Taylor established the Globalization and World Cities Research Network (GaWC). Multi-functional infrastructure offering some of the best legal, medical, and entertainment facilities in the country.High-quality educational institutions, including renowned universities, international student attendance, and research facilities.High percentage of residents employed in the services sector and information sector.Dominance of the national region with great international significance.Centres of media and communications for global networks.Centres of new ideas and innovation in business, economics, culture, and politics.Considerable decision-making power on a daily basis and at a global level.Major manufacturing centres with port and container facilities.Domination of the trade and economy of a large surrounding area.The existence of financial headquarters, a stock exchange, and major financial institutions.Headquarters of several multinational corporations.A variety of international financial services, notably in finance, insurance, real estate, banking, accountancy, and marketing.More recently, the term has been described as being synonymous with a city's influence and 'financial capital', with other factors becoming less relevant.Īlthough what constitutes a world city is still subject to debate, standard characteristics of world cities are: Patrick Geddes also used the term 'world city' later in 1915.

The use of 'global city', as opposed to ' megacity', was popularized by sociologist Saskia Sassen in her 1991 work, The Global City: New York, London, Tokyo although the term 'world city', which refers to cities involved with large amounts of global business, dates to at least the May 1886 description of Liverpool, by The Illustrated London News. The most complex of these entities is the 'global city', whereby the linkages binding a city have a direct and tangible effect on global affairs through socio-economic means. The concept comes from geography and urban studies, and the idea that globalization can be understood as largely created, facilitated, and enacted in strategic geographic locales according to a hierarchy of importance to the operation of the global system of finance and trade. A global city, also called world city or sometimes alpha city or world center, is a city generally considered to be an important node in the global economic system.

Global city economic power index