Sydney instance of financial centre
Economy
Researchers from Loughborough University have ranked Sydney amongst the top ten world cities that are highly integrated into the global economy. The Global Economic Power Index ranks Sydney number eleven in the world. The Global Cities Index recognises it as number fourteen in the world based on global engagement. There is a significant concentration of foreign banks and multinational corporations in Sydney and the city is promoted as Australia's financial capital and one of Asia Pacific's leading financial hubs.The prevailing economic theory in effect during early colonial days was mercantilism, as it was throughout most of Western Europe. The economy struggled at first due to difficulties in cultivating the land and the lack of a stable monetary system. Governor Lachlan Macquarie solved the second problem by creating two coins from every Spanish silver dollar in circulation. The economy was clearly capitalist in nature by the 1840s as the proportion of free settlers increased, the maritime and wool industries flourished, and the powers of the East India Company were curtailed.Wheat, gold, and other minerals became additional export industries towards the end of the 1800s. Significant capital began to flow into the city from the 1870s to finance roads, railways, bridges, docks, courthouses, schools and hospitals. Protectionist policies after federation allowed for the creation of a manufacturing industry which became the city's largest employer by the 1920s. These same policies helped to relieve the effects of the Great Depression during which the unemployment rate in New South Wales reached as high as 32%. From the 1960s onwards Parramatta gained recognition as the city's second CBD and finance and tourism became major industries and sources of employment.Sydney's nominal gross domestic product was AU$400.9 billion and AU$80,000 per capita in 2015. Its gross domestic product was AU$337 billion in 2013, the largest in Australia. The Financial and Insurance Services industry accounts for 18.1% of gross product and is ahead of Professional Services with 9% and Manufacturing with 7.2%. In addition to Financial Services and Tourism, the Creative and Technology sectors are focus industries for the City of Sydney and represented 9% and 11% of its economic output in 2012.
type of example of manifestation of representation of