THE ROLE OF GLOBAL CITIES IN THE WORLD ECONOMY

Abstract

The article is devoted to the proplem of discovering the role of global cities in the world economy. The author presents economic and social studies from cities in thirteen countries. The purpose of the research is to outline the role played by global cities in the world economy based on their own development and prosperity. Methodology of the research is founded on exploring preconditions of the global city formation, as well as prospects provided by large-scale cities in order to investigate relations between global cities, national societies and world economy. Correspondingly, top global cities have been identified, including New York, London, Tokyo, Paris, Singapore and Hong Kong. As the study demonstrated, the functioning of global cities result in positive and negative externalities for the residents, local communities and businesses. This article provides a unique and vital contribution to ongoing discussions about the significance of global cities beyond national economies highlighting the universalized assumptions concerning the position of large-scale cities in the world economy.