Jun

12

London Tops as World Commerce Center, MasterCard Says (Bloomberg) June 12 –

London tops a list of 50 cities as the world's commerce center, beating New York, Tokyo and Chicago, a report by MasterCard Inc., the world's second-biggest credit- card company, showed. London surpasses New York in four of six areas in the report covering economic stability, the ease of doing business, volumes of financial flows and attributes as a business center, MasterCard said in a statement today.

When the unwitting question free markets' ability to generate prosperity, I point to the side-by-side real-time economic experiments of North vs. South Korea, pre-takeover Hong Kong, or the Cold War's East and West Berlins.
Now, I will use London.

If "Europe" is so grand and wonderful, why isn't Paris or Brussels or Frankfurt or Milan that continent's economic center of gravity? Why is rainy, gray and gritty London the focus of commerce and wealth, not the putative "City of Light"?

Economic freedom trumps the epicurean charms of Paris. QED.

Laurence Glazier adds:

Gratifying though it is that my home town wins, I will understand the local frenzy better when there is an options exchange to rival those across the Pond. To compensate for this there is a huge spread-bets industry but I have not yet found or figured out how to synthesize time or vertical (or indeed diagonal) spreads with them. 


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