Uncover the Geographical Insights of Finance with Atlas of Finance
What was the inspiration for this book?
Atlas of Finance wasn't James Cheshire's idea. It originated from Dariusz Wójcik, an economic geographer based in Oxford who later moved to the National University of Singapore. Wójcik is a map enthusiast but lacked the cartographic background and data visualization skills to realize his dream of creating a financial geography atlas. He recommended the project to Cheshire and Oliver Uberti. Together, they developed a plan to create the first atlas of its kind, showing the financial world from a geographic perspective. Wójcik's drive led to the publication of the book after nearly five years.
There are numerous examples where geography matters, creating disparities and opportunities in finance. One such example is the need to connect trading centers between Chicago and New York quickly due to the New York Stock Exchange. Companies go to great lengths, using microwave transmitters and fiber optic cables, to get data as fast as possible for a trading advantage.
What surprised you about the content? Has working on the book changed your understanding of money and the effects of geography on it?
Cheshire's background is in geography but not financial geography. Working on the book was a learning experience, highlighting the continued importance of geography in finance. Despite the shrinking world through the internet, there are still differences between countries that create opportunities and risks. For example, the need to connect trading centers quickly shows that distance is still a significant factor.
Another example is the visualization of remittances. The book shows incoming remittances to countries as a percentage of GDP in 2019, highlighting the significance of remittances in livelihoods and the global financial system.
Migrating Money: Remittances have become a major part of livelihoods and the global financial system.
The image in the book depicts the incoming remittances to countries, emphasizing their importance. Remittances play a crucial role in many economies and have a significant impact on people's lives.
This shows how data visualization can bring to light important aspects of the global financial system that might otherwise be overlooked.
Where is Money Going? Having penetrated every nook and cranny of Earth, finance looks set to conquer outer space.
The image shows the number of observational satellites per country in 2021, indicating the reach of finance. It's fascinating to see how finance is expanding its influence beyond Earth.
This visual gives a glimpse into the global reach of financial activities and the potential for further expansion.
What were the key data visualization challenges? Were there any topics you found difficult to align with the atlas concept?
The challenge in mapmaking is deciding what to include and what to leave out. While some may consider a physical printed book old-fashioned, printing a paper atlas from high-tech data has its advantages. Knowing the page size and constraints allows for strong editorial decisions about the amount of detail to include.
James Cheshire's role involved working closely with Oliver Uberti and experts. They had to distill a large amount of data into a single story, which informed the data processing and design. This collaborative process was crucial in creating a coherent atlas.
Islands of Wealth: For the rich, London is paradise, a sunny archipelago of expensive properties registered in offshore jurisdictions and tax havens.
The image shows overseas sales and purchases of properties from 2008-18, highlighting the wealth concentration in certain areas. It showcases how finance and property are intertwined in specific locations.
This visual provides insights into the global distribution of wealth and the role of offshore jurisdictions in the financial world.
How did you coordinate the style with the substance in the balance of the book?
The book's designer, Oliver Uberti, focused on making the book look like money. Using techniques from bank notes inspired the colors and rendering of the images. A consistent color palette was chosen to tie the book together and create a seamless experience.
For each graphic, the mantra "it's the topic, the data, the angle, the form" was followed. This ensured that the graphics were focused on a specific topic, used appropriate data, and were presented from the right angle and form.
In hindsight, which key elements stand out since publishing the book?
Like with previous books, the first copy of this one was a special moment. But since James Cheshire was directly involved until the last minute, the final book was an even bigger surprise.
The project was educational for the team. In academics, people are often reluctant to iterate through ideas, but the coauthors were open to it. They learned a lot from each other about financial geography and visualization.
Share more about the spreads you really enjoyed.
The football spread was at the margins of Cheshire's interest but showed how football players are now assets that can be traded. It demonstrated the significant amount of money in football and the trading of these assets.
The Roman coin visual was another favorite. It started as a simple map of dots showing the counts of where coins were found, but it required a lot of iteration to ensure the researchers were happy with the final graphic and its interpretation.
The US ratings visual also stands out, showing the disparities in credit ratings across different parts of the US. It highlights the long-lasting inequalities in the system.
The Quantified Customer: Credit-scoring algorithms try to predict the future, renewing inequalities of the past.
The image shows a heat map of the USA illustrating the percentage of the population with subprime credit scores by county in 2021. It reveals the entrenched inequalities in the credit system and how they affect individuals.
These visualizations bring to light important societal issues related to credit and its allocation.
When we’re creating data visualizations, we’re still looking to persuade people of an idea, potentially. We’re still looking to find new insights. We’re looking to bring people with us.
This is the essence of data visualization. Even in small visuals, the goal is to persuade, find insights, and engage the audience.
By thinking through the process, visuals become more compelling and have a greater impact on communication.
World of Crises: The history of capitalism is peppered with financial crises, but their type and frequency vary from region to region.
The image shows financial crises across the globe by decade from 1600-2020, highlighting the regional differences in financial crises.
This visual helps us understand the patterns and variations of financial crises over time and across different regions.
Key Recommendations for Australian Agriculture in Southeast Asia
Resource Allocation for Trade Agreements
The committee recommends resourcing agencies to effectively implement trade agreements and address non-tariff barriers. This is crucial for ensuring smooth trade flows and maximizing the benefits of existing agreements. By providing the necessary resources, Australia can better support its agricultural exports and strengthen its position in Southeast Asian markets. For example, dedicated teams can be established to navigate the complex regulatory landscapes and negotiate favorable terms. This proactive approach will help overcome trade obstacles and open up new opportunities for Australian farmers and agribusinesses.Long-Term Commitment to Business Exchange Programs
Making a long-term commitment to the Southeast Asia Business Exchange program is another important recommendation. Such programs facilitate networking, knowledge sharing, and business collaborations between Australian and Southeast Asian entities. By investing in these exchanges, Australia can build stronger relationships and foster mutual understanding. This can lead to increased trade, joint ventures, and technology transfer. For instance, regular business missions and workshops can be organized to bring together key players from both regions. These interactions will not only promote trade but also contribute to the development of the agriculture sector in Southeast Asia.Enhancing the Agriculture Counsellor Network
Maintaining and enhancing the Agriculture Counsellor network is essential for effective communication and cooperation. Counsellors play a crucial role in providing advice, facilitating trade, and addressing issues related to agriculture. By strengthening this network, Australia can ensure timely and accurate information exchange. They can act as a bridge between the two regions, helping Australian farmers and agribusinesses understand the local market dynamics and regulatory requirements. This will enable them to make informed decisions and tailor their products and services accordingly.Reinstating and Resourcing Key Initiatives
Reinstating and resourcing the Agri-Business Expansion Initiative and the Agriculture Trade and Market Access Cooperation program is vital. These initiatives have the potential to drive agricultural growth and trade in Southeast Asia. With additional resources, they can be expanded and made more effective in promoting market access and facilitating business development. For example, more funds can be allocated for market research, trade promotion activities, and capacity building programs. This will help Australian agribusinesses penetrate new markets and establish a stronger foothold in Southeast Asia.Increasing Resources for Biosecurity Collaboration
Increasing the resources available for regional collaboration on biosecurity is a critical recommendation. Biosecurity is a significant concern in agriculture, and collaborative efforts are needed to address this issue. By providing more resources, Australia can support research, monitoring, and capacity building in biosecurity. This will help prevent the introduction and spread of pests and diseases, safeguarding the agricultural sector in both Australia and Southeast Asia. For instance, joint research projects can be initiated to develop innovative biosecurity solutions and share best practices.Supporting the Australian Agricultural Partnership and PALM Scheme
The committee further supports the establishment of the Australian Agricultural Partnership and the extension of the PALM scheme to Southeast Asia. These initiatives offer opportunities for collaboration and investment in the agriculture sector. The Australian Agricultural Partnership can bring together stakeholders from both regions to develop joint strategies and projects. The PALM scheme, when extended, can provide financial support and incentives for Australian agribusinesses to invest in Southeast Asia. This will help drive agricultural development and create economic opportunities in the region.Over the course of the inquiry, the committee held seven public hearings and received 28 written submissions from various stakeholders. This extensive engagement has provided valuable insights and perspectives on the role of Australian agriculture in Southeast Asian markets. The committee's recommendations aim to address the key challenges and leverage the opportunities in this important economic relationship. By implementing these recommendations, Australia can strengthen its position in Southeast Asian markets and contribute to the food security and economic development of the region.Sorting out the Details
Office and retail trends in the area remained consistent with those observed in October. This indicates a certain stability in these sectors during this period. Regarding rental rates, industrial spaces have shown an upward trajectory since 2021. On the other hand, retail rental rates have witnessed a decline since reaching a four-year high in late 2023. These fluctuations provide valuable insights into the local market dynamics.Office Sector
There are fewer buildings under construction in the office sector. This could potentially lead to a more balanced supply and demand situation in the future. With fewer new offices coming up, existing spaces might become more sought after, which could have implications for rental prices and occupancy rates. It also suggests that the market is maturing and evolving.Another aspect to consider is the impact of these occupancy changes on businesses operating in the area. For example, office-based companies might need to adapt their strategies to accommodate the changing landscape. Retailers, on the other hand, might need to focus on differentiating their offerings to attract customers in a competitive market.
Retail Sector
The consistent trend with October indicates that the retail sector in the Woodlands area is showing some resilience. Despite the overall economic conditions, retailers are able to maintain a certain level of occupancy. However, the decrease in rental rates since late 2023 poses a challenge for retailers. They need to find ways to optimize their operations and manage costs to stay profitable in this environment.One possible strategy for retailers is to focus on customer experience and offer unique products or services. By differentiating themselves from competitors, they can attract more customers and justify higher prices. Additionally, collaborating with local businesses and community organizations can help build a stronger customer base and enhance the overall shopping experience.
Industrial Sector
The increase in rental rates since 2021 shows the growing demand for industrial spaces in the area. This could be due to various factors such as the expansion of local businesses or the rise in e-commerce activities. However, the recent decrease in occupancy by about 15 percentage points compared to 2023's fourth quarter is a cause for concern.Industrial developers and investors need to closely monitor these trends and adjust their strategies accordingly. They might need to focus on improving the quality and functionality of industrial spaces to attract tenants. Additionally, providing flexible leasing options and better infrastructure can help address the challenges faced by the industrial sector.