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.