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Location: The place where the road & the sky collide
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Quote:
Originally Posted by Mircea
About the 1790s.
New York City was the Capital. Congress met at Federal Hall in New York City. In fact, one evening just before they left for dinner at 6:00 PM, they voted to explore options to the Articles of Confederation.
If you know anything about the District of Columbia, then you know it was a mosquito-infested malaria-ridden swamp.
Not really a great place for banks.
New York City was much better for banks, and it was a major port city, which is why many immigrants came to New York City, not to mention it was closer than ports in Philadelphia, Norfolk or Charleston, and yes, it cost more to sail there than to New York City.
New York City became a major banking and financial center, which is what led to its competition with London, also a major banking and financial center located on a port.
1790s? NYC didn't exist until the late 19th century when various municipalities consolidated to best Philadelphia. In 1790 most immigrants were still going through the port of Philadelphia. NYC wasn't in existence & hadn't bested Philadelphia, so it was not competitive with London.
1790s? NYC didn't exist until the late 19th century when various municipalities consolidated to best Philadelphia. In 1790 most immigrants were still going through the port of Philadelphia. NYC wasn't in existence & hadn't bested Philadelphia, so it was not competitive with London.
What?
New York City did not exist until the late 19th century? I think you mean the consolidated 5 boroughs. The City of Brooklyn and the Towns of Queens and Staten Island joined with New York City (Manhattan and the Bronx) in 1898.
But New York City certainly existed before that. New York in fact, is half century older then Philadelphia. Even by 1790, New York passed Philadelphia and by 1820 The Big Apple had almost double the population of the City of Brotherly Love.
Population
New York (Manhattan only)
1790 33,131
1820 123,706
One of the original questions was: When did New York City's economy begin to compete at a similar level with London's?
Then many posts were saying when NYC surpassed London. I don't think NYC ever did. London is a world city, with the financial sector predominately international.
One of the original questions was: When did New York City's economy begin to compete at a similar level with London's?
Then many posts were saying when NYC surpassed London. I don't think NYC ever did. London is a world city, with the financial sector predominately international.
And NYC isn't a world city and capital of many financial institutions?
I do believe that on a financial level New York and London are an island unto themselves, few cities come close, but there are many ways it could be argued that NYC has passed London in a number of sectors.
And NYC isn't a world city and capital of many financial institutions?
I do believe that on a financial level New York and London are an island unto themselves, few cities come close, but there are many ways it could be argued that NYC has passed London in a number of sectors.
NYC is a world city these days for sure. The world's two biggest are London and NYC. However London's financial centre is predominately international, unlike NYC, which gives it more world importance. The geographical location of London in relation to having the Americas to one side and Europe the other, with its international finance and top transport infrastructure will always give London the edge - they have just spent about £20 bn on an underground Crossrail line running west to east through the centre and financial district, under the city. Crossrail 2, south-west to north-east, is now proposed with high-speed rail (250mph) to the rest of the UK under construction. The political stability of Britain is another factor keeping London Number 1. Also the fact that the financial district, the City of London, is a colony inside the UK is another factor.
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