The Global City
The Global City
The Global City
In 1970, from
33 Philippine
urban population
%
.74%
In 2019
47.1%
Growing average
annual rate of
What is Global
City?
• Sociologist Saskia Sassen
popularized the term “Global City” in
the 1990s. Her criteria for what
constitutes a global city were
primarily economic.
• Sassen initially identified three
Global Cities; New York, London, and
Tokyo, all of which 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 changed significantly since Sassen wrote her book, and any account
of the economic power cities today.
Latest Development
Los Angeles can now rival the Big Apple’s cultural influence.
San
Francisco is now the home of the
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.
Others 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 ten most violent cities in the world
(World Population Review, 2023)
Tijuana, Mexico
Acapulco, Mexico
Caracas, Venezuela
Ciudad Victoria, Mexico
Ciudad Juárez, Mexico
Irapuato, Mexico
Ciudad Guayana, Venezuela
Natal, Brazil
Fortaleza, Brazil
Ciudad Bolívar, Venezuela
Indicators of
Globality
1. The foremost characteristic of global city is economic power.
Sassen remains correct in saying that
economic power largely determines which cities are
global.
The White House The Capitol Building (Congress) The Supreme Court
Manila is not very global because foreign residents are still reluctant to live there,
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.
residents.
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 of 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 areas.
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.