The 7 Wonders of the Modern World: An Indispensable Cultural and Tourist Legacy
December 10, 2024
Topic of the week:
By Alejandro Serna
The 7 wonders of the modern world are a selection of impressive structures that, since 2007, represent the greatness of humanity at different moments in history. Inspired by the old list of the 7 wonders of the ancient world, this new selection was the result of an international competition organized by the New Open World Corporation, in which 21 candidates participated. In the end, seven of them emerged as winners, symbolizing not only their architectural and cultural value, but also their global impact.
A tribute to ancient wonders
Before this modern list, there were the 7 wonders of the ancient world, all destroyed except one: the Pyramids of Giza in Egypt. In honor of these historic relics, the new list was created, celebrating iconic monuments that are still standing, marveling millions of visitors. Below, we explore the 7 modern wonders and their impact:
- The Great Wall of China, China
Built by order of Emperor Qin Shi Huang to protect the empire from invasions from the north, this colossal structure, which stretches more than 20,000 kilometers, remains a symbol of perseverance. Although it is said that it can be seen from space, this myth has been disproved. What cannot be denied, however, is its tourist attraction, with 10 million visitors a year. - Chichen Itza, Mexico
In the Yucatan Peninsula, this Mayan archaeological site was an important ceremonial center. Among its constructions is the iconic Temple of Kukulkan, a pyramid that fascinates for its astronomical precision. Chichen Itza attracts more than 2.3 million people annually, who are amazed by its history and symbolism. - Petra, Jordan
Known as the “stone city,” Petra was a strategic commercial crossroads in ancient times. Carved directly into sandstone cliffs, its impressive architecture is a testament to Nabataean skill. However, conflicts in the region have affected tourism, putting its maintenance and local economy at risk.
- Machu Picchu, Peru
One of the crowning works of the Inca Empire, this citadel located in the Peruvian Andes is known for its amazing architecture and its perfect integration with the natural environment. It is a must-see destination for travelers seeking history, culture and breathtaking scenery. - Christ the Redeemer, Brazil
With its open arms over Rio de Janeiro, this 100-foot-tall statue symbolizes Brazil’s hospitality and faith. Built with reinforced concrete and soapstone, it receives more than 2 million visitors a year, who find in this place a unique spiritual and cultural experience. - Roman Colosseum, Italy
The Colosseum is the largest amphitheater in the world, a legacy of the Roman Empire that hosted gladiatorial spectacles and massive events. Today, it generates more than 1.4 billion euros annually from ticket sales and remains an icon of engineering and classical culture. - Taj Mahal, India
This white marble mausoleum, built by Shah Jahan in honor of his wife Mumtaz Mahal, is considered a poem in stone. Its symmetrical design and timeless beauty make it one of the most admired and visited structures in the world.
Beyond their majesty, these wonders have a tangible impact on local economies and cultures. Each year, millions of people visit them, generating a significant increase in tourism activity and fostering job creation in sectors such as guides, maintenance, security and other related services. In addition, significant resources are allocated to the renovation, conservation and expansion of tourism infrastructure, boosting local development. This increase in economic activity also translates into higher income for communities, although it brings with it challenges such as rising prices, which sometimes make access difficult for certain sectors of the population.
As with any global phenomenon, these wonders also face important challenges. Mass tourism, with its uncontrolled influx, can have a negative impact both on the sites and on their natural and cultural environment. In addition, the preservation of these structures requires constant investment, which represents high maintenance costs to ensure their long-term conservation. Added to this is the increase in prices associated with the tourism boom, which in many cases limits access to certain groups of the population, thus restricting the opportunity to enjoy this valuable cultural legacy.
These wonders are not only historical monuments, but symbols of the diversity and richness of human history. Their preservation not only ensures their legacy for future generations, but also fosters global cultural understanding.
Have you visited any of these wonders and which is your favorite?
The beacon of the markets:
We started the week with no major changes in the equity markets. After the main US indices reached new all-time highs (S&P 500 at 6,099.97 points or Nasdaq 100 at 21,626.31 points), the market tone is more cautious, as high valuations have been joined by a higher level of geopolitical tension with the upsurge of protests in South Korea and the overthrow of the Al Assad regime in Syria.
In addition, the week has several important macroeconomic references, including the meetings of the Central Banks of Europe, Canada and Switzerland, which are expected to lower interest rates (the ECB by 25 bps to 3%). In Australia, the authorities are expected to maintain the current rate level and in Brazil there could be a rate hike to curb the growing inflationary pressure. In addition, the US CPI data will be released on Wednesday, which will be key to deciphering whether the Fed will finally end the year by easing monetary policy for the third time in 2024.
On Friday, the main stock markets closed with generalized gains of close to 3%. The S&P 500 was among the most restrained, with a +0.96% gain and closing at 6,090.27 points, while the technology sector regained momentum and the Nasdaq 100 closed at 21,622.25 points or +3.31%. In Europe, the increases were significant despite the negative effect that the lack of a strong government in both Germany and France continues to generate. The Euro Stoxx 50 rose +3.61% to 4,977.78 points and the Ibex gained +3.70% to close at 12,072 points.
In fixed income we have had the first week of some calm, in which after five sessions the variations in bond yields have been minimal, the calm before the central banks’ decisions? The 10-year Treasury closed with a slight fall in its yield to 4.15%, i.e. -3 bps, very much in line with the Bond which gave up -2 bps to 2.76%, with the Bund rising +1 bps to 2.10%. All is set to find out what the ECB will do this week or the Fed next December 18.
On the commodities front, gold eased slightly last week to 2,659.60 USD/Oz which was -0.80%, but it has been known that the Chinese central bank has increased its gold reserves again during November after six months of calm, which has encouraged investors to buy since the beginning of Monday’s session. Brent has experienced a very similar behavior, giving up -2.50% last week closing at 71 USD/b, but despite the fact that Saudi Arabia has considerably lowered its crude oil export prices to Asia, oil has risen in the face of the instability in Syria, and how this may affect global supply. All this after OPEC+ decided last Thursday to extend its production quotas until April 1 (with the economic weakness in China there is enough crude in the market and there is no need to increase production).
At the macroeconomic level, in Europe, the services sector is starting to show signs of exhaustion, the PMI did not meet market expectations and retail sales fell by -0.5% in November, more than expected. The complicated political situation in Germany and France is weakening consumption in the old continent. In the US, the payrolls figure fell short of the expected hiring figures, but remains very favorable, and the previous figure was revised upwards. Finally, it should be noted that, although activity indicators continue to be positive, it will be the central banks’ decisions and their subsequent speeches that will probably define the behavior of the markets in the last sessions of the year.
The phrase:
And we say goodbye with the following quote from William James, American philosopher and psychologist, professor at Harvard University and founder of functional psychology: “A paradise of inner tranquility seems to be the result of faith”.
Summary of the performance of major financial assets (12/9/2024)
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