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Population
Establishment
Cultural Hub
Ideas
FUTURE
Business
Olympic destination
Why Study Global Cities?
In 1970, from
33 Philippine urban
population
% In 2019
.
47.1
Growing average
annual rate of
%
74
This lesson studies globalization through the living
environment of a rapidly increasing number of people.
Defining the
Global City
Defining the Global
City
• Sociologist Saskia Sassen
popularized the term “Global City” in
the 1990s. Her criteria for what
constitutes a global were primarily
economic.
• Sociologist Saskia Sassen, initially
identified three Global Cities; New
York, London, and Tokyo, all of these
are hubs of global finance and
capitalism.
New York has the New York Stock Exchange (NYSE), London has the
Financial Times Stock Exchange (FTSE), and Tokyo has the Nikkei. The amount
of money trade in this market is staggering.
The New York Stock Exchange represents the highest concentration of capital
in the world.
The global economy has change significantly since Sassen wrote her book, and any account of
the economic power cities today.
Latest Development
Los Angeles can now rival the Big Apples cultural influence.
The growth of Chinese economy has turned cities like Shanghai, Beijing, and Guangzhou
into center trade of finance. Chinese government reopened the Shanghai Stock Exchange in
1990. Since then it has grown to become the 5th largest stock market in the world.
Other consider some cities “global” simply
because they are great places to live in.
Most Livable City – A place with good public transportation, a thriving cultural sense, and
a relatively easy pace of life.
The Most Violent Cities in the World:
The White House The Capitol Building (Congress) The Supreme Court
Education is currently Australia’s third largest export. Many Asian teenagers are
moving to cities in Australia because of the leading English-language universities.
Australian made roughly as much as 14 billion US dollars from education alone.
It is the cultural power of global cities that ties them to the imagination.
Manila is not very global because of the scares of foreign residents but Singapore is,
because it has a foreign population of 38%.
The Challenges
of Global Cities
Global cities set up an image of an exciting lifestyles, but such description is lacking. Global
cities have great inequality and poverty as well as tremendous violence. They create
winners and losers.
In the borders of New York and San Francisco are poor urban enclaves occupied by
African-Americans and immigrant families who are often denied opportunities at a better
life. Slowly, they are being forced to move farther away from economic centers of
their cities. As the city attracts more capital and richer residents, real estate prices go up
and poor residents are forced to relocate to far away but cheaper area.
In most of the world’s global cities, the
middle class is also thinning out for
globalization creates high-income
jobs. These high earners, in turn, generate
demand for an unskilled labor force (hotel
cleaners, nannies, maids, waitresses, etc.)
that will attend to their increasing needs. In
places like New York, there are high-rolling
American investment bankers whose
children are raised by Filipina maids.