Sociology

Since the beginning of the industrial revolution in the United States, New York City has been a leader not just in corporations, but in finance.  Many consider New York City to be the epicenter of the financial market in the United States, and possibly the world.  However, that may not be as accurate as it was 20 years ago or even 10 years ago.  At the beginning of the 21st century the New York Stock Exchange carried over half of all financial services worldwide.  By 2005, New York held only about 5 of the financial services, with most of the banking and exchanges moving out of state and overseas.

Recently, BATS exchange came out of nowhere and is now the third ranked exchange in the world of finance.  It is based out of Kansas City which has allowed for a low start up cost and thereby savings for its investors.  New York can not compete due to the fact that it has one of the highest cost of living and cost of doing business in the United States.

Overseas markets are claiming their piece of the financial market as well.  Nordic exchanges backed by Dubai, Chinese, Japanese, French, Swedish and the United Kingdom are all grabbing up profits and clients in the financial world.  The internet and electronic trading has opened doors for these exchanges and services more than ever before. With the financial leaders moving to other states and overseas, the future of New York is uncertain.

In the past, New York has always risen to take the next step and stay ahead of the game.  It was the financial center before the civil war. It was the industrial era leader funding corporations, railroads, and factories in the 19th century.  It moved from banking into investing leadership with the creations of the Securities and Exchange Commission, and while Europe was in the middle of war, the United States, mainly New York built its financial industry to help with the fallout of those wars, both at home and abroad.  Many believe that this is just another step in the grandeur of New York and that instead of being the financial epicenter, it will become the epicenter of the wealthy and the rich.

Packer Summary
Lagos is an island off of the mainland Nigerian Coast of Africa.  It is a slum from side to side, with people living on the streets and having no privacy.  Hundreds of thousands migrate to the island every year in hopes of gaining employment and getting out of the rural areas only to be led into a world of poverty that they will more than likely never leave.  Across the bridge into the mainland the slum spills over.  The gangs of Muslims and Christians fight with fists, knives and guns.  The rooms in which the poor live house seven to eight people with many sleeping on the floors. Other sleep on ledges and in gutters or anywhere they can find a somewhat safe place.

Lagos is a megacity that has had extreme population explosions in the last decade.  The island is also an iconic stop for artists and authors trying to alleviate some of the problems in the city.  Others see Lagos as a new type of urban lifestyle that defines western thought and design.

In the 1970s the civilian government had created a plan to make Lagos self-sufficient and a commercial capital.  However, due to the government upheaval and the military take over, the rejuvenation plans were destroyed as corrupt leaders took over and used Lagos for their own money making ideas. In 1999, a new government came into power and the overall reconstruction and revitalization plans of the 1970s were brought out of the dark and began to be implemented.  One of the first things the government did was to help with housing and sanitation.  While the city is not pristine by Western standards, it is 100 better than it was only a decade ago.

More needs to be done in the way of the economy and the population explosion of this island.  If it keeps growing at its current pace, then in all likelihood, something will give and the people will revolt.  It is surprising that this has not occurred yet, but most know it is only a matter of time.  Before then, much has to be done and only the government can make the necessary changes, but that does not seem like it will happen without provocation.  In which case, Lagos will continue until it explodes in on itself.