Economy as a whole is not necessarily a chaotic system. But the market with no control (or joke control, as currently) is definitely one.
As for other places becoming the finance capital of the world: sorry to disappoint you, but it has already happened. Bahamas, Cayman, Isle of Man, to a lesser extent Delaware and Singapore This is where the large transactions are happening. The solution is not to just imitate them and hope for the best when speculation and market manipulation takes away any kind of value from the real world economy. The solution is, on the contrary, to impose strong regulations (with high legal risk costs, as you point out) and to make it costly to make money flee in such places. Several realistic solutions, from Tobin tax to various kinds of oversight, have been proposed in this direction, but have not been implemented because of beliefs in the market that confine to religion.