“Don’t write off New York and London,” is the title of an article written by Michael Skapinker within the Monetary Instances (thirtieth of September). In keeping with his opinion he figures that these two cities will stay leaders in Finance regardless of the destructive publicity within the final month.
Three arguments assist his thought:
Language. “Lehman brothers could have gone in a single day, it takes centuries for a language to vanish.” In keeping with his argument, a worldwide technology has invested years studying English which has no prepared challenger 캐나다 런던.
Regulation. Regardless of the outrageous charges for legal professionals in each cities, no different metropolis would supply defence for company rights, at the least not credible: Do you imagine Moscow or Shanghia would?
Collective mind power. Though this “could seem laughable given the place bankers supposed intelligence has landed us now,” however he argues that these cities as they’re open will even supply the answer.
“The following 30 years shall be totally different,” however London and New York shall be again, that’s … in keeping with Skapinker.
Checked out it from an different facet, the primary argument may very well be inverted: the world has actually turn into world and English is now not the language of the US (or Canada) and UK (or Australia), however has turn into a worldwide language. Additionally in Finance. Why follow London or New York for monetary issues fairly than in Geneva, Amsterdam or Madrid?
Regulation and legal professionals. What’s going to globalization do with regulation? When eventually will regulation change to be extra clear? It is among the territories that has escaped any critic, whereas legal professionals are (extra usually) the issue fairly than the answer. If there should be a single-global-currency, I’d argue it to be common (monetary) regulation.
Collective brainpower? Why are medical specialists so clever whereas hospitals (as an institute) will be so silly? Why can a monetary specialist be so good and a bank so silly? Information management has failed due to specialization. Each London and New York are symbolic for monetary stupidity and that should change. We have to assume totally different and cooperate between and over specializations. That knowledge is not going to come from New York, nor from London. I believe.
What about networking? Why would two cities dominate, the place there’s a lot data unfold around the globe. Reasonably than two monoliths I’d argue that the brand new monetary order is split between a big community of smaller entities…
H.J.B.