Every few years, the “Globalization & World Rankings Research Institute” and the “Globalization and World Cities Research Network”, “Global Cities Index”, and “Global Power City Index”, among other, rank important global economic cities. The concept originates from geography and urban studies, based on the thesis that globalization has created a hierarchy of strategic geographic locations with varying degrees of influence over finance, trade, and culture worldwide.
World cities are primary, while Global ones are secondary forming of world cities is caused by historical and geographical factors as well as by development of trade as global cities due to innovations, technologies and strengthening of financial relations.Ī global city is a city that serves as a primary node in the global economic network.
Headquarters of several multinational corporations. They have some of the following characteristics: A variety of international financial services, notably in finance, insurance, real estate, banking, accountancy, and marketing. World cities are urban areas with an important role in the global economic system.
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