With each passing year, the concept of Global Cities is getting stronger; The Quintessential Global Cities are economic nodes all across the world that have become epicenters of businesses and world economies. These entities have a direct and tangible effect on global affairs through socio-economic means.
The concept of global cities is based on another older concept, the market. Simply put, trading is easier when everyone comes together in one place where everything is available. Global cities are essentially the largest markets, where a large variety of business services are available and lots of trading takes place.
Along with basic market services, these Global Cities set themselves apart in other ways. They usually serve as headquarters of multinational firms. Nearly all of them have a stock exchange and other financial institutions. Most of them have extensive communications & transport infrastructure including airports and container shipping terminals. As with their economic power, they also attract political entities which boost their influence globally.
While a broad interpretation of these criteria may include a host of cities, the title of Global City is reserved only for the biggest and the best. In the following weeks, we will profile the 15 leading Global Cities and tell you why they dominate the business world. So stay tuned to our blog for our next feature on Madrid, Global City No. 15!