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New York is one of the most populous metropolises in the United States. It has a population of about 8.1million people and a land mass of approximately 790 square kilometers. A New York business empire covers all spheres from finance, media, culture, art, fashion, education, transport, entertainment to research. A global market entails the day to day changes in the international investments, financial exchange rates, foreign investments, international projects, capital flows, and trade deficits (Brenner and Roger 46). All these are studied in relation to their effects on International trade. In the recent past New York has been deemed to be the core of global markets leave alone being a center of foreign investment and this can be attributed to a number of aspects which are both directly and indirectly connected to global markets.
Rapid growth of financial and service firms, and high income paid to workers increases real estate development projects. Global markets develop due to investments by foreign firms in either purchase or usage of existing ones. Global status is further highlighted by internationalized diversification of the put up buildings and corporations. New York City stocks account for about 60% of world equity market capitalization (Obstfeld and Taylor 71). This, in addition to the inter border trading makes it the Centre of Global market. It has 10% of the leading world corporations. Half of all Chinese companies are in New York Metropolitan region. Steel manufacture, shipping, real estate, air transportation, energy, media, real estates, and shipping are also a dominant contributor to the New York economy (Yaro and Hiss 80). Wall Street, which is the financial district or hub as referred to as by many in the business world, is located in Lower Manhattan running from Broadway to South Street and ending in East River. Wall Street can easily be said to be the financial capital of the world.
In addition, Information Technology in this metropolis cannot be underestimated. New York has the leading Internet Gateway in the United States at 430gbits/second (Sassen 63). The industry is an equal employment opportunity provider. Google is housed in an office in the City; this is where Google’s largest engineering centre is located. New York City boasts of the largest Central Business District in the United States with most large international companies having their headquarters in this City. Out of the leading companies in terms of Revenue output, 50% are located in New York.
This City is the hub for entertainment as it is the home for Broadway. Besides, it is also home to the world’s leading Television, and 80% of the top music recording firms. It is often referred to as “the media capital of the world”. Hollywood, the second largest film industry is located here with 30% of actors in the United States being found here. Miramax Films, the largest motion picture producing, and distributing company also located New York City (Sassen 70).
In deed, this city is a center of global markets, as nowhere in the world will you find 127 Nobel Laureates and close to 50,000 licensed physicians other than New York City. The major pharmaceutical Companies namely; Pfizer, Bristol, Alexion are found here. The health Industry is the largest employer at about 400,000 people (Obstfeld and Taylor 78). This makes the City the second highest recipient of annual funding from the National Institute of Health.
No city in the world can become a global market without a stock exchange center; Wall Street is the location of New York Stock Exchange. About 40% of the City’s employment income comes from financial services (Akhunov and Corti 76). It is a leader in financial economy world over. Here, we find the major stocks and commodities, which include New York Mercantile Exchange, New York Stock Exchange, New York Board of Trade, International Securities Exchange, American Stock Exchange, and the NASDAQ (Akhunov and Corti 89). Monetary policies are implemented in Manhattan due to the presence of the Federal Reserve Bank of New York. This Bank serves Puerto Rico, New York, The Virgin Islands. Its main work is the purchase and sale of outstanding US securities and also to conduct open market operations.
Lastly, just like in other cities in North America, mass transportation runs for 24 hours a day in the City, with 30% of the total population using it. It is the widest form of transport in North America. 60% of the population uses rail transport (Brenner and Roger 36). They mainly live in the suburbs of the city. The two main rail stations are the New York City subway-the busiest in the western hemisphere and the Grand Central Terminal also popularly referred to as “Grand Central Station”. New York is served by Amtrak using the Pennsylvanian Station and connecting Boston, Philadelphia and Washington D.C. it also covers long distances to Chicago, Miami and Toronto. This no doubt is the busiest bus station in the world with over 7,000 buses per day. New York has got a rapid transit system; the largest by all means in the world with the longest suspension bridge (Brenner and Roger 30). This City has got three renowned airports namely John F. Kennedy International, Liberty International, and LaGuardia. There are numerous pedestrians and cyclists which is about 20% of the transportation means. We cannot forget to mention the Manhattan’s street grid road plan. The city is linked to other parts of the United States such as New Jersey and Connecticut via expressways and parkways.
In conclusion, a combination of all there factors is no doubt the envy of any developing economy. New York City has it all, and this makes it the Center of Global markets.
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