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The role of World Cities stems from the power within the globalised world economy. This position gives varying degrees of economic and cultural authority to cities, which can be described as "nodal points" in a global system. They also act as gateways between the global and local regional hinterlands.
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Economic Authority
1. Command and control points in the global economy
The economic command functions result from their housing of TNC headquarters or regional headquarters.
World cities can also derive power from housing the headquarters of IGO agencies (UN, WTO, IMF) and various NGOs and lobby and think tank groups.
2. Key locations for a full range of services
World cities offer TNCs a full range of services. For example the New York Stock exchange is vital for share trading and government bonds.
London and Singapore are major commodities trading centres. Hong Kong and Zurich also have significant banking functions for Asia and Europe respectively.
The economic command functions result from their housing of TNC headquarters or regional headquarters.
World cities can also derive power from housing the headquarters of IGO agencies (UN, WTO, IMF) and various NGOs and lobby and think tank groups.
2. Key locations for a full range of services
World cities offer TNCs a full range of services. For example the New York Stock exchange is vital for share trading and government bonds.
London and Singapore are major commodities trading centres. Hong Kong and Zurich also have significant banking functions for Asia and Europe respectively.
3. Key locations for specialised services.
World Cities are contain a wide range of specialist business and financial services. Advertising, legal and accounting firms in additional to education and Research and Development institutions tend to be concentrated in particular cities to take advantage of the capital and infrastructure available.
4. Markets for a full range of goods and services.
The purchasing power afforded by large corporate incomes in World cities result in a range of goods and services on offer, especially in luxury consumer goods. New York's 5th Avenue and Paris' Champs de Élysée are examples of concentrated luxury high Street Shopping.
World Cities are contain a wide range of specialist business and financial services. Advertising, legal and accounting firms in additional to education and Research and Development institutions tend to be concentrated in particular cities to take advantage of the capital and infrastructure available.
4. Markets for a full range of goods and services.
The purchasing power afforded by large corporate incomes in World cities result in a range of goods and services on offer, especially in luxury consumer goods. New York's 5th Avenue and Paris' Champs de Élysée are examples of concentrated luxury high Street Shopping.
Cultural Authority
1. Social Infrastructure
World cities allow business and cultural leaders to meet and exchange ideas. While this function has been weakened by social media and IT advancement, face to face contact remains important for its power and in many instances is a cultural requirement for the trusting relationships on which business is built.
World Cities also need a physical infrastructure that supports this. Convention centres, hotels and prestigious restaurants all facilitate the interaction of people.
2. Range of cultural facilities
World Cities derive cultural authority from playing host to major cultural events and from having the venues to do so. For example the Major football stadiums (such as O2 arena) and concert halls (such as Maddison Square Garden) attract the largest crowds.
World Cities will also house museums and galleries of prestige. The British museum and the Louvre hold significant volumes of the the world's classic paintings and draw large tourist numbers to London and Paris respectively.
World cities allow business and cultural leaders to meet and exchange ideas. While this function has been weakened by social media and IT advancement, face to face contact remains important for its power and in many instances is a cultural requirement for the trusting relationships on which business is built.
World Cities also need a physical infrastructure that supports this. Convention centres, hotels and prestigious restaurants all facilitate the interaction of people.
2. Range of cultural facilities
World Cities derive cultural authority from playing host to major cultural events and from having the venues to do so. For example the Major football stadiums (such as O2 arena) and concert halls (such as Maddison Square Garden) attract the largest crowds.
World Cities will also house museums and galleries of prestige. The British museum and the Louvre hold significant volumes of the the world's classic paintings and draw large tourist numbers to London and Paris respectively.
3. Distinctive and prestigious lifestyles
In order to attract the world's highest paid employees, World Cities need to have a range of features to generate a desirable and prestigious lifestyle. Michelin Hatted restaurants, green spaces and distinctive lifestyles are all found in World Cities.
Wishing to display their power and wealth, TNC head quarters frequently produce a spectacular display of architectural prowess giving world cities an impressive aesthetic.
However, World cities also attract a range of less well paid workers and people who will not realise their corporate ambitions, this often contributes to a larger under class who must pay for World City real estate and services without the large corporate pay check.
4. Strong transport linkages
In order to sustain the social, cultural and lifestyle functions World Cities need to have strong air, rail and road transport linkages. World Cities will frequently have the world's busiest airports and super fast train stations.
In order to attract the world's highest paid employees, World Cities need to have a range of features to generate a desirable and prestigious lifestyle. Michelin Hatted restaurants, green spaces and distinctive lifestyles are all found in World Cities.
Wishing to display their power and wealth, TNC head quarters frequently produce a spectacular display of architectural prowess giving world cities an impressive aesthetic.
However, World cities also attract a range of less well paid workers and people who will not realise their corporate ambitions, this often contributes to a larger under class who must pay for World City real estate and services without the large corporate pay check.
4. Strong transport linkages
In order to sustain the social, cultural and lifestyle functions World Cities need to have strong air, rail and road transport linkages. World Cities will frequently have the world's busiest airports and super fast train stations.
