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EY Global Cities NY London Paris Tokyo

This document discusses global cities and compares the characteristics of New York, London, Paris, and Tokyo. It outlines that global cities function as key points in the global economy due to their large populations, advanced financial and business services, strong international communication networks, and diverse cultures. New York is highlighted as a prime example, with details provided about its diversity, connectivity through transportation and airports, strong culture and education institutions, role as a center for international affairs and headquarters for many corporations, and prominence as a financial hub. The document also examines commonalities and differences between these four major global cities and some problems they face like social polarization and high costs of living.

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139 views25 pages

EY Global Cities NY London Paris Tokyo

This document discusses global cities and compares the characteristics of New York, London, Paris, and Tokyo. It outlines that global cities function as key points in the global economy due to their large populations, advanced financial and business services, strong international communication networks, and diverse cultures. New York is highlighted as a prime example, with details provided about its diversity, connectivity through transportation and airports, strong culture and education institutions, role as a center for international affairs and headquarters for many corporations, and prominence as a financial hub. The document also examines commonalities and differences between these four major global cities and some problems they face like social polarization and high costs of living.

Uploaded by

lou Cypher
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GLOBAL CITIES:

NEW YORK- LONDON- PARIS- TOKYO

Economic Geograpy

Elvan Yücel
Outline
 A. What is a Global City?

 B. What makes New York a global city?

 C. Commonalities and Differences among Global Cities

 D. Problems in Global Cities

 E. Conclusion

 F. References
A. What is a Global City?
Global City:

• Function as a key point in the global world economy

• Prominence of business and financial services

• Importance of global communication for the exchance of information

• Development of a global culture


Characteristics of a global city
 a large population

 international financial institutions, law firms, corporate headquarters, stock


exchanges that have influence on the world economy

 an advanced communication infrastructure

 several international cultures and communities

 a major international airport that provides flights to different parts of the world

 an advanced transportation system that offers


multiple modes of transportation
Characteristics of a global city
 a lively cultural scene, including film festivals, a thriving music or
theater scene, art galleries and street performers

 cultural institutions such as museums and universities

 several powerful and influential media outlets with an


international reach
NEW YORK… NEW YORK…

B. WHAT MAKES NEW YORK A GLOBAL CITY?


Diversity
 New York is a populous and diverse city with a population of
8.274.527

 „melting pot“

 36% of the city`s


population is foreign born
John F. Kennedy International Airport

Connectivity
 New York City is the top international air passenger gateway to the US

 Transportation:

- more than 12.000 yellow cabs

- the New York City Subway: open 24 hours per day

- aerial tramway

-ferry system
Culture
 „ Culture seems to be in the air, like part of the weather.“ (Tom Wolfe)

 A network of major cultural institutions such as


- Metropolitan Museum of Art
- The Lincoln Center for the Performing Arts

 Universities:
New York is home to many universities such as
- Columbia University, New York University…
 Media:
New York is a global center for the television, music and newspaper
industries.
International Headquarters
 New York is a major center for international affairs.

 It is home to the United Nations headquartes complex.

 Many major corporations are headquartered in New York City.


Financial and Business
Services
 New York: one of the three „command centers“ for the world economy

 One of the key cities in global communication

 New York Stock Exchange

 NASDAQ

The New York Stock Exchange in Wall Street


C. Commonalities and Differences
New York- London- Paris and Tokyo as financial centers

London and New York: further ahead of Paris as international financial


centers
 Part of the continuing appeal of London to foreign companies
is its cosmopolitan status.

 Tokyo: is primarily a market place for domestic participants

 London and New York:


- are characterized by foreigners trading with each other
- will conduct the most critical and complex financial operations
of the future
- rank highest according to stock market capitalization and the
quantity of specialized corporate services

 Tokyo and Paris:


- rank highest in corporate headquarters and large commercial
banks.
Different factors that help to determine the
competitiveness of financial centers

 Availability of skilled personnel


 Access to international financial markets
 Availability of business infrastructure
 Access to customers
 Access to suppliers of professional services
Different Functions of Global Cities

According to Saskia Sassen:

- global cities fulfill coordinating roles and functions rather than


competing against each other

- New York: major center for financial innovation

- London: international banking and financial center

- Tokyo: key provider of unprocessed capital

- Paris: global financial center due to the structural features of its


banking and financial system
 London, Paris and Tokyo: national govermental capitals, but New York
is not.

 London, New York, Paris and Tokyo are all attractive cities for tourists,
but the type of tourists is different.
The Tokyo Stock Exchange London
D. Problems in Global Cities
 Social polarization

In Sassen`s view:

- the economic structure of the global city leads to social polarization,


as the leading sectors employ a group of extraordinarily high earning
individuals and create a demand for low-paid service workers.
 Although inequality increased in all four global cities the extent of the increase
varies:

- New York:
Principal reason for income gains: earnings in different economic
sectors improved incomes in the middle class, while finance and
business service earnings pushed up the top.

- London:
Massive increase in income inequality occured during the period
1979-1993 resulted from increases in earnings at the top rather than
loss at the bottom.

- Tokyo:
within central Tokyo there has been growth in both the top and bottom
occupations.
 High cost of living

 High competition for top positions

 Stress
E. Conclusion
 London and New York are two important global cities in the world and nobody
believes that they will lose their positions within the next ten years.

 Although Tokyo is a major international finance center that houses the


headquarters of several of the world`s largest investment banks and insurance
companies, it is seen as unlikely to become more important because of poor
regulation and too much bureaucracy.

 Tokyo and Paris remain dominance in their nations in manufacturing and


research and development.

 Since innovation creates new products and it facilitates the commerce of the
global economy, global cities are expected to become more powerful.
F. References
 www.answers.com/topic/global-city?cat=technology
 www.lda.gov.uk/server/show/ConWebDoc.1997
 www.elsblog.org/the_empirical_legal_studi/2006/08/more_of_global_.html
 http://en.wikipedia.org/wiki/Global_city
 www.newswithviews.com/Wood/patrick.htm
 www.apa.org.au/upload/2000-P1_OConnor.pdf
 http://en.wikipedia.org/wiki/New_York_City
 www.rieti.go.jp/en/special/policyupdate/017_3_1.html
 „Inequality in Global City- Regions“ by Susan S. Fainstein
 „The Global City: New York, London, Tokyo“ by Saskia Sassen
 „Ups and Downs of global cities“ by Susan S. Fainstein ( 10th BAA Conference
2008)
 „The Competitive Position of London as a Global Financial Center“by Corporation
of London, November 2005
 www.fastcompany.com/node/853666/print

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