively take the lead over the past few years.

It seems that London's time back at the top might be short, however, as some in the British press are reporting that it is losing its grip amidst job cuts, competition, a roaring trade in Asia and a less dire situation in the US. The presumed new capital? New York City. But there is no need for the English to fret; these things tend to move in cycles after all...

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