Global city

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A global city, also called a power city, world city, alpha city or world center, is a city which is a primary node in the global economic network. The concept comes from geography and urban studies, and the idea that globalization is created, facilitated, and enacted in strategic geographic locales according to a hierarchy of importance to the operation of the global system of finance and trade.

City Large and permanent human settlement

A city is a large human settlement. Cities generally have extensive systems for housing, transportation, sanitation, utilities, land use, and communication. Their density facilitates interaction between people, government organisations and businesses, sometimes benefiting different parties in the process.

In telecommunications networks, a node is either a redistribution point or a communication endpoint. The definition of a node depends on the network and protocol layer referred to. A physical network node is an active electronic device that is attached to a network, and is capable of creating, receiving, or transmitting information over a communications channel. A passive distribution point such as a distribution frame or patch panel is consequently not a node.

World economy economy of the world

The world economy or global economy is the economy of the humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account. In some contexts, the two terms are distinct "international" or "global economy" being measured separately and distinguished from national economies while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of Earth.

Contents

The most complex node is the "global city", with links binding it to other cities having a direct and tangible effect on global socio-economic affairs. [1] The term "megacity" entered common use in the late 19th or early 20th centuries; one of the earliest documented uses of the term was by the University of Texas in 1904. [2] The term "global city", rather than "megacity", was popularized by sociologist Saskia Sassen in her 1991 work, The Global City: New York, London, Tokyo. [3] "World city", meaning a city heavily involved in global trade, appeared in the May 1886 description of Liverpool, by The Illustrated London News . [4] Patrick Geddes later used the term "world city" in 1915. [5] More recently, the term has focused on a city's financial power and high technology infrastructure, with other factors becoming less relevant. [6] [7]

Socioeconomics is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how societies progress, stagnate, or regress because of their local or regional economy, or the global economy. Societies are divided into 3 groups: social, cultural and economic.

Megacity metropolitan area with a total population in excess of ten million people

A megacity is a very large city metropolitan area, typically with a population of more than 10 million people. Precise definitions vary: the United Nations Department of Economic and Social Affairs in its 2014 "World Urbanization Prospects" report counted urban agglomerations having over 10 million inhabitants. A University of Bonn report held that they are "usually defined as metropolitan areas with a total population of 10 million or more people". Others list cities satisfying criteria of either 5 or 8 million and also have a population density of 2,000 per square kilometre. A megacity can be a single metropolitan area or two or more metropolitan areas that converge due to close proximity. The terms conurbation, metropolis, and metroplex are also applied to the latter.

Saskia Sassen sociologist

Saskia Sassen is a Dutch-American sociologist noted for her analyses of globalization and international human migration. She is Robert S. Lynd Professor of Sociology at Columbia University and Centennial visiting Professor at the London School of Economics. Sassen coined the term global city.

Criteria

Global city status is considered beneficial and desirable. Competing groups have developed multiple alternative methods to classify and rank world cities and to distinguish them from non-world cities. [5] Although there is a consensus upon leading world cities, [8] the chosen criteria affect which other cities are included. [5] Selection criteria may be based on a yardstick value (e.g., if the producer-service sector is the largest sector then city X is a world city) [5] or on an imminent determination (if the producer-service sector of city X is greater than the combined producer-service sectors of N other cities then city X is a world city.) [5]

Cities can fall from ranking, as in the case of cities that have become less cosmopolitan and less internationally renowned in the current era.

Multiculturalism Existence of multiple cultural traditions within a single country

The term multiculturalism has a range of meanings within the contexts of sociology, of political philosophy, and of colloquial use. In sociology and in everyday usage, it is a synonym for "ethnic pluralism", with the two terms often used interchangeably, for example, a cultural pluralism in which various ethnic groups collaborate and enter into a dialogue with one another without having to sacrifice their particular identities. It can describe a mixed ethnic community area where multiple cultural traditions exist or a single country within which they do. Groups associated with an aboriginal or autochthonous ethnic group and foreigner ethnic groups are often the focus.

Characteristics

Although criteria are variable and fluid, typical characteristics of world cities are: [9]

A FIRE economy is any economy based primarily on the finance, insurance, and real estate sectors. Finance, insurance, and real estate are United States Census Bureau classifications. Barry Popik describes some early uses as far back as 1982. Since 2008, the term has been commonly used by Michael Hudson and Eric Janszen. It is New York City's largest industry and a prominent part of the service industry in the United States overall economy and other Western developed countries.

Marketing is the study and management of exchange relationships. Marketing is the business process of creating relationships with and satisfying customers. With its focus on the customer, marketing is one of the primary components of business management.

Stock exchange organization that provides services for stock brokers and traders to trade securities

A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform.

Rankings

Global Economic Power Index

In 2015, the second Global Economic Power Index, a meta list compiled by Richard Florida, was published by The Atlantic (distinct from a namesake list [12] published by the Martin Prosperity Institute), with city composite rank based on five other lists. [12] [13]

Global Power City Index

The Institute for Urban Strategies at The Mori Memorial Foundation in Tokyo issued a comprehensive study of global cities in 2018. They are ranked based on six categories: economy, research and development, cultural interaction, livability, environment, and accessibility, with 70 individual indicators among them. The top ten world cities are also ranked by subjective categories including manager, researcher, artist, visitor and resident. [14]

GaWC study

A map showing the distribution of GaWC-ranked world cities (2010 data) GaWC World Cities.png
A map showing the distribution of GaWC-ranked world cities (2010 data)

Jon Beaverstock, Richard G. Smith and Peter J. Taylor established the Globalization and World Cities Research Network (GaWC). A roster of world cities in the GaWC Research Bulletin 5 is ranked by their connectivity through four "advanced producer services": accountancy, advertising, banking/finance, and law. [8] The GaWC inventory identifies three levels of global cities and several sub-ranks, [15] although the authors caution that "concern for city rankings operates against the spirit of the GaWC project" [16] (emphasis in original).

The 2004 rankings added several new indicators while continuing to rank city economics more heavily than political or cultural factors. The 2008 roster, similar to the 1998 version, is sorted into categories of Alpha world cities (with four sub-categories), Beta world cities (three sub-categories), Gamma world cities (three sub-categories) and additional cities with High sufficiency or Sufficiency presence. The cities in the top two classifications in the 2018 edition are: [17]

Alpha ++


Alpha +

Global Cities Index

In 2008, the American journal Foreign Policy , in conjunction with the consulting firm A.T. Kearney and the Chicago Council on Global Affairs, published a ranking of global cities, based on consultation with Saskia Sassen, Witold Rybczynski, and others. [18] Foreign Policy noted that "the world’s biggest, most interconnected cities help set global agendas, weather transnational dangers, and serve as the hubs of global integration. They are the engines of growth for their countries and the gateways to the resources of their regions." [19] The ranking is based on 27 metrics across five dimensions: business activity, human capital, information exchange, cultural experience, and political engagement and was updated in 2010, 2012, 2014, 2015, 2016, and 2017. Since 2015 it has been published together with a separate index called the Global Cities Outlook: a projection of a city’s potential based on rate of change in 13 indicators across four dimensions: personal well-being, economics, innovation, and governance. [20]

The Wealth Report

"The Wealth Report" (a global perspective on prime property and wealth) is made by the London-based estate agent Knight Frank LLP together with the Citi Private Bank. The report includes a "Global Cities Survey", evaluating which cities are considered the most important to the world’s HNWIs (high-net-worth individuals, having over $25 million of investable assets). For the Global Cities Survey, Citi Private Bank’s wealth advisors, and Knight Frank’s luxury property specialists were asked to name the cities that they felt were the most important to HNWIs, in regard to: "economic activity", "political power", "knowledge and influence" and "quality of life". [21] [22]

Global City Competitiveness Index

In 2012, the Economist Intelligence Unit (The Economist Group) ranked the competitiveness of global cities according to their demonstrated ability to attract capital, businesses, talent and visitors. [23]

See also

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References

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  19. The main parameters are "Business activity" (30%), "Human capital" (30%), "Information exchange" (15%), "Cultural experience" (15%) and "Political engagement" (10%). "The 2008 Global Cities Index". Foreign Policy (November/December 2008). 21 October 2008. Archived from the original on 7 January 2010. Retrieved 31 October 2008.Cite uses deprecated parameter |deadurl= (help)
  20. "A.T. Kearney: Global Cities 2017". Archived from the original on 12 March 2017. Retrieved 22 February 2017.Cite uses deprecated parameter |dead-url= (help)
  21. "The Wealth Report 2015". Knight Frank LLP. Archived from the original on 18 June 2015. Retrieved 18 June 2015.Cite uses deprecated parameter |dead-url= (help)
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