![]() ![]() New York may have the largest stock market in the worls but Tokyo houses the most number of corporate headquarters. Economic power largely determines which cities are global. Indicators for Globality The foremost characteristic of global city is economic power. Since the 1980s London has consolidated its position as a global banking and financial centre, delinked from the national economy. This refers to processes in which certain national state functions of organization and administration have been devolved to the local scale. Such cities have also assumed a governance role at the local scale and within wider configurations of what some commentators have termed the “glocalization” of state institutions. ![]() These two trends explain the emergence of networks of certain cities serving the financial and service requirements of TNCs while other cities suffer the consequences of deindustrialization and fail to become “global.” Global cities are those that therefore become effective command-and-coordination posts for TNCs within a globalizing world economy. The rise of global cities has been linked with two globalization-related trends: first, the expansion of the role of transnational corporations (TNCs) in global production patterns and, second, the decline of mass production along Fordist lines and the concomitant rise of flexible production centred within urban areas. The use of “global city”, as opposed “megacity”, was popularized by sociologist Saskia Sassen in her 1991 work, The Global City: New York, London, Tokyo although the term “world city”, which refers to cities that control a disproportionate amount of global business, dates to at least the May 1886 description of Liverpool, by The Illustrated London News. The concept comes from geography and urban studies, and the idea that globalization can be understood as largely created, facilitated, and enacted in strategic geographic locales according to the hierarchy of importance to the operation of the global system of finance and trade. THE GLOBAL CITY A Global City, also called world city sometimes alpha city or world center, is a city generally considered to be an important node in the global economic system. ![]()
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