“In the contemporary global phase of economic development there cannot be a global capital,” commented Sassen. But Hong Kong and New York are global cities with an altogether different “urban knowledge capital.” As a result the “ideal” global city is impossible to imagine, although a number of global cities is growing. Chicago, Sao Paulo and Shanghai have historically specialized in industrial production, and, consequently, on related industries such as law, finance, insurance, and economic forecasting. The particularity of every global city is based on the diversification of the global economy itself: different sectors and firms for different purposes are favorable to certain cities. A negative example is that of the highly specialized Detroit, which Sassen refers to figuratively as a plantation for growing the coffee beans of Hi-Tech. Cities like New York and Sao Paulo participate in the coffee trade among other chains.
The more diverse a city’s economy, the more chains it may participate in such cities are more economically stable and better able to endure financial crises. Sassen has termed a city’s economic allure and its potential for becoming an important link in the chain as “urban knowledge capital.”Įach city can participate in several economic chains, whether regional or international, or it can specialize in one. In her research, Sassen posits the concept of an economy based on the concept of a global city: the contemporary global economy can be conceived of as a network of trade and finance chains whose links are composed of large (global) cities. She is the author of more than ten books, the most well-known being The Global City: New York, London, Tokyo, which was first published in 1991 and republished ten years later as a new edition. Saskia Sassen works in the fields of globalization, international migration and urban studies.
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