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Something that you left out about New York is how its a part of the North East Corridor. While New York is definitely the biggest, the fact there are nearby major cities like Philadelphia and Boston, which have their own major ports, industries, and manufacturing, really adds a ton of synergy. In a lot of ways, it acts like one ginormous mega city
Yep, the northeast megalopolis. I live near Philly, and driving down I-76 it can be hard to tell where the city begins and other towns end. It seems like more of a political and social distinction at this point than anything else
New York has done a great job of navigating through the last 200 years and maintaining its relevancy. It has fallen on some hard times in the past, and faced steep competition from growing metropolises both in the USA as well as abroad. It was really declining in the 70's until the early 90's but punched through it and got itself back on its feet. As far as its economic output in comparison with the rest of the state, Upstate NY really hasn't recovered from outsourcing. Rochester, Syracuse, Albany/Schenectady all used to be almost like the Sillicone Valley of 100 years ago. GE, Xerox, Kodak, etc. and more all called Upstate NY home, and much like the rust belt before them really took a huge hit when those companies left. I used to live in Upstate NY, and as much as some places try, they haven't meaningfully found a way to get anything really going. It's sad. And, much like the Jersey Shore, there's towns like Hudson and Kingston that used to have a lot of money because they were the city's upper class getaway towns, but really struggle with decline and declining populations. There's typically a lot of animosity between everything below the Tapanzee Bridge and everything above. It's codified in the fact that the vast majority of Upstate NY is bright red and poor, and the City is bright blue and isn't. It's been that way for most of the 42 years that I've been alive and I don't see it changing anytime soon.
I hadn't known that the division point was so specific at the Tappanzee, but this tracks. My mom's side of the family is from western New York. I've seen how that region has struggled and how far to the right my relatives have become.
I live in Brooklyn, and it's amazing how much construction I see in every borough. It seems any empty lot is built on quickly, and old, dilapidated buildings are torn down to build new apartment complexes, every chance they can. Lots of the warehouses that are closest to the city, don't even exist anymore, and are either torn down or converted into apartments. And the upgrades they did to La Guardia Airport are phenomenal and is now my goto over JFK. They also offer free bus service from the train to each terminal. One thing NYC doesn't do well is build many new houses, or condos/coops, which makes it very hard to own here. Even some old houses are torn down and replaced with apartment buildings. I guess that's one reason homes prices have gone up so much the past couple of decades
apartment prices are also incredibly high. the issue is that not enough apartment buildings are built either--yes, empty lots are often built on, but underdeveloped lots (think most of south brooklyn duplexes in walking distance of subway) are not due to very restrictive zoning. the result is sky-high rents and sky-high costs to buy.
@@Aviation12 The city also keeps raising it's subsidies for lower income residents, so this incentivizes landlords to increase prices. Plus inflation is taking a toll. My coop building had to increase our HOA fees over 10% because utility and maintenance prices went up that much! What sucks more, is some of the tenants in my building are still renting since before this building started selling coops, and they are paying rent controlled prices almost as much as my HOA fee! I should have stayed in my previous rent controlled apartment if I knew this was going to happen.
agreed. There are so many interesting takes on what could make a single city so important, particularly when you think about when. Detroit was a big deal in the past. Personally I look at Seattle as a big thing today (boeing,microsoft, amazon, nordstrom, costco, and others) And that's not even thinking of cities that many overlook like Atlanta. All the fortune 5s that are based from there.
One possible explanation for NYC's economy being bigger than that of NYS is that the NYC metro by which that is measured also includes large swaths of likely the most economically productive areas of New Jersey and Connecticut as well.
Pennsylvania as well. It's not a huge part but parts of northeast PA fall under the NY metro area. So the NYC metropolitan area consists of basically all of New Jersey, southern NY, basically all of Connecticut, and parts of PA. It's truly a massive sphere of influence.
Chicago easily counts as a major financial center. Basically all US options are cleared in Chicago via the Options Clearing Corp and it’s the US’s largest commodities/futures exchange
The United States is the world's largest economy, almost predetermined by its massive abundance of agricultural land and industrial resources. New York City is its key port to Europe. Los Angeles is its key port to Asia.
You should have an International City Leaderboard, that would be a great switch as you are starting to run out of countries. Keep up the great content! I watch all of your videos and have loved the two new channels!
@henrymcdoo actually, compared to the empires before, US is quite possibly the least bad one yet, more positive influenceon the world than negatives. It has a lot to do with it being a democracy. Just my take as a Chinese who studied in the US and choose to immigrate.
@@xiphoid2011 Before, empires would directly attack and confront their enemies, usually engaging with one or two countries at a time. This is unlike what the US does today with remote warfare, often in the name of 'democracy,' provoking and sponsoring wars in the Middle East and Ukraine as well.
A little note though - Ports of LA and Long Beach are right next to each other. Like, literally one ends and other begins. I would argue that they should be counted together for statistical purposes.
A great video, especially for those who may not be overly familiar with the region. Something from which I, as you can tell from my avatar icon, do not suffer. In any case I submit one of the primary reasons for NYC and the metro areas success is the density of built-out infrastructure. From telecom to water, sewer to roads and rails it's got an unrivaled level of complexity that's all its own. And let's not forget that its transit system is instrumental in the city's development and existence. You can think of it as the city's version of the Mississippi river. People, goods and services use it every single day to get about the place. But here's the thing city/national planners need to start seriously contemplating. Since the entire region is only a few tens of feet above current sea level it puts the whole of it in jeopardy if there's any truth to projected sea-level rise due to melting polar caps and the like. You flood the subway/transit system, for instance, and you strangle the city. And if you strangle the region you put a serious dint in the global competitive nature of the country as a whole. Just some thoughts.
one thing i would add for it's success is the fact that for hundreds of years it was the first place immigrants would arrive at in the great melting pot, and those immigrants arrived there in hopes of building a better life than they had in their homelands. the stock market is a big part of why New York became dominant but still you have to account for the infrastructure which took thousands of dreamers who wanted to develop large buildings that would earn lots of money and the millions of immigrants who built those buildings just looking to earn a better wage then they could back home.
When you mentioned the Yangtze River Delta, I wish you had also spoken about the Yellow River where Beijing is found and the Pearl River Delta where Guangzhou, Hong Kong, and Macau are found.
Just say you want him to a video on China’s rivers. It’s a separate topic that probably deserves its own video rather than just a segment in a video about NY.
@@Knight_Kin I definitely agree. I think it would have been a nice mention here alluding to a future video. The topic itself is so interesting, and I've been following it for years.
Another big reason why there’s so much volume done at the ports along the Gulf is that that’s where the majority of the country’s refineries are located. Houston is the energy hub of the US (arguably the world) and South Louisiana has Henry Hub and other LNG major hubs
Well, I thought the bay area CA was competitive with the NYC metro, but I looked it up and estimates range from $0.5T to $0.7T. Feeling inadequate now, thanks for that. Our per capita GDP's 89K, I think a little higher than NYC. But ever since I moved here, I've been reminded of Buffalo NY, where I lived for a while. The silicon valley of its day, it all blew away like smoke in the wind when industrial centers shifted around. Now they're tearing down abandoned houses there. NYC seems to have more economic depth, it won't fall until it sinks into the ocean, toward the end of this century.
Hello! Longtime watcher first time commenting. I noticed some of the AI-generated images in this video. It helped illustrate the point during the manufacturing section, but aspects of some of the "people" were off enough that it bothered me enough to leave a comment. Thank you for making content, it has been excellent at increasing my understanding of economics and some of the counter-intuitive pressures at play!
Not just the avengers, a lot of early Marvel characters were based in real places in New York City. There were exceptions like The Hulk and Iron Man, but they were heroes first to their city than to the world.
I've lived in New York for most of my life, and I'm still not sure what you were referring to when you talk about NY-based manufacturing "producing things to compete in New York". Are we talking about subway equipment or something? Pizzas? Theatrical lighting? Pianos? (Steinway, FWIW, DOES actually compete internationally.) The biggest manufacturing sector that I'm aware of in the greater NYC metro area is the chemical and pharmaceutical manufacturing in New Jersey, which is less expensive than the city proper, and the aerospace industry in Long Island, which I think is mostly defunct these days. I suppose some of the media industry, particularly print media, might be classified as manufacturing, but that might depend on the statistical agency.
acktually In October 2023, the top exports of New York City, NY were Gold ($2.36B), Diamonds ($1.17B), Jewellery ($939M), Vaccines, blood, antisera, toxins and cultures ($877M), and Paintings ($868M). In October 2023 the top imports of New York City, NY were Diamonds ($1.39B), Refined Petroleum ($1.2B), Commodities not elsewhere specified ($1.18B), Cars ($1.14B), and Paintings ($1.11B).
The problems of NYC are not economics related, at least in the grand scheme of things. They are social problems first and foremost that impact economy of the city. The city unfortunately needs a strong mayor who won't answer to whoever is pulling the strings behind and also a strong district attorney who won't succumb to political corruption.
However, NYC is arguably the least bad city in America when it comes to these issues. There is a far higher share of the homeless population of NYC in shelters than in San Francisco, for example, where it is nearly impossible to build shelters due to NIMBYs.
@@sentfromheaven00 That is true but the importance of NYC should put greater focus on these issues. And in NY homelessness is less of an issue compared to cities with warmer climate, however, crime and mental struggles make big impact.
I would disagree if only because most of the social issues cannot be separated from the economic. Homelessness would not be such an issue if not for the high cost of living. Much of the worst corruption is due to businesses, large and small, buying influence. Crime itself has serious economic effects on the city, forcing many notable businesses to close this year alone. That said, you are 100% correct to say strong leadership and an effective justice system is especially critical to the welfare of the city. It seems too many people don't know what NYC was like in the '70s to mid '90s.
New York gets a bad rap by terminally online idiots whom have never spent any time here. It is safe & easy to travel around without a car, the food is incredible, and it has an energy that is impossible to describe.
You dont need to talk with a therapist if you are stressed and working to many hrs. What you need is get another job and also elect politicians that stop companies from abusing their employees
7:30 Unrelated to the video, what made you skip the stock exchanges in India on the map since they are one of the oldest in the world and one of the biggest by market cap?
@@AwesomeHairo although that is true, there are some cases (phone, TV, etc.) where moving back and forward is not as convenient. Furthermore this channel doesn't mark in any way where the add will finish. So that said, since I totally understand and support the creators need to actually make profit and continue operations, I actually prefer to pay directly to them, instead of having advertisements.
More important than Jerusalem, Istanbul/constantinople, Rome. Even the british empire lasted longer and was more influential than the american one is (at least for now)...
The British empire was during the industrial revolution(in the 3rd world mostly) which is probably the biggest change to humanity since metallurgy. No empire today can have such a big impact to the peoples of Earth
Negligible cargo moves through the old Erie Canal between Albany and Buffalo (the Hudson and the Great Lakes) today. Ship cargo destined for inland moves through the St Lawrence Seaway.
I live in this town my whole life, unlike most who moved here & don't remember when it was as dangerous as conservatives claim it still is...this makes me more arrogant. Suburbs suck. zzz.
NY is probably the most important city of the 20th century and today. However, it does not crack top 10 most important cities in human history. This is partially because of Washington D.C., Boston, LA (Hollywood)) etc which dilute its status somewhat. I'd say It's in the same league as London, ahead of Paris, Moscow and Berlin. Probably behind Carthage, Jerusalem and certainly behind Athens, Ur, Constantinopole, Ctal Hyuk (or whatever the first city was). We don't need to mention Rome, which is in its own league.
Can't wait to see New New New New New New New New New New New York's impact in few thousand years. I mean, not that I will see it but I'll bet it would've been fun.
And all the world still speaks Latin and wears togas. Oh wait. They speak English and wear suits, nevermind. Rome was incredibly influential on millions of people around the Mediterranean for many centuries. New York is incredibly influential on BILLIONS of people around the entire world. It hasn't been for centuries yet but it's getting there.
@@ATMOSK1234 Bro you do realize very little of Roman culture remained after the collapse of the western empire? English culture is highly Anglo Saxon culture, which is itself Germanic. English culture has as much or more Celtic influence than Latin.
@quietus13 I said rome the city, not the Roman empire. After the fall of Rome the catholic church was a huge force both culturally and politically until basically the current day. The crusades, the Renaissance, basically every major event in Europe wad hugely effected by what was going on in Rome until atleast the 16th century.
@@ATMOSK1234 the Catholic Church has been irrelevant in England since King Henry VIII. England was Protestant before the first colony was even founded, which were in turn were Protestant when they were founded. Again, English culture and by relation British culture, has been influenced 80% by Germanic/Nordic, then maybe 10-15% Celtic, then the rest Latin and much of that was indirectly thru French influence. I'll agree to disagree, NYC is much more impactful globally and I hate NYC.
The weakness: needing to channel enormous amounts of food and energy into NY area every day. Then channel the trash/sewage out. Either one of those aspects interrupted for a week and its rating means nothing.
Hmm London has been around for over 1000years, and still vies with NY for top position…. Considering its cosmopolitan advantage, I’d say there’s no competition- still.
It’s not London because of the UK’s increasing irrelevance on the world stage. If it wasn’t for the need for tax evasion London would be even more irrelevant.
"certainly not perfectly efficient" - have a big channel and all of a sudden feel confident using words like "certainly." Don't forget your roots - economics isn't a science of certainty
No mention of New York as a leader in the field of medicine with several world-leading hospitals and only passing reference to New York law firms and courts.
Deeply disagree about the premise of 'most important city in human history' There are a ton of cities in the middle east alone that have had a tremendous impact on human history such as baghdad and Damascus, other cities nearby such as samarkand, cairo, alexandria have all had a extended and deep impact, meanwhile, while new york is certainly an important city it is essentially just a newer and bigger London, if New York was never built or if it never took on prominence, there are plenty of east coast cities that could have taken on the mantle of financial hub instead, Philly, Boston, Washington, Baltimore etc. Its certainly one of the most influential cities of recent history, but hardly of human history
NYC also has a hugely productive hinterlands region, with a population density along European lines, fertile productive farm and forestlands, all of it well watered, and with a moderate climate. This has developed a ring of smaller urban centers specializing in the sort of 'break of bulk' and industrial production 'the city' is too expensive for, all of them within the critical 4-8 hour transport time. This gives NYC a 'least cost' advantage over many of its competitors added to its low cost usage of clean, renewable hydro-electric power from NY states access to Niagara Falls and the St. Lawrence River. We make Braavos look like Jakarta....😁
I’m sure there are historical cities in China that could give Rome a run for its money. Rome is def the most important city in the history of the western world.
Your content is really insightful. Throughout the video I was thinking about Mumbai (My home) is so relatable to New York City even though I've never been to the States.
Actually, contrary to popular belief, the Dutch stock exchange was not the first globally, just the first in the West. It as already in the Song dynasty China, that people would buy and sell papers representing partial ownership of enterprises. Or at least, so I was told.
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pay attention, folks.
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@@undercoverduckA contract is a contract
@@femstora could not have thought of worse legal advice or a worse excuse
Maybe there should be a separate city leaderboard, London, Seoul, Moscow, Lagos, ...so many wonderful places to explore
amsterdam please, wich is actualy randstad as a whole, the west of the netherlands is one big city not a few seperate ones
Houston! Monterrey!
Yes I love Amsterdam.
Chicago too
Yeah agreed! Would be such a fun series
Something that you left out about New York is how its a part of the North East Corridor. While New York is definitely the biggest, the fact there are nearby major cities like Philadelphia and Boston, which have their own major ports, industries, and manufacturing, really adds a ton of synergy. In a lot of ways, it acts like one ginormous mega city
Yep, the northeast megalopolis. I live near Philly, and driving down I-76 it can be hard to tell where the city begins and other towns end. It seems like more of a political and social distinction at this point than anything else
Yeah, basically from DC up to Boston is essentially one big giant corridor that houses much of US economy.
Very true, which makes it even more tragic that we don’t have proper high speed rail along the corridor
Lies again? Serie A Leader Red Bull
Soooo… Mega City One?
New York has done a great job of navigating through the last 200 years and maintaining its relevancy. It has fallen on some hard times in the past, and faced steep competition from growing metropolises both in the USA as well as abroad. It was really declining in the 70's until the early 90's but punched through it and got itself back on its feet.
As far as its economic output in comparison with the rest of the state, Upstate NY really hasn't recovered from outsourcing. Rochester, Syracuse, Albany/Schenectady all used to be almost like the Sillicone Valley of 100 years ago. GE, Xerox, Kodak, etc. and more all called Upstate NY home, and much like the rust belt before them really took a huge hit when those companies left. I used to live in Upstate NY, and as much as some places try, they haven't meaningfully found a way to get anything really going. It's sad. And, much like the Jersey Shore, there's towns like Hudson and Kingston that used to have a lot of money because they were the city's upper class getaway towns, but really struggle with decline and declining populations.
There's typically a lot of animosity between everything below the Tapanzee Bridge and everything above. It's codified in the fact that the vast majority of Upstate NY is bright red and poor, and the City is bright blue and isn't. It's been that way for most of the 42 years that I've been alive and I don't see it changing anytime soon.
Don’t forget IBM Watson was born in the Binghamton area, about 40 miles south of Syracuse l
I hadn't known that the division point was so specific at the Tappanzee, but this tracks. My mom's side of the family is from western New York. I've seen how that region has struggled and how far to the right my relatives have become.
Upstate NY isn't really that red. It voted for Biden! The rural areas are red but Buffalo, Syracuse, Rochester, Albany, etc are blue.
200 years? It was founded in 1624, almost twice that. That’s a mighty long time 😅
@@kevinburke9940yeah but it wasn’t globally relevant at that point
I live in Brooklyn, and it's amazing how much construction I see in every borough. It seems any empty lot is built on quickly, and old, dilapidated buildings are torn down to build new apartment complexes, every chance they can. Lots of the warehouses that are closest to the city, don't even exist anymore, and are either torn down or converted into apartments.
And the upgrades they did to La Guardia Airport are phenomenal and is now my goto over JFK. They also offer free bus service from the train to each terminal.
One thing NYC doesn't do well is build many new houses, or condos/coops, which makes it very hard to own here. Even some old houses are torn down and replaced with apartment buildings. I guess that's one reason homes prices have gone up so much the past couple of decades
apartment prices are also incredibly high. the issue is that not enough apartment buildings are built either--yes, empty lots are often built on, but underdeveloped lots (think most of south brooklyn duplexes in walking distance of subway) are not due to very restrictive zoning. the result is sky-high rents and sky-high costs to buy.
@@Aviation12 The city also keeps raising it's subsidies for lower income residents, so this incentivizes landlords to increase prices. Plus inflation is taking a toll. My coop building had to increase our HOA fees over 10% because utility and maintenance prices went up that much! What sucks more, is some of the tenants in my building are still renting since before this building started selling coops, and they are paying rent controlled prices almost as much as my HOA fee! I should have stayed in my previous rent controlled apartment if I knew this was going to happen.
You should make a different leaderboard for cities, since you seem to be exploring a lot lately. You can have them side by side at the end
agreed. There are so many interesting takes on what could make a single city so important, particularly when you think about when. Detroit was a big deal in the past. Personally I look at Seattle as a big thing today (boeing,microsoft, amazon, nordstrom, costco, and others) And that's not even thinking of cities that many overlook like Atlanta. All the fortune 5s that are based from there.
One possible explanation for NYC's economy being bigger than that of NYS is that the NYC metro by which that is measured also includes large swaths of likely the most economically productive areas of New Jersey and Connecticut as well.
You are correct
Pennsylvania as well. It's not a huge part but parts of northeast PA fall under the NY metro area. So the NYC metropolitan area consists of basically all of New Jersey, southern NY, basically all of Connecticut, and parts of PA. It's truly a massive sphere of influence.
Three of the US's economic centers:
New Year's wall street
San Francisco's silicone valley
Houston's refineries
Dallas with general consumer industries
Chicago is also a major financial center
@@tswagg504 Keep telling yourself that
Chicago easily counts as a major financial center. Basically all US options are cleared in Chicago via the Options Clearing Corp and it’s the US’s largest commodities/futures exchange
@@AsianInvasionShen Thanks for correcting him, I didn’t feel like going into detail
They don't call it the empire state for nothing. Excellent as always
The AI created stock images for factories was really weird.
Agreed, they’re ugly and it’s super disappointing to see AI images from a channel I respect.
@@Evangelinerocks i respect them more now for using AI images despite knowing some luddites would complain
@@r99716 It's not Ludditism when the results are less good. That conveyor belt for mugs did not reflect physical reality.
@@howtoappearincompletely9739 the results are more unique, specialized, and cheaper than stock footage, and they trigger AI-haters. overall more good
@@r99716 glazing for AI pics is crazyyy
I visited NYC a few years ago. Couldn't believe how huge it was. I'm just not used to huge cities like it.
Tokyo is even bigger than NYC.
@@DCampusano1I mean its metrapolitan area is like 3/4 of that of wales
@@DCampusano1 Yes but I believe it's one of the few exceptions. NYC is still massive even if Tokyo is bigger.
@@DCampusano1 He did not say it was the biggest. However, New York's urban landmass area is larger than Tokyo's.
The United States is the world's largest economy, almost predetermined by its massive abundance of agricultural land and industrial resources. New York City is its key port to Europe. Los Angeles is its key port to Asia.
As someone whose lived here (Queens) my entire life. This puts a smile on my face
You should have an International City Leaderboard, that would be a great switch as you are starting to run out of countries. Keep up the great content! I watch all of your videos and have loved the two new channels!
@4:32 One of those Lake Ontarios should be Lake Erie.
We cannot underestimate NYC's influence on the world.
What make US distinctive is its capacity to finance ventures for innovation. Thing likely no country will accomplish under a dictatorship.
@@mbg9650 I think you should replace "ventures for innovation" with "wars" then it will be much more appropriate if you ask the rest of the world. 😂
@henrymcdoo actually, compared to the empires before, US is quite possibly the least bad one yet, more positive influenceon the world than negatives. It has a lot to do with it being a democracy. Just my take as a Chinese who studied in the US and choose to immigrate.
@@xiphoid2011People seem to take this country for granted. They forget what empires of the past were like!
@@xiphoid2011 Before, empires would directly attack and confront their enemies, usually engaging with one or two countries at a time. This is unlike what the US does today with remote warfare, often in the name of 'democracy,' provoking and sponsoring wars in the Middle East and Ukraine as well.
If you made this video an hour long I'd love it even more
A little note though - Ports of LA and Long Beach are right next to each other. Like, literally one ends and other begins. I would argue that they should be counted together for statistical purposes.
With the UN being there you could argue it’s the capital of the world too.
🇺🇸🇺🇸🇺🇸
New York City is the center of the world!
A great video, especially for those who may not be overly familiar with the region. Something from which I, as you can tell from my avatar icon, do not suffer.
In any case I submit one of the primary reasons for NYC and the metro areas success is the density of built-out infrastructure. From telecom to water, sewer to roads and rails it's got an unrivaled level of complexity that's all its own. And let's not forget that its transit system is instrumental in the city's development and existence. You can think of it as the city's version of the Mississippi river. People, goods and services use it every single day to get about the place.
But here's the thing city/national planners need to start seriously contemplating. Since the entire region is only a few tens of feet above current sea level it puts the whole of it in jeopardy if there's any truth to projected sea-level rise due to melting polar caps and the like. You flood the subway/transit system, for instance, and you strangle the city. And if you strangle the region you put a serious dint in the global competitive nature of the country as a whole.
Just some thoughts.
Man, I always look forward to your videos. I honestly think you're the one person that got me interested in economics
Economics Explained never fails to explain amazing economic stuff with relative ease!!
chup bc
one thing i would add for it's success is the fact that for hundreds of years it was the first place immigrants would arrive at in the great melting pot, and those immigrants arrived there in hopes of building a better life than they had in their homelands. the stock market is a big part of why New York became dominant but still you have to account for the infrastructure which took thousands of dreamers who wanted to develop large buildings that would earn lots of money and the millions of immigrants who built those buildings just looking to earn a better wage then they could back home.
When you mentioned the Yangtze River Delta, I wish you had also spoken about the Yellow River where Beijing is found and the Pearl River Delta where Guangzhou, Hong Kong, and Macau are found.
Just say you want him to a video on China’s rivers. It’s a separate topic that probably deserves its own video rather than just a segment in a video about NY.
Sure it's interesting to know about China's rivers too but I would like to see it's own video on it.
@@Knight_Kin I definitely agree. I think it would have been a nice mention here alluding to a future video. The topic itself is so interesting, and I've been following it for years.
Another big reason why there’s so much volume done at the ports along the Gulf is that that’s where the majority of the country’s refineries are located. Houston is the energy hub of the US (arguably the world) and South Louisiana has Henry Hub and other LNG major hubs
Watching from Trinidad and Tobago! 🇹🇹🇹🇹🇹🇹
Can't wait to see us featured one day.
Well, I thought the bay area CA was competitive with the NYC metro, but I looked it up and estimates range from $0.5T to $0.7T. Feeling inadequate now, thanks for that. Our per capita GDP's 89K, I think a little higher than NYC. But ever since I moved here, I've been reminded of Buffalo NY, where I lived for a while. The silicon valley of its day, it all blew away like smoke in the wind when industrial centers shifted around. Now they're tearing down abandoned houses there. NYC seems to have more economic depth, it won't fall until it sinks into the ocean, toward the end of this century.
Hello! Longtime watcher first time commenting.
I noticed some of the AI-generated images in this video. It helped illustrate the point during the manufacturing section, but aspects of some of the "people" were off enough that it bothered me enough to leave a comment.
Thank you for making content, it has been excellent at increasing my understanding of economics and some of the counter-intuitive pressures at play!
Correction: the Spanish founded St Augustine in Florida in 1565, which was before the Amsterdam stock exchange opened in 1602.
St Augustine was a commodities exchange (mostly slaves), not a stock exchange.
Without New York we wouldn’t have the avengers or the Tmnt so it was definitely worth it
Not just the avengers, a lot of early Marvel characters were based in real places in New York City. There were exceptions like The Hulk and Iron Man, but they were heroes first to their city than to the world.
More importantly, Daredevil and Batman!
And let's not forget our friendly neighborhood Spider-Man.
@@Batmans_Pet_GoldfishAbsolutely spider man is the one reason I wish to visit NYC one day
At 10:52, the presentation on New York City manufacturing, would be an interesting video on its own
Rome respectfully disagrees that New York is the most important city in human history
Rome was important in the Mediterranean, not the globe.
As does Babylon, Jerusalem, Beijing, Baghdad, Constantinople, London...
Rome wasn't even the capital of the Roman empire de facto nor de jure for centuries.
@@okeneNew York is not the capital of the US either.
@@ejtattersall156perhaps check the language that you speak….
I've lived in New York for most of my life, and I'm still not sure what you were referring to when you talk about NY-based manufacturing "producing things to compete in New York". Are we talking about subway equipment or something? Pizzas? Theatrical lighting? Pianos? (Steinway, FWIW, DOES actually compete internationally.)
The biggest manufacturing sector that I'm aware of in the greater NYC metro area is the chemical and pharmaceutical manufacturing in New Jersey, which is less expensive than the city proper, and the aerospace industry in Long Island, which I think is mostly defunct these days. I suppose some of the media industry, particularly print media, might be classified as manufacturing, but that might depend on the statistical agency.
acktually
In October 2023, the top exports of New York City, NY were Gold ($2.36B), Diamonds ($1.17B), Jewellery ($939M), Vaccines, blood, antisera, toxins and cultures ($877M), and Paintings ($868M). In October 2023 the top imports of New York City, NY were Diamonds ($1.39B), Refined Petroleum ($1.2B), Commodities not elsewhere specified ($1.18B), Cars ($1.14B), and Paintings ($1.11B).
The problems of NYC are not economics related, at least in the grand scheme of things. They are social problems first and foremost that impact economy of the city. The city unfortunately needs a strong mayor who won't answer to whoever is pulling the strings behind and also a strong district attorney who won't succumb to political corruption.
Totally agreed.
However, NYC is arguably the least bad city in America when it comes to these issues. There is a far higher share of the homeless population of NYC in shelters than in San Francisco, for example, where it is nearly impossible to build shelters due to NIMBYs.
@@sentfromheaven00 That is true but the importance of NYC should put greater focus on these issues. And in NY homelessness is less of an issue compared to cities with warmer climate, however, crime and mental struggles make big impact.
Harvey Dent is required 🤣🤣🤣🤣
I would disagree if only because most of the social issues cannot be separated from the economic. Homelessness would not be such an issue if not for the high cost of living. Much of the worst corruption is due to businesses, large and small, buying influence. Crime itself has serious economic effects on the city, forcing many notable businesses to close this year alone. That said, you are 100% correct to say strong leadership and an effective justice system is especially critical to the welfare of the city. It seems too many people don't know what NYC was like in the '70s to mid '90s.
*Babylon* *Kashi* *Rome* *Constatinople* *Beijing* *Cairo* *Baghdad* *Paris* - all were the most popular city at some point in history .
How could you ignore the role of slavery and financing slavery in the financial roots of NYC?
had very little impact
@@akjdhajkdjhaghjkadh9804 Read
Thanks for Making these types of amazing case studies
New York gets a bad rap by terminally online idiots whom have never spent any time here. It is safe & easy to travel around without a car, the food is incredible, and it has an energy that is impossible to describe.
Louis Rossmann.
Rome was. NYC impact on humanity is not even close.
I would like to see a video on Chicago!
“This is New York!”
-New Yorker
Stanford alumni have founded numerous companies, which combined produce more than $2.7 trillion in annual revenue.
Wow!
I didn't realise what a port leader Louisiana still was.
I forget the exact quote or speaker, but it goes something like, "Oh honey, this isn't America, this is New York" 😆
You dont need to talk with a therapist if you are stressed and working to many hrs. What you need is get another job and also elect politicians that stop companies from abusing their employees
7:30 Unrelated to the video, what made you skip the stock exchanges in India on the map since they are one of the oldest in the world and one of the biggest by market cap?
MAKE VIDEO ABOUT PUERTO RICO PLEASE
As someone from nyc, nyc is its own state
Those companies are not only larger than the market cap of every company in Oz, their valuations are the GDP of Australia + Indonesia
I would like to hear some concrete examples of local manufacturing companies
Love your videos! Is there paid option somewhere to watch them without the ads(talking about the sponsored ads)?
It's not that serious. Just skip ahead.
@@AwesomeHairo although that is true, there are some cases (phone, TV, etc.) where moving back and forward is not as convenient. Furthermore this channel doesn't mark in any way where the add will finish. So that said, since I totally understand and support the creators need to actually make profit and continue operations, I actually prefer to pay directly to them, instead of having advertisements.
@@damyor On the phone, just double tap until he finishes with the promotion.
You know I would really love a longform video about NYC, I feel like it's such an interesting and deep topic
NY Metropolitan GDP is larger than that of Russia 😅
And yet people still call Russia a "superpower" lol.
The AI imagery used should be albeled as such.
More important than Jerusalem, Istanbul/constantinople, Rome. Even the british empire lasted longer and was more influential than the american one is (at least for now)...
The British empire was during the industrial revolution(in the 3rd world mostly) which is probably the biggest change to humanity since metallurgy.
No empire today can have such a big impact to the peoples of Earth
plz dont use ai images
Major Uncanny Valley vibes.
Upstate NY keeps saying NYC is "useless"
Idea. Make multiple leaderboards. Country, province/state and city. Then do comparisons between them
Negligible cargo moves through the old Erie Canal between Albany and Buffalo (the Hudson and the Great Lakes) today. Ship cargo destined for inland moves through the St Lawrence Seaway.
I live in this town my whole life, unlike most who moved here & don't remember when it was as dangerous as conservatives claim it still is...this makes me more arrogant. Suburbs suck. zzz.
EE, I would like to let you know that I've noticed the AI photos. I get it. It's cheaper. But it's also worse. THE TRAGEDY OF THE COMMONS IS NIGH.
NY is probably the most important city of the 20th century and today. However, it does not crack top 10 most important cities in human history. This is partially because of Washington D.C., Boston, LA (Hollywood)) etc which dilute its status somewhat. I'd say It's in the same league as London, ahead of Paris, Moscow and Berlin. Probably behind Carthage, Jerusalem and certainly behind Athens, Ur, Constantinopole, Ctal Hyuk (or whatever the first city was). We don't need to mention Rome, which is in its own league.
Awesome as always! do London next.
Can't wait to see New New New New New New New New New New New York's impact in few thousand years.
I mean, not that I will see it but I'll bet it would've been fun.
I would give so much to be able to live in New York...
NYC is great, but most important in history is obviously Rome. It was the cultural capital of the world for a thousand years.
And all the world still speaks Latin and wears togas. Oh wait. They speak English and wear suits, nevermind.
Rome was incredibly influential on millions of people around the Mediterranean for many centuries. New York is incredibly influential on BILLIONS of people around the entire world. It hasn't been for centuries yet but it's getting there.
@quietus13 bro you do realize England was literally part of the Roman empire right? 😂
@@ATMOSK1234 Bro you do realize very little of Roman culture remained after the collapse of the western empire? English culture is highly Anglo Saxon culture, which is itself Germanic. English culture has as much or more Celtic influence than Latin.
@quietus13 I said rome the city, not the Roman empire. After the fall of Rome the catholic church was a huge force both culturally and politically until basically the current day. The crusades, the Renaissance, basically every major event in Europe wad hugely effected by what was going on in Rome until atleast the 16th century.
@@ATMOSK1234 the Catholic Church has been irrelevant in England since King Henry VIII. England was Protestant before the first colony was even founded, which were in turn were Protestant when they were founded.
Again, English culture and by relation British culture, has been influenced 80% by Germanic/Nordic, then maybe 10-15% Celtic, then the rest Latin and much of that was indirectly thru French influence.
I'll agree to disagree, NYC is much more impactful globally and I hate NYC.
The weakness: needing to channel enormous amounts of food and energy into NY area every day. Then channel the trash/sewage out. Either one of those aspects interrupted for a week and its rating means nothing.
Hmm London has been around for over 1000years, and still vies with NY for top position…. Considering its cosmopolitan advantage, I’d say there’s no competition- still.
2000 years
It’s not London because of the UK’s increasing irrelevance on the world stage. If it wasn’t for the need for tax evasion London would be even more irrelevant.
Not anymore! Businesses and people are running away from NY!
"certainly not perfectly efficient" - have a big channel and all of a sudden feel confident using words like "certainly." Don't forget your roots - economics isn't a science of certainty
Do one on London
Staten Island. Way to go. Bravo
pretty interesting
No mention of New York as a leader in the field of medicine with several world-leading hospitals and only passing reference to New York law firms and courts.
Empire state 👑
Deeply disagree about the premise of 'most important city in human history' There are a ton of cities in the middle east alone that have had a tremendous impact on human history such as baghdad and Damascus, other cities nearby such as samarkand, cairo, alexandria have all had a extended and deep impact, meanwhile, while new york is certainly an important city it is essentially just a newer and bigger London, if New York was never built or if it never took on prominence, there are plenty of east coast cities that could have taken on the mantle of financial hub instead, Philly, Boston, Washington, Baltimore etc.
Its certainly one of the most influential cities of recent history, but hardly of human history
Will you please do NY State as a whole since you put it on state economics explained
As a suggestion, rename the leaderboard to Economic Entity Leaderboard, or EE Leaderboard 😉
NYC also has a hugely productive hinterlands region, with a population density along European lines, fertile productive farm and forestlands, all of it well watered, and with a moderate climate. This has developed a ring of smaller urban centers specializing in the sort of 'break of bulk' and industrial production 'the city' is too expensive for, all of them within the critical 4-8 hour transport time. This gives NYC a 'least cost' advantage over many of its competitors added to its low cost usage of clean, renewable hydro-electric power from NY states access to Niagara Falls and the St. Lawrence River. We make Braavos look like Jakarta....😁
yorker spotted
@@painfullyhuman - Yup; it's like being born on third base in the baseball game of life.
*The most important city in modern history
In my opinion, Rome was the most important city in human history.
I’m sure there are historical cities in China that could give Rome a run for its money. Rome is def the most important city in the history of the western world.
Interesting try to include AI generated images, but at the current state of technology I still prefer stock images :)
Your content is really insightful. Throughout the video I was thinking about Mumbai (My home) is so relatable to New York City even though I've never been to the States.
Indian or south Asians in general don’t care about outside hygiene due to caste. Vietnam is poor but not filthy like India
You gotta do Mumbai next. Please mate.
At 7:32 dude didn't even mention Mumbai which has 2/10 largest stock exchanges in the world.
Both of my favorite lakes at 4:32 Lake Ontario and Lake Ontario
There is no need to have a physical exchange anymore. Still didn’t explain why even nowadays why it is still so hard to move out of NYC
still can't get over that you forgot to rank Italy 😂
And to think, this was once the city that couldn't even afford to pay Robert Shaw a million dollar ransom fee.
You really ought to tag the AI generated photos you use.
If the work of photographers can be AI generated, then yours can too.
You sure know how to stroke my American ego.
Actually, contrary to popular belief, the Dutch stock exchange was not the first globally, just the first in the West. It as already in the Song dynasty China, that people would buy and sell papers representing partial ownership of enterprises. Or at least, so I was told.
U should call it 'Communities Leaderboard'
A London video would be much appreciated, thank you for the great content!
The Ohio river was missing from you map and that was huge for the Mississippi River economy and transportation
I would say Uruk would be, but what do i know
Let’s do some other financial capital of a country and see how each stack up to each other. Maybe Mumbai
Being from Pittsburgh I must say the title of building America belongs to us
Why don't you make a city leaderboard
It sure has ripped my 401k apart a few times. I imagine it's a powerhouse.
Do mumbai next!!
Is London or NYC the financial capital of the world?