London Economy Essay Example

According to a global index of the cities appeal, the best cities of the world are New York, London, and Tokyo. Each of them has the unique centuries-old history and which underwent economic, social, and political ups and downs. Numerous conquerors changed originality and culture of the three capitals. Today, New York and Tokyo occupy a leading niche on business activity and sizes of the capital market. London and New York are the leaders in the success of tourists and emigrants involvement. Large cultural and sporting events and a number of the museums and theatres prevail in London and New York. Owing to research, it became obvious that public galleries of the cities, in most cases non-profitable, are the main source of information on classical heritage and state of the modern art for their inhabitants. Private galleries are capable of presenting art history within a certain direction that makes them the most acceptable for purposeful searches. Moreover, there is also a classical gradation taking the educational principle as a basis. Talking about labour migration of London, New York, and Tokyo, the research proved that this phenomenon has both positive and negative impacts on the cities. First of all, the reduction of production costs due to the use of cheaper foreign labour in leads to crease competitiveness of the cities’ goods. Foreign workers provide additional demand for goods and services in the country and, thus, stimulate an increase in production and working employment. However, the major disadvantage of labour migration is the social tension, which appears when foreign workers take those job vacancies for which local workers apply.

London is a Global Capital of Culture

Nowadays, New York and Tokyo are to be considered the front-runners in the economic sense. However, day by day, London is becoming not only a financial centre, but also a global capital of culture, prestige, and wealth. Each city has its unique history, culture, and economy with its own advantages and drawbacks. Finance and trade play the major roles in the development of the economies in the three mentioned cities. They are the most important financial centres of the whole world and the country the capital of which they are. The financial organizations located in these cities have controlled the loin’s share of the world capital. London, New York and Tokyo are the major world equity markets, but London is one of the most important economic and financial centres of Great Britain, Europe, and the whole world.

The history of London totals almost 2000 years. The small military fortification of Londinium on the River Thames was founded by the Romans who arrived on the British Isles in the 40-60s, A. D. In 1066, William the Conqueror triumphed over the English king Harold II, came to London and was crowned in Westminster Abbey. At that time, London was proclaimed as the capital of the strengthening monarchy. Due to a successful geographical location and proximity to the sea, the city was gradually becoming a major trading centre where crafts were rapidly developed, roads, residential and public buildings were built. In the middle of the 11th century, London united two cities, i.e. Westminster and City. In City, trade and finance segments continued to develop, whereas Westminster gradually was becoming the religious and political centre. In 1176, the construction of the stone bridge replacing the wooden one built by the Romans began. Construction of the new bridge, which later was called as Old London Bridge, was completed in 1209.

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The city became the real capital only during the governance of Edward III, who transferred the royal administrative centre to Westminster for the period of his reign in the 14th century. London became the only British city of the Middle Ages, which was compared in size to the great cities of Europe. Settlement of London proceeded and amplified during the Industrial Revolution and throughout the 19th century. The major part of London’s population was in poverty. During the 19th century, poor and unemployed people were stagnated in alcoholism. By 1871, London’s population reached 3 million people and increased by means of prospering middle class citizens, who moved into the city centre. London became the capital of art and literature. The numerous masterpieces and works by Spenser, Shakespeare, Milton, Dickens, and Kipling were created there.

In the territory, which today is occupied by the city of New York, Indian tribes lived long before the arrival of Europeans. European settlements began in 1626 with the foundation of the Dutch settlement known as New Amsterdam on the southern suburb of Manhattan. In 1664, the British seized the city without having encountered opposition, and it was renamed into New York in honour of the Duke of York. As a result of the second Anglo-Dutch War in 1667, the Dutch officially gave New York to British and in exchange received a colony of Suriname. At the beginning of the War for Independence, the modern territory of the city was the arena of important battles. As a result of Brooklyn fight, a large fire began in which the most part of the city burned down, and until the end of the war, it was in the hands of Great Britain up to the time when Americans took it under control again in 1783.

Within the 19th century, the city population promptly grew due to rough inflow of immigrants. In 1811, the master plan of the city development was adopted and according to it the network of streets was expanded having covered all Manhattan. By 1835, New York surpassed Philadelphia on the population having become the biggest city in the United States. In 1898, according to the new bill, the new municipal unit originally called the Greater New York was created. In 1914, the state legislature created Bronx County, and New York County was reduced to the sizes of one Manhattan. In the first half of the 20th century, the city became the world centre of industry, trade, and communication. In 1904, the first metro company Interborough Rapid Transit started working. In 1930s, the outlines of New York soared skyward with construction of several highest skyscrapers of the world. After World War II, New York became the indisputable world leading city. In 1973, the twin towers of World Trade Centre were constructed. Construction of the United Nations headquarters in New York symbolized a unique political value of the city.

The city of Tokyo was founded in 1457 and was called Edo. At that time the construction of the castle in the place where East Garden of the Imperial Palace is currently located began. In 1524, Hojo Ujitsunathe entered the castle, and in 1590, it was occupied by Tokugawa Ieyasu. In 1603, Tokugawa Ieyasu became a shogun and started ruling Japan from Edo Castle. During Tokugawa’s governance, the city was developing rapidly. In 1637, the construction of Edo Castle was completed. In 20 years, the Great Fire of Meireki destroyed the most part of the red light district of Asakusa and Edo Castle region. In 1707, Fuji volcano awakened, and ash covered the city. In 1855, there was a Great Earthquake in Edo. In 1868, the restoration of Meiji occurred. The power in the country passed from the shogun to ruling oligarchs headed by the Emperor. According to the order of the Emperor, Edo was renamed into Tokyo. In 1869, the Emperor Meiji moved to Tokyo and made the castle the Imperial Palace.

In 1872, the feudal system was cancelled, and prefectures were created. In 1872, Tokyo was extended to currently known 23 districts. Besides, the first railway in Tokyo and Japan was opened. In 1874, the Tokyo Police Department was created. In 1923, in Kanto, there was the strongest earthquake as a result of which about 70 000 people were lost. In 1927, the first line of the Tokyo subway was opened. In 1986, along with a dramatic rise in land prices the “land bubble” phenomenon started. In 1990, the ”bubble” burst having caused falling of land prices in Tokyo and across the country. The city on the shores of Tokyo Bay became the largest financial, investment, and information centre of the post-industrial world and the unconditional economic capital of new Asia. The capital of Japan keeps this status to this day, and it will be hardly lost in the nearest future.

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London is one of the largest financial centres of the world with the biggest city gross domestic product in Europe, namely more than $570 billion. The most important branch of a city economy is finance, including bank service, insurance, and management of assets; in London, headquarters of the largest banks and finance companies, including such as HSBC, Reuters, and Barclays are located. One of the largest world centres of currency and share trade is the London stock exchange. The second most important sector in the economy of London is communication. In the capital, the headquarters of BBC is located, which is one of the largest media corporations in the world. London remains one of the largest industrial centres of Britain. The industry of the city and suburbs is presented by mechanical engineering (automotive industry, electronic industry, machine-tool construction, shipbuilding, ship repair, etc.); light industry, food, oil refining and petrochemical industry, polygraphs, etc. are also widely developed. One of the most important sources of income for London is tourism.

Unlike London that is on the first place on the city gross domestic product in Europe, New York takes only the third place in the USA. However, New York differs from London by its famous New York Stock Exchange, which is the worlds greatest. Like in London, there is also a famous financial district in New York called Manhattan where the headquarters of many known banks, monetary institutions, and insurance companies are located. Besides, in New York City, many companies specialising in the fields of polygraphs, mass media, law, design, architecture, information technologies, telecommunications and many others operate. The primary branches of the industry developed in the city are mechanical engineering, chemical industry, production of textiles, and food. Such modern branches as biotechnologies, software technologies and e-commerce are quickly developing. The big role belongs to construction and design. New York is the capital of fashion in the USA as there are headquarters of many fashion designers. As well as in London, the tourist industry is considerably developed.

Tokyo is one of three international financial centres, along with New York and London

Moreover, Tokyo is one of the most economically developed agglomerations in the world. The city takes the first place among the largest agglomerations in the world according to gross domestic product. Tokyo is a large international financial centre, and the headquarters of a number of the largest world investment banks and insurance companies are located there. Tokyo also carries out functions of the concentrator of transport, publishing and broadcasting branches in Japan. The Tokyo stock exchange of Japan is the largest stock exchange, and also the second in the world according to the market capitalization and the fourth in size of a share in turn. It is one of the largest industrial areas in Japan. Nowadays, mainly educational and hi-tech industries, mechanical engineering, auto- and aircraft industry, shipbuilding, and others are highly developed in Tokyo. The oil-processing, petrochemical, chemical, textile, ceramic, furniture, and food industries also play a crucial role in the development of the city economy. Tourism in Tokyo also makes a contribution to its economy.

Within such big cities as London, New York, and Tokyo, big wealth and multiple labour resources creating steady demand for immigrants are concentrated. Nowadays, London is one of the most perspective cities for attraction of mass labour migration. Currently, legal immigrants of London make approximately 8 % of the locals and provide 10 % of growth of gross domestic product in the city. Immigrants usually fill low-paid work places in which locals are not interested, for example, the service personnel, agricultural workers, cleaners, drivers of public transport, etc. In order to increase a labour migration, various immigration programs are created and upgraded in London. However, big inflow of immigrants led to population growth that makes locals worry and can lead to a reduction of workplaces for both parts of the London population. Thus, the government of London should assume measures limiting the inflow of immigrants.

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Migration in London

Like in London, the major factors of formation of the labour migration chain in New York are represented by the opportunity to find a job and the existence of the place where friends or family members have already settled. In New York, immigrants make 43 % of labour force and 37 % of the city’s population. Unlike London, which prefers to attract immigrants for secondary work, New York promotes inflow of a large number of scientists and engineers from Europe, East and Southern Asia in every possible way in order to develop educational, scientific, and hi-tech industries. Thus, New York, which historically is most adapted for absorption of additional labour force, transformed labour migration to “brain drain” that caused a high contribution made by specialists immigrants in development of the city’s science, medicine, and art. Despite clear discontent of old residents caused by settlement of immigrants in “old blocks” or by the fact that cheap labour force reduce salary level in the city, New Yorkers got over such situation.

Currently, the Tokyo authorities are too anxious with a natural decrease of the city population. Thus, unlike London, this year, there was adopted the immigration program, which is aimed at stopping the extinction of local population and turn Tokyo into the city of immigration and multiculturalism. The city is aimed at attracting immigrants from China, India, CIS countries, Africa, and Latin America. Thus, the adoption of the immigration program will strengthen the influence of Tokyo both in Japan and other global cities. The major amount of the workforce is concentrated in Tokyo, rather than in neighbouring prefectures. As well as in London, immigrants in Tokyo are used for the majority of not prestigious jobs. Men work on building sites (42 %) and small subcontract enterprises (39 %), and women work in bars and private clubs (80 %). However, like in New York, the companies carry out an active campaign for recruitment of talented scientific youth abroad in recent years. Unlike both New York and London, Tokyo practices not only immigration of this contingent of the workforce but also performance of various tasks by it and the solution of scientific and technical tasks in the homeland and in foreign branches of the various companies. Such actions are economically justified since Tokyo’s highly skilled labour is one of the most expensive in the world.

Proportion of Workers in Tokyo Metropolis by Place of Residence

Talking about arts and cultural activities London appears on an edge of art history, and at the beginning of the 20th century, London was considered to be the capital of modern art, which replaced New York in the global sense. In London, the modern art is widely presented both in the museum and gallery spheres that testify to belief of the English audience, curators, art critics, and other art workers in relevance of modern art process and cultural activities. The London market of works of art attracts to itself billionaires and visitors from all over the world, whose payments at various auctions and fairs provide the considerable income to the economic sphere of the city. The important role in advance of London was played by patronage, which gave noticeable odds to many countries. Attraction of financial resources to the sphere of art generated an interest emergence as the ordinary inhabitants, exhibitions of works of the well-known European masters allowed the generation of English artists to join classical, high art that undoubtedly positively affected their skills of performance. However, similar capital investment did not take place without consequences. Men of influence like Charles Saatchi had an opportunity to control a turn of works of art, pricing, and career of the artists. A significant role was played also by a political system of London promoting the capital inflow to the art and cultural spheres. All large art galleries, for example, National portrait gallery or Tate Britain, got official city support, which allowed to make a number of expositions free for access for the population to join art with any level of wealth.

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As well as in London, inhabitants of New York participate in the most various art and cultural actions, and they get many advantages. However, in comparison with London, not enough attention is paid to a considerable part of the population, and there are significant barriers on a way to population acculturation. Thus, according to recent researches, the majority of the poor population has no opportunities to participate in cultural life of the city. This fact causes great alarm because they are not able to experience a wide range of advantages, which art and cultural interaction can provide. Need of coverage of national groups and reduction of considerable barriers demands constant attention of the cities authorities in the next years. Quality of life in the city and its economic level will be considerably increased if these problems become important elements of the public agenda in the nearest future.

Like New York and London, Tokyo is the largest scientific and cultural centre of Japan. In Tokyo, over 100 state, municipal, and private higher educational institutions are located, for example, the University of Tokyo, the Metropolitan University, Waseda University, etc. According to the historical background, the majority of the major departments of the country were transferred to Tokyo, thus, nowadays, there are such establishments as Japanese Academy of Sciences, the Academy of Arts, research institutions, laboratories and the centres at universities, ministries and departments, including National Space Laboratory, National Oncologist Centre, National Parliamentary Library, etc. The city is also famous for the National Theatre of Japan. In the capital, there are more than 400 commercial and non-commercial art galleries and a great amount of museums. One of the largest museums is the Tokyo National Museum, which is an important scientific centre because it contains 85 thousand works of painting, sculptures, and applied art. Such rich cultural and scientific heritage of the city attracts tourists from all over the world that in turn favourably influences the economy and gives a chance to locals to actively participate in cultural city life.

Taking into account all abovementioned information, it should be noted that London, New York and Tokyo are the most successful global cities. The long and pompous with numerous events history of the cities played a major role in the establishment of their modern state and look. Various international interconnections influenced the economy, culture and population of the researched capitals. The phenomenon of immigration was always considered doubly because it has positive and negative influence. Thus, the comparative analysis showed that intensive labor migration had and continues to have a great impact on the economy and culture of these developed cities. Besides, all listed aspects affected the perception of relevance of art at the ordinary audience of New York, London, and Tokyo. The belief in the modern art increased and affected essential increase of the prices of the modern art. It also got into all spheres of life and mass media, moreover, its studying was included in various educational programs that allows to claim about qualitatively other perception of the modern art.