Since the beginning of the global trade in securities, bonds and currencies, three cities have emerged as the world's preeminent money centers: New York (Wall Street), London (The City) and Tokyo. They exert enormous influence on the world's economic agenda, and their cultures subtly shape the world of finance. But today, with the emergence of dynamic economies and societies in the developing world, there has emerged a host of new potential global financial centers. The list is long: Mumbai, Singapore, Hong Kong, Seoul, Dubai, Lagos, Johannesburg. None yet rivals the current triumvirate. But three—Shanghai, Moscow and São Paulo—are particularly interesting prospects.
If you came to Shanghai in the summer of 2010, you would have found a city awash in smiling blue faces. Haibao (“sea treasure”) the Gumby-like official mascot of the 2010 Shanghai World Expo, was everywhere. His image was beamed onto giant video screens, stood sentry at intersections,...
