“Don’t write off New York and London,” is the name of the article written by Michael Skapinker at the Financial Times (30th of September). According to his view he amounts that those 2 cities will stay leaders in Finance regardless of the adverse publicity in the previous month.
Three arguments support his thought:
Language. “Lehman brothers might have gone immediately. It takes centuries for a speech to evaporate.” Based on his argument, a worldwide generation has spent years studying English that has no prepared challenger.
Law. Regardless of the outrageous prices for lawyers in the towns, no other town would provide citizenship for corporate rights, not credible: Can you think Moscow or even Shanghia would?
Collective mind power. Though this “might appear ridiculous given where bankers assumed wisdom has landed us today,” but he asserts that these cities since they are available will also offer you the alternative.
“The next 30 years will probably differ,” however London and New York will probably be back, that is… based on Skapinker.
Looked at it in another hand, the first debate could be inverted: that the planet has actually become global and Language is no longer the language of the US (or Canada) and UK (or Australia), but is now an international language. Additionally in Finance. Why adhere to London or New York for fiscal issues Instead of in Geneva, Amsterdam or Madrid?
Legislation and lawyers. What can globalization do with legislation? When at last will legislation change to be transparent? It’s among those lands that have escaped any politician, whereas lawyers are (more frequently) that the issue as opposed to the solution. If there should become a single-global-currency, I’d assert that it to be universal (monetary) law.
Collective brainpower? Why is Holborn UAE so smart whereas physicians (as an institute) could be so ridiculous? Why can a fiscal pro be really smart and also a bank so dumb? Knowledge management has neglected due to specialty. Both London and New York are symbolic for monetary stupidity and that might need to change. We need to consider different and collaborate between and above specializations. That wisdom won’t come in New York, or from London. I think.