Wimbledon Effect
Encyclopedia
The Wimbledon Effect is a chiefly British
and Japan
ese analogy
(which possibly originated in Japan) which compares the tennis
fame of the Wimbledon Championships, held at the All England Lawn Tennis and Croquet Club
in Wimbledon
, London
, with the economic success of the United Kingdom
's financial services
industries — especially those clustered in the City of London
. The point of the analogy is that a national and international institution (the All England Club) can be highly successful despite the lack of strong native competition (in modern tennis Britain has produced very few Wimbledon champions).
London
's financial industry has boomed since the deregulation
of UK financial markets (the "Big Bang
") in the 1980s under the Thatcher government
— but has also become dominated by foreign companies, especially American
investment banks, rather than British firms (a result opposite to the original intention of the reforms).
The analogy is typically used to mark a debate over whether it matters if an industry is primarily domestically owned if easing of foreign ownership restrictions allows the economy to benefit from foreign investment and increased global competition. The phrase can be used positively to assert the economic success of liberal
attitudes towards foreign ownership (and sometimes to emphasize that such attitudes promote a level playing field for domestic and foreign interests alike); or it can be used negatively to emphasize how these policies have eroded a nation's ability to produce globally leading domestic companies. This opposing perspective is represented by economic patriotism and "national champion" policies
.
The analogy has also been used in policy discourses outside Britain - most notably in the business discourse of Japan
, whose financial markets and other parts of the economy (as of 2006) have not yet been substantially opened up to foreign competition compared with its international peers. It has also, for instance, been used in banking reform debates in South Korea as well as in discussing Business Process Outsourcing
in India
.
The term has been also frequently appeared in sports in Japan since late 20th. Including sumo
where there has been no Japanese-born yokozuna since 1998 and no Japanese-born champion since 2006 as most of the top players have been from Mongolia
or Polynesia
. Modeling
where nearly a half of the most skinny, most popular, most earning mainstream fashion models have been from the Eurasian continent specifically China
since early 2000s, and martial arts
(mixed martial arts
and kickboxing
) where it is hard to find a Japanese-born popular player or champion. The vast majority of the big names in kickboxing, specifically K-1
, have been from the Netherlands
or Thailand
, and much like in the American-based Ultimate Fighting Championship
, the vast majority of the big names in mixed martial arts have been from Brazil
.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese analogy
Analogy
Analogy is a cognitive process of transferring information or meaning from a particular subject to another particular subject , and a linguistic expression corresponding to such a process...
(which possibly originated in Japan) which compares the tennis
Tennis
Tennis is a sport usually played between two players or between two teams of two players each . Each player uses a racket that is strung to strike a hollow rubber ball covered with felt over a net into the opponent's court. Tennis is an Olympic sport and is played at all levels of society at all...
fame of the Wimbledon Championships, held at the All England Lawn Tennis and Croquet Club
All England Lawn Tennis and Croquet Club
The All England Lawn Tennis and Croquet Club , also known as the All-England Club, based at Aorangi Park, Wimbledon, London, England, is a private members club. It is best known as the venue for the Wimbledon Championships, the only Grand Slam tennis event still held on grass...
in Wimbledon
Wimbledon, London
Wimbledon is a district in the south west area of London, England, located south of Wandsworth, and east of Kingston upon Thames. It is situated within Greater London. It is home to the Wimbledon Tennis Championships and New Wimbledon Theatre, and contains Wimbledon Common, one of the largest areas...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, with the economic success of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
's financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
industries — especially those clustered in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
. The point of the analogy is that a national and international institution (the All England Club) can be highly successful despite the lack of strong native competition (in modern tennis Britain has produced very few Wimbledon champions).
London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
's financial industry has boomed since the deregulation
Deregulation
Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces.Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces.Deregulation is the removal or...
of UK financial markets (the "Big Bang
Big Bang (financial markets)
The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange and change from open-outcry to...
") in the 1980s under the Thatcher government
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher, was Prime Minister of the United Kingdom from 1979 to 1990...
— but has also become dominated by foreign companies, especially American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment banks, rather than British firms (a result opposite to the original intention of the reforms).
The analogy is typically used to mark a debate over whether it matters if an industry is primarily domestically owned if easing of foreign ownership restrictions allows the economy to benefit from foreign investment and increased global competition. The phrase can be used positively to assert the economic success of liberal
Economic liberalism
Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes. It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and...
attitudes towards foreign ownership (and sometimes to emphasize that such attitudes promote a level playing field for domestic and foreign interests alike); or it can be used negatively to emphasize how these policies have eroded a nation's ability to produce globally leading domestic companies. This opposing perspective is represented by economic patriotism and "national champion" policies
Economic nationalism
Economic nationalism is a term used to describe policies which emphasize domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It opposes globalization in many cases, or at...
.
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, whose financial markets and other parts of the economy (as of 2006) have not yet been substantially opened up to foreign competition compared with its international peers. It has also, for instance, been used in banking reform debates in South Korea as well as in discussing Business Process Outsourcing
Business process outsourcing
Business process outsourcing is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments...
in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
The term has been also frequently appeared in sports in Japan since late 20th. Including sumo
Sumo
is a competitive full-contact sport where a wrestler attempts to force another wrestler out of a circular ring or to touch the ground with anything other than the soles of the feet. The sport originated in Japan, the only country where it is practiced professionally...
where there has been no Japanese-born yokozuna since 1998 and no Japanese-born champion since 2006 as most of the top players have been from Mongolia
Mongolia
Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...
or Polynesia
Polynesia
Polynesia is a subregion of Oceania, made up of over 1,000 islands scattered over the central and southern Pacific Ocean. The indigenous people who inhabit the islands of Polynesia are termed Polynesians and they share many similar traits including language, culture and beliefs...
. Modeling
Model (person)
A model , sometimes called a mannequin, is a person who is employed to display, advertise and promote commercial products or to serve as a subject of works of art....
where nearly a half of the most skinny, most popular, most earning mainstream fashion models have been from the Eurasian continent specifically China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
since early 2000s, and martial arts
Martial arts
Martial arts are extensive systems of codified practices and traditions of combat, practiced for a variety of reasons, including self-defense, competition, physical health and fitness, as well as mental and spiritual development....
(mixed martial arts
Mixed martial arts
Mixed Martial Arts is a full contact combat sport that allows the use of both striking and grappling techniques, both standing and on the ground, including boxing, wrestling, Brazilian jiu-jitsu, muay Thai, kickboxing, karate, judo and other styles. The roots of modern mixed martial arts can be...
and kickboxing
Kickboxing
Kickboxing refers to a group of martial arts and stand-up combat sports based on kicking and punching, historically developed from karate, Muay Thai and western boxing....
) where it is hard to find a Japanese-born popular player or champion. The vast majority of the big names in kickboxing, specifically K-1
K-1
K-1 is a defunct world-wide kickboxing promotion based in Tokyo, Japan founded by Kazuyoshi Ishii, a formerKyokushin karate practitioner. K-1 combines stand up techniques from Muay Thai, Karate, Taekwondo, Savate, San Shou, kickboxing, western-style boxing, and other martial arts...
, have been from the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
or Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, and much like in the American-based Ultimate Fighting Championship
Ultimate Fighting Championship
The Ultimate Fighting Championship is the largest mixed martial arts promotion company in the world that hosts most of the top-ranked fighters in the sport...
, the vast majority of the big names in mixed martial arts have been from Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
.