![]() This has changed rather dramatically over the last decade as a result of privatization, deregulation, the opening up of national economies to foreign firms, and the growing participation of national economic actors in global markets. The international economic system was ensconced largely in this inter-state system. But to a large extent these took place within the inter-state system, where the key articulators were national states. There have long been cross-border economic processes-flows of capital, labor, goods, raw materials, and tourists. One of the key properties of the current phase is the ascendance of information technologies and the associated increase in the mobility and liquidity of capital. The concept comes from geography and urban studies and rests on 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.Ī 2008 report by the Globalization and World Cities Research Network ranked cities in the world as Alpha, Beta, Gama, Highly Sufficient and Sufficient.Each phase in the long history of the world economy raises specific questions about the particular conditions that make it possible. A global city (also called world city or sometimes alpha city or world center) is a Specialized City deemed to be an important node point in the global economic system.
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