Abstract

The literature on “global cities”, following a publication by Saskia Sassen of a book under the same title, has focused on those prime centers of the capitalist economy that concentrate on command-and-control functions in finance and trade worldwide. New York, London, Tokyo, and sometimes, Frankfurt and Paris are commonly cited as such centers. In recent years, however, another set of mercantile and financial centers have arisen. They reproduce, on a regional basis, the features and functions of the prime global cities. Dubai, Miami, and Singapore have emerged during the first quarter of the XXI century as such new regional centers. This paper explores the history of the three; the mechanisms that guided their ascent to their present position; and the pitfalls—political and ecological—that may compromise their present success. The rise of these new global cities from a position of insignificance is primarily a political story, but the stages that the story followed and the key participants in it are quite different. A systematic comparison of the three cities offer a number of lessons for urban scholarship and development policies. Such lessons are supplemented by the experiences of other cities that attempted to achieve or sustain a similar global status but failed, for various reasons, to do so. Such experiences are also discussed in the conclusion.

Highlights

  • The expansion of the capitalist economy worldwide features, as a major characteristic, the unevenness of the process including the uneven penetration of capitalist institutions, markets, and patterns of consumption in different countries and regions

  • The three cities that are the subject of this paper have, in various ways, accomplished the feat of inserting themselves in the global capitalist economy in positions of centrality, managing and coordinating trade routes, capital investments, and resource flows on a regional basis

  • The geographical location of Miami plays an obvious role in its emergence as a sea and air hub, but its emergence as a financial center required much more elaborate prodding, a role not played by government but by private actors

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Summary

A Tale of Three New Global Cities

The expansion of the capitalist economy worldwide features, as a major characteristic, the unevenness of the process including the uneven penetration of capitalist institutions, markets, and patterns of consumption in different countries and regions. The Al Maktoum family, in particular the present ruler Sheik Mohammed bin Rashid, appears obsessed with winning the race against time before oil runs out or the demand for it drops drastically Before that happens, it is set on transforming the city into a world-class commercial and financial center, as well as a major tourist destination [5] (Nyarko, 2010). It is set on transforming the city into a world-class commercial and financial center, as well as a major tourist destination [5] (Nyarko, 2010) To this end, no effort or expense is spared, with the Sheikh appointing himself chair of practically all key institutions in the Emirate—from its planning corporations to its international airports and the flagship carrier, Emirates Airlines (Khan and Khan, 2016) [12]. Both airlines have been seriously challenged by the 2020 economic downturn (The Economist, 2020a: 59) [20] they sustain their competitive rivalry

Singapore
Political Roots
Future Prospects and Challenges
Findings
Conclusions
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