What is Global City?
Global cities are brain centers, critical areas, and centers of knowledge that guide the global economy.
Saskia Sassen popularized the phrase Global City. Initially, she picked three worldwide cities: New York, London, and Tokyo. These nations have the centers in global banking and capitalism. She emphasizes the movement of knowledge and money.
Indicators for Global City
• Economic Power – primarily decide whether cities are worldwide
Shanghai, China may have a smaller stock market than New York and Tokyo, but it has the most corporate headquarters (613 vs 217 in New York, its closest competitor).” Shanghai may have a smaller stock market than New York and Tokyo. Still, it has played a critical role in the global economic supply chain since China became the world’s manufacturing center. Shanghai has the world’s busiest container port, moving over 33 million containers per year.
• Economic Opportunities- make the global metropolis more appealing to top talents around the globe
Cities have long been places where people could develop their talents, find work, and establish new companies. Today, growing imbalance in the United States manifests itself in cities, obscuring growth opportunities. We’re also learning that certain city traits, such as economic segregation, obstruct economic mobility, traditionally being city strength.
• Economic Competitiveness criterion in market size, buying power of residents, size of the middle class, and capacity for expansion.
Its strong market, efficient and ethical governance and acceptable, “little” Singapore is rated Asia’s most competitive city based on these traits.” It also houses the regional offices of some big international corporations.
• Center of Authority – it is a condition of power
Washington, D.C. is the capital of the United States. Although it is not as rich as New York, it is the center of American political power. The Trump Administration, the Capitol Building (Congress), the Supreme Court, the Lincoln Memorial, and the Washington Monument are well-known sites in the city.
Similarly, compared to Sydney and Melbourne, Canberra is a drab town with low tourist attractions. However, Australia’s political capital is home to its highest-ranking M.P.s, bureaucrats, and policy consultants.
• Center of Political Influence-
The headquarters of the United Nations is in New York, while that of the European Union is in Brussels. A major political city near the Philippines in Jakarta, which is not merely the capital of Indonesia but also the home of the primary headquarters of the Association of Southeast Asian Nations (ASEAN) (ASEAN).
Powerful political centers exert influence on their nations and international issues. The European Central Bank, which supervises the Euro (the European Union’s currency), is Frankfurt. Therefore, a choice taken in that metropolis may impact the political economy of a whole continent and beyond.
• Center of Higher learning and culture- A city’s intellectual impact is reflected via the effect of its publishing sector. People read many books written in New York, London, and Paris. Although the New York Times contains the city’s name, it is not a local newspaper.
It was read not simply in the United States but also around the globe. One of the key reasons people travel to Boston is to observe Harvard Institution, the world’s most prominent institution. Many Asian youths are flocking to Australian cities because of the country’s top English language institutions.
Education is Australia’s third-largest export, following only coal and iron ore, but considerably ahead of tourism. The Australian government reported in 2015 that education alone brought in 19.2 billion Australian dollars (about 14 billion U.S. dollars) (approximately 14 billion U.S. dollars).
Challenges of Global Cities
Global cities may be locations of inequality and poverty. Away from that, you can readily imagine the immense violence.
Cities may be more sustainable because of their density.
Most large cities may be subject to significant assaults.
The Global City and the Poor
Consistently underlined that economic globalization has prepared the road for massive inequality. This effect is, therefore, especially evident in cities. Some big cities, notably those in Scandinavia, have discovered methods to ameliorate inequality through state-driven social transfer schemes.
Yet many cities, especially those in the developing nations, are centers of paradox. In Mumbai, Jakarta, and Manila, it is usual to see sparkling structures beside massive shantytowns. This contradiction may even be evident in prosperous metropolitan communities.
In the suburbs of New York and San Francisco are impoverished urban enclaves populated by African-Americans and immigrant families who are frequently denied prospects for a better life. Slowly, they are being pushed to migrate further away from the economic hubs of their cities. Real estate values go up as a city draws more capital and affluent inhabitants, and impoverished residents are compelled to transfer to far distant but cheaper locations. This process of pushing away the poor in favor of newer, wealthier inhabitants is termed upscaling.
This phenomenon in Australian cities has most keenly impacted impoverished local Australians. Once residing in public urban housing, relocate further away from city centers that provide more employment, more government services, and better transportation due to upscaling. In France, impoverished Muslim migrants are driven out of Paris and have concentrated in ethnic enclaves known as banlieue.
In most of the world’s big capitals, the middle class likewise shrinks away. Globalization promotes high-income occupations that are concentrated in global cities. These high earners, in turn, create demand for an unskilled labor force (hotel cleaners, nannies, maids, servers, etc.) that will cater to their expanding requirements.
Meanwhile, much middle income employment in manufacturing and business process outsourcing (call centers, for example) are relocating to foreign nations. This hollowing out of the middle class in global cities has heightened their inequalities. In locations like New York, there are high-rolling American investment bankers whose children are reared by Filipina maids. Therefore, a major international metropolis may be a utopia for some but misery for others.