What are Global Cities?

560 Words3 Pages
Global cities are cities with substantial economic power, controlling the concentration and accumulation of capital and global investments. Despite this, global cities are the sites of increasing disparities in occupation and income. This is as a result of large in-migration and growing income inequality together with capacity and resource constraints, and inadequate Government policies. Global cities are key command areas in the organization of the world economy, acting as a focus for trade flows and world finance and containing the principal marketplaces for the leading industries. These cities hold major corporate headquarters of TNCs, international banks and international division of labour (Macionis & Plummer 2012). Almost all of the world’s finance is controlled by twenty-five of these cities, with New York, London and Tokyo emerging as the three most powerful centres of world finance. But although these cities are the residences of large corporations and international systems of finance, they also have an increasing number of poor people. In Global cities, there is a sharp c...
Open Document