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New York Perceives Threat in London?s Rise

There is growing concern these days on Wall Street that the City of London will overtake the Big Apple as financial capital of the world. Some blame the foreign policy of the Bush Administration for this, but the more-level headed among analysts note that as the European Union grows, as China?s economy expands, and as Russia takes a more prominent place in the energy market, London seems to be more regionally convenient than New York. This news doesn?t mean that Wall Street is going to take this change lying down.

Chicago is also growing in terms of economic influence, but New York?s mayor, Michael Bloomberg (himself a financial dynamo) wants to keep NYC at the top of the list. He?s commissioned a $600,000 study to see how New York can regain its edge on the competition, but for the foreseeable future London will continue to grow even if New York itself outperforms every other market or economy around the world. It is kind of ironic, too, when people forget that the Californian economy is in the top ten list of world economies.

What is at issue is not necessarily American economic dominance continuing, but the spreading out around the world of the wealth. Quite literally, spreading the wealth. Places like India and China are growing at a fast pace, and London seems the best bet. When it comes to mercantile business, Chicago is set to be the tops. New York will have to find its place in a richer world, or risk falling behind the others.