Forbes, July 13th, 2009
New York’s preeminent industry has changed forever
In the 15th and 16th centuries, Florence, Genoa, and Venice were the financial capitals of the Western world. When they declined, financial leadership shifted to Amsterdam, then to London and finally to New York, whose supremacy went unchallenged from 1945 until the end of the 20th century.
In the new millennium, however, it is showing cracks. A decade ago, companies fought for the privilege of being listed on the New York exchanges, but interest has dropped significantly since the tech bubble burst in 2000. The credit crisis has only made things worse. Will the city be able to retain its title as the world’s finance king? What will Wall Street look like in 2015?
