Capital

Daniel Gross states that New York time as the Capital of Capitals is over. He said that places in Manhattan like JP Morgan & Company and other businesses are beginning to be replaced by condominiums. Gross points out that in 2001, New York Stock Exchange used to account for over half of the world’s stock capitalization and that has dropped to 37%. He goes on to talk about the development of other countries like China. Because China is developing capital, NY assets manager have to go elsewhere to raise capital and that is causing the U. S to lose its leading competitive position. Times are changing and the U. S is still one of the superpowers but the power is shifting. Gross mentions positions of power being multi-polar. New York has gone from agricultural to industrial to financial. In my opinion, Gross is stating that New York’s luck is beginning to run out. The emigration of people from farther areas is not necessary because the trust attorneys, accounting bankers are growing up in this environment. However, I believe that there has to be something about New York that cities like Paterson, the Bronx and other dead cities lacked that New York managed to hold onto for so long.