Global Cities and Their Role in New International Economy
“Global city is a relatively new phenomenon that has been generated in the present period by the development of an all-encompassing world system that is termed as late capitalism, post-industrialism, or the informational age.” The characteristics of global cities include expansion of marketing system through internalization of commerce and technological revolution of transport and communication system. “It also involves broad evolution faction of capital and labor and inconsistent devolution of production accompanied by centralization of control over economic activities, and the increased importance of business services in real estate.”
Global cities have been known for functioning as the main points for international trade and banking; they control trading activities within their countries and sometimes those of neighboring countries. Apart from working as the main points for international trade and banking, global cities also play other diverse roles. They work as the concentrated command centers in the control of the world economy: “they coordinate the joined activities of multinational firms.” “They also function as the key locations for finance and specialized firms that have replaced manufacturing as the leading economic sectors.”
Global cities also function as sites of different types of products, including the development of innovations in leading industries that not only promote the success of dynamic sectors but also enhance social learning and city adaptation. They also serve as the centers of advanced professional activities in fields such as law, higher learning, and application of scientific knowledge in advancing technology. “Global cities also facilitate the acquisition and protection of different human capital that are required by the new global cities.” Being very strategic and highly populated, they also serve to market the products produced from diverse industries. Additionally, global cities function as centers of information gathering and dispersal via publications and mass media; their high technologies enhance the quick dispatch of messages from one point to another.
In conclusion, a global city is a phenomenon that has been developed to refer to cities that have undergone extensive development in terms of technology and information. The cities referred to as global cities play diverse significant roles in the advancement of globalization. They serve as the center for international trade between nations. They also act as the central unit for experimentation of innovations and scientific experiments to improve the world’s technology. Global cities also act as market points for products from different industries. They also aid in marketing products from different companies and organizations. Additionally, global cities function as sites for information gathering and diffusion.