Let’s visit some of the world’s most famous and successful business districts

Community is important. Being together with like-minded people is a powerful thing. Early on, some savvy business people realized that community is important for business too, so they established industry centers. Imagine that — dozens of competitors all working together in one area! Turns out, this is great for business.

Where the Money Is

Manhattan, New York, is home to some of the world’s most important business districts. First, let’s head to Lower Manhattan, also known as the finance district.

Can you guess what kind of businesses make their home here? You got it! Banks from all over the world have offices or headquarters here. Other financial companies, like brokerage firms and insurance companies, are also located here. The New York Stock Exchange is here too.

At the heart of the area is one of the most well-known streets in the world: Wall Street. This is a smallish street (by Manhattan standards) that got its name from the wall that the Dutch settlers (who settled the land in 1624 and called it New Amsterdam) built to protect themselves from pirate attacks and the British. (The British purchased New Amsterdam from the Dutch in 1664 and renamed it New York.)

In 1711, the city of New York chose the area of Wall Street to be the location of the city’s slave market. The slave trade was super important in those days, and slave traders became very wealthy. This was the start of Wall Street’s significance as a financial center, as eventually slaves weren’t the only things being traded on Wall Street. By the end of the century, New York traders wanted to compete with stock traders in Philadelphia. Back then, Philly was the real financial center of America, but the New Yorkers were determined to change that.

In 1792, 24 stock traders met under a sycamore tree (also known as a buttonwood) at 68 Wall Street and signed the Buttonwood Agreement, in which they agreed to trade only with each other. Soon after, they established the New York Stock and Exchange Board. Traders began to flock to New York City instead of Philly, and Wall Street became America’s center of commerce.