Global Cities

Global Cities

Sassen’s theory on Global Cities touches various points. First, she describes that these global cities, New York, London and Tokyo have become major gathering points for large top firms. They have become hubs, financial centers, yet they have not obtained these titles and statures single handedly by the firms that have established themselves in these global cities. These three cities all come from different backgrounds yet they have been able to achieve the same in global financial dominance. The growth that these cities have seen is part of a chain. The internationalization and expansion of smaller financial markets have been established small firms, usually sub-contracted by large firms. These small markets directly feed into global cities, allowing them and firms within them to reap the rewards of the ever-growing global industry.

Moreover, she also outlines the impact of the economic growth in the economic order within these cities and how it affects the structure of these cities. They have not only become financial hubs for transnational cooperation’s and bank, but a place that makes highly specialized services and financial goods, from accounting to economic consulting. Sassen also explains how these global cities have been shaped by emerging organizations in the financial industry. The dominance of large banks was challenged by smaller financial institutions and the innovations they produced. Furthermore, the author believes that when focusing strictly on large corporations and banks and excluding marketplaces and production, it limits ones view of the key components that have been invented in the institutional sector of the industry which have fueled growth.

Another theme of Sassen’s ...

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...he state. Other states, such as Texas has offered what any business is looking for, savings. Texas in this case offered tax breaks and grants for Toyota if they brought their business to the state. Thousands of new jobs will now grow from the relocation of the multi-billion company. The city of Plano will now grow into a regional hub for business. Other business will now be enticed to move near, especially those that may directly work with auto manufacturing. Its affects are never-ending. Eventually, that business will directly fuel more growth in global cities. A global city doesn’t simply happen by itself. It establishes itself as central hub, but it’s fed by other smaller hubs that keep it growing. Like airlines with hubs across the global, feeding passengers from small jets to bigger ones. The author makes of point of comparing this to a chain.