Ben Shalom Bernanke is an American economist at the Brookings Institution who served two terms as Chair of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave. From August 5, 2002 until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke Doctrine, first discussed "the Great Moderation" — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy increases in the economic stability of developing nations, diminishing the influence of macroeconomic policy. Bernanke served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve.
His first term began February 1, 2006. Bernanke was confirmed for a second term as chairman on January 28, 2010, after being renominated by President Barack Obama, who referred to him as "the epitome of calm." His second term ended January 31, 2014, when he was succeeded by Janet Yellen on February 3, 2014. Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act, in which he revealed that the world's economy came close to collapse in 2007 and 2008. Bernanke asserts that it was only the novel efforts of the Fed that prevented an economic catastrophe greater than the Great Depression. Bernanke was born in Augusta and was raised on East Jefferson Street in Dillon, South Carolina, his father Philip was part-time theater manager. His mother Edna was an elementary school teacher. Bernanke has two younger siblings, his brother, Seth, is a lawyer in Charlotte, North Carolina. His sister, Sharon, is a longtime administrator at Berklee College of Music in Boston.
The Bernankes were one of the few Jewish families in Dillon and attended Ohav Shalom, a local synagogue. Bernanke's father and uncle owned and managed a drugstore they purchased from Bernanke's paternal grandfather, Jonas Bernanke. Jonas Bernanke was born in Boryslav, Austria-Hungary, on January 23, 1891, he immigrated to the United States from Przemyśl, Austria-Hungary and arrived at Ellis Island, aged 30, on June 30, 1921, with his wife Pauline, aged 25. On the ship's manifest, Jonas's occupation is listed as "clerk" and Pauline's as "doctor med"; the family moved to Dillon from New York in the 1940s. Bernanke's mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Ben Bernanke worked there sometimes; as a teenager, Bernanke worked construction on a new hospital and waited tables at a restaurant at nearby South of the Border, a roadside attraction in his hometown of Dillon, before leaving for college. To support himself throughout college, he worked during the summers at South of the Border.
As a teenager in the 1960s in the small town of Dillon, Bernanke used to help roll the Torah scrolls in his local synagogue. Although he keeps his beliefs private, his friend Mark Gertler, chairman of New York University's economics department, says they are "embedded in who he is"; the Bernanke family was concerned that Ben would "lose his Jewish identity". Fellow Dillon native Kenneth Manning, who would become a professor of the history of sciences at MIT, assured the family "there are Jews in Boston". Once Bernanke was at Harvard for his freshman year, Manning took him to Brookline for Rosh Hashanah services. Bernanke was educated at East Elementary, J. V. Martin Junior High, Dillon High School, where he was class valedictorian and played saxophone in the marching band. Since Dillon High School did not offer calculus at the time, Bernanke taught it to himself. Bernanke was a National Merit Scholar, he was a contestant in the 1965 National Spelling Bee. Bernanke attended Harvard University in 1971, where he lived in Winthrop House, as did the future CEO of Goldman Sachs, Lloyd Blankfein, graduated with an A.
B. degree, with an A. M. in economics summa cum laude in 1975. He received a Ph. D. degree in Economics from the Massachusetts Institute of Technology in 1979 after completing and defending his dissertation, Long-Term Commitments, Dynamic Optimization, the Business Cycle. Bernanke's thesis adviser was the future governor of the Bank of Israel, Stanley Fischer, his readers included Irwin S. Bernstein, Rüdiger Dornbusch, Robert Solow, Peter Diamond of MIT and Dale Jorgenson of Harvard. Bernanke met his wife, Anna, a schoolteacher, on a blind date, she was a student at Wellesley College, he was in graduate school at MIT. The Bernankes have two children, he is an ardent fan of the Washington Nationals baseball team, attends games at Nationals Park. When Bernanke left Stanford to accept a position at Princeton, he and his family moved to Montgomery Township, New Jersey in 1985, where Bernanke's children attended the local public schools. Bernanke served for six years as a member of the board of education of the Montgomery Township School District.
In 2009 The Wall Street Journal reported that Bernank
An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, economics computational models, financial economics, mathematical finance and mathematical economics; the professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path. It is a debate between a scholastic orientation, focused on mathematical techniques, a public discourse orientation, more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter.
Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. Getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics; the prize winners are announced in October every year. They receive their awards on the anniversary of Alfred Nobel's death. Economists work in many fields including academia, government and in the private sector, where they may "...study data and statistics in order to spot trends in economic activity, economic confidence levels, consumer attitudes. They assess this information using advanced methods in statistical analysis, computer programming they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."In contrast to regulated professions such as engineering, law or medicine, there is not a required educational requirement or license for economists.
In academia, to be called an economist requires a Ph. D. degree in Economics. In the US government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. A professional working inside of one of many fields of economics or having an academic degree in this subject is considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration and non- or not-for profit organizations. Politicians consult economists before enacting economic policy. Many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil. According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of $83,000 the top ten percent earning more than $147,040 annually.
Nearly 135 colleges and universities grant around 900 new Ph. D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes; as of January 2013, PayScale.com showed Ph. D. economists' salary ranges as follows: all Ph. D. economists, $61,000 to $160,000. D. corporate economists, $71,000 to $207,000. The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom, shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional and international organisations, across many sectors; this figure compares favourably with the national picture, with 64 percent of economics graduates in employment. Some current we
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System; the U. S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, moderating long-term interest rates; the first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, also include supervising and regulating banks, maintaining the stability of the financial system, providing financial services to depository institutions, the U. S. government, foreign official institutions.
The Fed conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database. The Federal Reserve System is composed of several layers, it is governed by the presidentially appointed board of Federal Reserve Board. Twelve regional Federal Reserve Banks, located in cities throughout the nation and oversee owned commercial banks. Nationally chartered commercial banks are required to hold stock in, can elect some of the board members of, the Federal Reserve Bank of their region; the Federal Open Market Committee sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time. There are various advisory councils. Thus, the Federal Reserve System has both private components, it has a structure unique among central banks, is unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, an account surplus is maintained. In 2015, the Federal Reserve earned net income of $100.2 billion and transferred $97.7 billion to the U. S. Treasury. Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, the terms of the members of the board of governors span multiple presidential and congressional terms." The primary motivation for creating the Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, for other purposes".
Before the founding of the Federal Reserve System, the United States underwent several financial crises. A severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system. Current functions of the Federal Reserve System include: To address the problem of banking panics To serve as the central bank for the United States To strike a balance between private interests of banks and the centralized responsibility of government To supervise and regulate banking institutions To protect the credit rights of consumers To manage the nation's money supply through monetary policy to achieve the sometimes-conflicting goals of maximum employment stable prices, including prevention of either inflation or deflation moderate long-term interest rates To maintain the stability of the financial system and contain systemic risk in financial markets To provide financial services to depository institutions, the U.
S. government, foreign official institutions, including playing a major role in operating the nation's payments system To facilitate the exchange of payments among regions To respond to local liquidity needs To strengthen U. S. standing in the world economy Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice is called fractional-reserve banking; as a result, banks invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating. Bank runs can lead to a multitude of economic problems; the Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, act as a lender of last resort when a bank run does occur. Many economists, following Nobel laureate Milton Friedman, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929.
Because some banks refused to clear checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is described in
Manhattan referred to locally as the City, is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, historical birthplace. The borough is coextensive with New York County, one of the original counties of the U. S. state of New York. The borough consists of Manhattan Island, bounded by the Hudson and Harlem rivers. S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower and Upper Manhattan. Manhattan has been described as the cultural, financial and entertainment capital of the world, the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, Manhattan is home to the world's two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ.
Many multinational media conglomerates are based in Manhattan, the borough has been the setting for numerous books and television shows. Manhattan real estate has since become among the most expensive in the world, with the value of Manhattan Island, including real estate, estimated to exceed US$3 trillion in 2013. Manhattan traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan. Manhattan is documented to have been purchased by Dutch colonists from Native Americans in 1626 for 60 guilders, which equals $1038 in current terms; the territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York, based in present-day Manhattan, served as the capital of the United States from 1785 until 1790; the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a world symbol of the United States and its ideals of liberty and peace.
Manhattan became a borough during the consolidation of New York City in 1898. New York County is the United States' second-smallest county by land area, is the most densely populated U. S. county. It is one of the most densely populated areas in the world, with a census-estimated 2017 population of 1,664,727 living in a land area of 22.83 square miles, or 72,918 residents per square mile, higher than the density of any individual U. S. city. On business days, the influx of commuters increases this number to over 3.9 million, or more than 170,000 people per square mile. Manhattan has the third-largest population of New York City's five boroughs, after Brooklyn and Queens, is the smallest borough in terms of land area. Manhattan Island is informally divided into three areas, each aligned with its long axis: Lower and Upper Manhattan. Many districts and landmarks in Manhattan are well known, as New York City received a record 62.8 million tourists in 2017, Manhattan hosts three of the world's 10 most-visited tourist attractions in 2013: Times Square, Central Park, Grand Central Terminal.
The borough hosts many prominent bridges, such as the Brooklyn Bridge. Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, the Stonewall Inn in Greenwich Village, part of the Stonewall National Monument, is considered the birthplace of the modern gay rights movement; the City of New York was founded at the southern tip of Manhattan, the borough houses New York City Hall, the seat of the city's government. Numerous colleges and universities are located in Manhattan, including Columbia University, New York University, Cornell Tech, Weill Cornell Medical College, Rockefeller University, which have been ranked among the top 40 in the world; the name Manhattan derives from the Munsee dialect of the Lenape language'manaháhtaan'. The Lenape word has been translated as "the place where we get bows" or "place for gathering the bows". According to a Munsee tradition recorded in the 19th century, the island was named so for a grove of hickory trees at the lower end, considered ideal for the making of bows.
It was first recorded in writing as Manna-hata, in the 1609 logbook of Robert Juet, an officer on Henry Hudson's yacht Halve Maen. A 1610 map depicts the name as Manna-hata, twice, on both the west and east sides of the Mauritius River. Alternative folk etymologies include "island of many hills", "the island where we all became intoxicated" and "island", as well as a phrase descriptive of the whirlpool at Hell Gate; the area, now Manhattan was long inhabited by the Lenape Native Americans. In 1524, Florentine explorer Giovanni da Verrazzano – sailing in service of King Francis I of France – became the first documented European to visit the area that would become New York City, he entered the tidal strait now known as The Narrows and named the land around Upper New York
Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian" theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and described his approach as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.
He theorized that there existed a "natural" rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy, his ideas concerning monetary policy, taxation and deregulation influenced government policies during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–2008. Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher, his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating conscription in the United States was his proudest accomplishment.
In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice renamed EdChoice. Friedman's works include monographs, scholarly articles, magazine columns, television programs and lectures and cover a broad range of economic topics and public policy issues, his books and essays have had global influence, including in former communist states. A survey of economists ranked Friedman as the second-most popular economist of the 20th century following only John Maynard Keynes and The Economist described him as "the most influential economist of the second half of the 20th century... of all of it". Friedman was born in Brooklyn, New York on July 31, 1912, his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary.
They both worked as dry goods merchants. Shortly after his birth, the family relocated to New Jersey. In his early teens, Friedman was injured in a car accident. A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday, he was awarded a competitive scholarship to Rutgers University. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago. Friedman chose the latter, thus earning a Master of Arts degree in 1933, he was influenced by Jacob Viner, Frank Knight, Henry Simons. It was at Chicago that Friedman met economist Rose Director.
During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, working on Theory and Measurement of Demand; that year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis. Friedman was unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, D. C. where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists. At this stage, Friedman said that he and his wife "regarded the job-creation programs such as the WPA, CCC, PWA appropriate responses to the critical situation," but not "the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration." Foreshadowing his ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued.
Indeed, Friedman concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease," arguing that the money supply should have been expanded, instead of contracted. Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a
The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
The Padrón Rea