In addition to culture, global cities are characterized by their political importance and media presence. For this reason, the global city’s skyline is an integral to its global recognition. For example, the Louvre and Eiffel Tower in Paris and the Statue of Liberty in New York City are world famous. Moreover, global cities have come to be known for their iconic cultural landmarks. Consequently, global cities are defined as much by their diversity as they are by their economic importance. The opportunities these cities present act as magnets for people from all walks of life and cultures, creating meeting points at which cultures may coexist and mix together. However, global cities encompass more than just their economic roots.
They contain highly specialized production services and have almost universally developed advanced financial markets. As Saskia Sassen defines them in her seminal 2001 analysis, global cities are significant production points that are integral to the global economy. It is to this phenomenon that the term “global city” refers to. As a result, economic hubs began to emerge in key cities around the world. Beginning in the fifteenth century globalization took root and the world’s disparate regional economies began to converge. At its core, the term “global city” is rooted in economics.
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