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world’s population lived in urban areas. By 1990, 43% lived in urban areas and by 2015 this had grown to 54$. By 2025, it is expected to be over 60%. WORLD CITIES A world city is defined as a large city that has outstripped its national urban network and become part of an international global system; a centre of world trade and communications, a leader in banking and finance, a host of entertainment and sporting events, a headquarters of nongovernmental agencies and a major tourist destination. Emerged as the control centres of information and finance. These cities collectively sustain and reinforce the economic and cultural integration of the world. world cities have emerged due to the process of globalisation, dating from late 1960’s: - Technological developments in transport and communications - Increase in trade liberalisation - Deregulation of financial markets - The emergence of new, information based forms of economic activity - The emergence of transnational corporation (TNCs) as key players in the global economy - Emergence of global market for lifestyle related commodities- process of cultural integration and development of global media networks e.g. global supply chain: apple products; goes around world (US, Japan, Italy, Taiwan and china) NATURE: center of global economic and cultural authority; Control and command centres of the global economy cultural homogenisation that is associated with globalisation creates cities with tightly linked networks or people, transport, ideas and capital. The cities that are most closely intertwined act as nodes and sites of control in the global economy e.g. Sydney’s knowledge hubs concentrated in CBD (financial services), Ultimo (technology), Macquarie (medical) CHARACTER: world cities are a product of economic and cultural globalisation -- outstripped national significance – important impact for all countries, not just their own Most of the leading global markets for commodities, investment capital, foreign exchange, shares and bonds Clusters of advanced business services, especially in finance, accounting and marketing Concentrations of corporate headquarters Most of the leading NGOs Most powerful and international influential media organisations World leading educational institutions
SPATIAL DISTRIBUTION: Forbes (2014) world’s most influential cities based on - Amount of foreign direct investment the city has attracted - Concentration of corporate headquarters - How many business sectors they dominate - Air connectivity (ease of travel) - Technology and media power etc. London seen as best city: top in finance and banking and information technology, London has 6 international airports which are the world busiest city airport system by passenger traffic Cities have become the world’s dominant economic and demographic clusters Largely located in North America and Western Europe, however, there is increasing global activity in Asia and South America. The power of Chinese cities has increased rapidly over the last decade.