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Old 01-14-2014, 04:58 AM
 
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Both posts above are referencing straw men.
The fact that London began challenging for pre-eminence among global cities around the last decade does not mean that it wasn't an influential global city prior to that point, or that it didn't have a long established historical tradition in financial services.
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Old 01-14-2014, 05:00 AM
 
Location: Great Britain
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Originally Posted by Grigoriachel View Post
^^ Both posts here are referencing straw men.
The fact that London began challenging for pre-eminence among global cities around the last decade does not mean that it wasn't an influential global city prior to that point, or that it didn't have a long established historical tradition in financial services.
I think you will find I mentioned that in my post.

It also started challenging from 1986, when the financial services industry was deregulated and trading went electronic, as opposed to relying on trading floors. It was during this period that the global finacial services industry started to increase dramatically and London was central to this growth.

Last edited by Bamford; 01-14-2014 at 05:13 AM..
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Old 01-14-2014, 05:10 AM
 
282 posts, read 320,685 times
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Originally Posted by Bamford View Post
I think you will find I mentioned that in my post.
Your post is written defensively. Or at least that's how it read to me.
If a claim is made that London began to draw level with other leading global cities at a certain point in time, to then reply that "London was a financial center long before the US even existed" reads as a rebuttal, with a hint of indignation (apparently unaware that my comment is, for all intents, pro-London in terms of its global city trajectory).
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Old 01-14-2014, 05:22 AM
 
Location: Great Britain
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Originally Posted by Grigoriachel View Post
Your post is written defensively. Or at least that's how it read to me.
If a claim is made that London began to draw level with other leading global cities at a certain point in time, to then reply that "London was a financial center long before the US even existed" reads as a rebuttal with a hint of indignation. Sorry if it misinterprets you.
It's fact not a rebuttal, and London was the worlds finacial hub for centuries. Britain being the first country to embrace industrialisation, and London being the mother city of a trading Empire that covered over a third of the world and had a population of over 1 Billion people (which would be over 2 Billion today).

NYC didn't overtake London as a financial centre until after WW2, when Britain was left bankrupt by war, ravaged by Nazi bombs and living on food and clothing rations well in to the 1950's.

The major turning point for London's financial services industry came in 1986 when the outdated and antiquated practices of the City were replaced by deregulation, electronic trading and a new breed of City Trader, it was known as the 'Big Bang'.

BBC NEWS | Business | London insiders remember Big Bang
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Old 01-14-2014, 05:34 AM
 
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Originally Posted by Bamford View Post
It also started challenging from 1986, when the financial services industry was deregulated and trading went electronic, as opposed to relying on trading floors. It was during this period that the global finacial services industry started to increase dramatically and London was central to this growth.
Without getting bogged down in the semantics of what a "challenge" is, London may have started rising again as a financial power under Thatcher, but it wasn't until the mid-2000s or so that it started to be seen as a threat to the pre-eminence of the leading global cities until that point:

Paris was the capital of the nineteenth century and New York of the twentieth, London is shaping up to be the capital of the 21st. It is not Britain and the United States that have a special relationship, it is London and New York—and it is that of wayward siblings, blood brothers who can’t stop wrestling for the top prize. New York Magazine, 2007

(Fortune Magazine) -- To understand why London thinks it's beating New York in a race to become the financial capital of the world, walk across the Millennium Bridge toward St. Paul's Cathedral and count the number of cranes that clutter the skyline. The City, London's financial district, is in the midst of its biggest redevelopment boom since the Blitz, one result of the $100 billion in foreign investment pouring into the British capital annually. CNN Money 2007

That city was London. According to McKinsey, which based its conclusions on a survey of top financial executives from around the world, New York's longstanding pre-eminence can no longer be taken for granted. The Guardian, 2009

The articles above are may be a year or two late in noting the trend (internal audits were earlier in demonstrating London's rise to pre-eminence as global city), but could the terminology in these statements also be used to describe the economic reversal of the Big Bang of the 1980's? I don't think so.
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Old 01-14-2014, 05:41 AM
 
Location: SE UK
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Originally Posted by Grigoriachel View Post
Without getting bogged down in the semantics of what a "challenge" is, London may have started rising again as a financial power under Thatcher, but it wasn't until the mid-2000s or so that it started to be seen as a threat to the pre-eminence of the leading global cities until that point:

Paris was the capital of the nineteenth century and New York of the twentieth, London is shaping up to be the capital of the 21st. It is not Britain and the United States that have a special relationship, it is London and New York—and it is that of wayward siblings, blood brothers who can’t stop wrestling for the top prize. New York Magazine, 2007

(Fortune Magazine) -- To understand why London thinks it's beating New York in a race to become the financial capital of the world, walk across the Millennium Bridge toward St. Paul's Cathedral and count the number of cranes that clutter the skyline. The City, London's financial district, is in the midst of its biggest redevelopment boom since the Blitz, one result of the $100 billion in foreign investment pouring into the British capital annually. CNN Money 2007

That city was London. According to McKinsey, which based its conclusions on a survey of top financial executives from around the world, New York's longstanding pre-eminence can no longer be taken for granted. The Guardian, 2009

The articles above are may be a year or two late in noting the trend (internal audits were earlier in demonstrating London's rise to pre-eminence as global city), but could the terminology in these statements also be used to describe the economic reversal of the Big Bang of the 1980's?
Why was Paris 'the capital' as you put it of the 19th Century exactly?
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Old 01-14-2014, 05:47 AM
 
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Originally Posted by easthome View Post
Why was Paris 'the capital' as you put it of the 19th Century exactly?
It's part of a quote from NY Magazine. I suggest you take it up with them.
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Old 01-14-2014, 05:55 AM
 
Location: Great Britain
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Originally Posted by Grigoriachel View Post
Without getting bogged down in the semantics of what a "challenge" is, London may have started rising again as a financial power under Thatcher, but it wasn't until the mid-2000s or so that it started to be seen as a threat to the pre-eminence of the leading global cities until that point:
London was still the home to a lot of financial services, the global insurance market was London based and a host of commodity markets, whilst London was still a major financial centre and has been for centuries.

It should be noted that NYC and London have seen substantial growth in financial services since the 1980's, although following the deregulation of the UK financial services industry it became far more globally competitive rather than cosy gentlemens clubs based on mutual agreement, hence the word challenge.

Quote:
Originally Posted by Grigoriachel

Paris was the capital of the nineteenth century and New York of the twentieth, London is shaping up to be the capital of the 21st. It is not Britain and the United States that have a special relationship, it is London and New York—and it is that of wayward siblings, blood brothers who can’t stop wrestling for the top prize.
New York Magazine, 2007
It doesn't say in what way Paris was the Capital of the 19th Century, although it certainly wasn't trade, as London was the Worlds Great trading centre of the time and the mother city of the greatest trading Empire the world had ever seen. Britain was also the first country to industralise in the 19th Century and became known as the workshop of the world.


Quote:
(Fortune Magazine) -- To understand why London thinks it's beating New York in a race to become the financial capital of the world, walk across the Millennium Bridge toward St. Paul's Cathedral and count the number of cranes that clutter the skyline. The City, London's financial district, is in the midst of its biggest redevelopment boom since the Blitz, one result of the $100 billion in foreign investment pouring into the British capital annually.
Most of those Cranes are as a result of the upturn in the UK Finanial Service Industry following the 1986 deregulation, the other major decision of the time was to ease pressure on the city by adding a new financial centre to be known as Canary Wharf.

Quote:
Originally Posted by Grigoriachel
That city was London. According to McKinsey, which based its conclusions on a survey of top financial executives from around the world, New York's longstanding pre-eminence can no longer be taken for granted. The Guardian, 2009
As I have already mentioned London was always the main financial centre in terms of a whole host of commodity markets and financial services including the global insurance and maritime industries. The deregulation of 1986 allowed London to compete without the outdated and antiquated practices of the time, and allowed the city to compete in a growing financial market. London was still a major financial centre and deregulation, new electronic trading and new practices allowed the city to challenge and succesfully compete with other financial services.

Quote:
Originally Posted by Grigoriachel
The articles above are may be a year or two late in noting the trend (internal audits were earlier in demonstrating London's rise to pre-eminence as global city), but could the terminology in these statements also be used to describe the economic reversal of the Big Bang of the 1980's?
The Big Bang in 1986 acting as a catalyst in order to kick start our financial services industry and to compete wth and challenge other cities such as NYC in such areas as currency trading and investment funds. However London was still a Global Leader in many Financial Service Industries back in the 1980's.

Last edited by Bamford; 01-14-2014 at 06:17 AM..
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Old 01-14-2014, 06:04 AM
 
282 posts, read 320,685 times
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Originally Posted by Bamford View Post
London was still the home to a lot of financial services, the global insurance market was London based and a host of commodity markets, whilst London was still a major financial centre even before the big bang.It should be noted that NYC and London have seen substantial growth in financial services since the 1980's, although following the deregulation of the financial services industry it became far more globally competitive rather than cosy gentlemens clubs based on mutual agreement, hence the word challenge.

It doesn't say in what way Paris was the Capital of the 19th Century, although it certainly wasn't trade, as London was the Worlds Great trading centre of the time and the mother city of the greatest trading Empire the world had ever seen. Britain was also the first country to industralise in the 19th Century and became known as the workshop of the world.

Most of those Cranes are as a result of the upturn in the UK Finanial Service Industry following the 1986 deregulation, the other major decision of the time was to ease pressure on the city by adding a new financial centre to be known as Canary Wharf.

As I have already mentioned London was always the main financial centre in terms of a whole host of commodity markets and financial markets including the global insurance and maritime industries.

The Big Bang in 1986 acting as a catalyst in order to kick start our financial services industry and to compete and challenge other cities such as NYC in such areas as currency trading and investment funds. However London was still a Global Leader in many Financial Service Industries back in the 1980's.
Again none of this disagrees with any claim I've made. Did you intend this post as a rebuttal or are you just looking for conversation?

Last edited by Grigoriachel; 01-14-2014 at 06:18 AM.. Reason: Amended quote to add edited parts
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Old 01-14-2014, 06:05 AM
 
Location: SE UK
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Originally Posted by Grigoriachel View Post
It's part of a quote from NY Magazine. I suggest you take it up with them.
I just wonder why they think this is the case? London was certainly the worlds financial centre of the time, it was also the worlds biggest city, and the capital city of the worlds largest ever empire, Victorian London was the 19th Centuries answer to ancient Rome, anyway whatever the answer is to this (probable) un-answerable question to say that London wasnt a financial power until 2007 is pretty wrong!
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