This led to the US government leaving the area in favor of Silicon Valley, which was primarily agricultural at this time. However, due to Boston’s unfavorable street patterns and topography, travel was complicated. ![]() At the time, Boston was the center of the technology industry, then in its infancy. The Bay Area has been a historically significant base for the US Navy, and during World War II, the US government sought technological development with the aid of local universities like Stanford and UC Berkeley. Much of the Bay Area’s prominence in the technology industry can be attributed to two factors – World War II and prestigious local universities. ![]() Apple, Google, Cisco, among other companies, are all headquartered in Silicon Valley. The San Francisco Bay Area has come to dominate the technology industry – with Silicon Valley becoming a term similar to Wall Street to refer to the large technology companies headquartered in the Bay Area – particularly in the southern portion. Ever since it was recognized for its amazing geography, the financial and commercial industries never left (Investopedia). Today, New York City remains the most prominent American city. The city eventually became the first port of entry for immigrants, leading to a boom in population that further contributed to its status. It is located in a geographically-protected harbor that was more suitable and navigable than the harbors of its competitors – Philadelphia and Boston. Much of New York City’s status as the financial center of the country can be attributed to its geography. The New York Stock Exchange was eventually opened in 1817, and the financial industry quickly moved in. ![]() New York City overtook Philadelphia in prominence as it became the center of American trade in the early 1800s due to its amazing natural harbor and the construction of the Erie Canal, connecting the city to the Great Lakes region in a time when steamboats were the best form of transportation. The first central bank was created in Philadelphia. The American financial industry was first centered in nearby Philadelphia due to its former prominence in the politics of the country, even serving as the capital. The entire history of the New York City metropolitan area has been shaped by the financial industry. ![]() Banks like Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup are all headquartered in Manhattan, along with a variety of other large, medium, and small banks and hedge funds. New York City is famous for Wall Street – a term that encompasses all of the large banks, hedge funds, and other financial institutions of the country. It is no secret that New York City is the financial capital of the United States – and arguably the world, with London, Shanghai, Tokyo, Singapore, and Hong Kong as its rivals. Ever wondered why the entertainment industry is centered in Los Angeles? Or why the financial industry is centered in New York City? Let us begin our exploration of the economic geography of the United States. Most industries are anchored to a specific city or region. Several industries dominate the American economy, but these industries are not uniformly distributed across the country. The United States economy, large as it is, is rather diversified. In addition, the United States has the largest economy in the world by GDP and one of the highest GDP per capita. The United States has a population of about 330 million people spread over an area roughly the size of the continent of Europe.
0 Comments
Leave a Reply. |