How is the term "Global City" defined? How useful is the concept in thinking about cities globally and in measuring and ranking cities worldwide?

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Global City
A global city is considered to be an important part of the global economic system. The concept as shown in "World-City Network: A New Metageography?" comes from geography. The concept of global city largely lie on the idea that globalization may be understood as facilitated, enacted, and created in strategic locales according to a predetermined hierarchy of importance regarding global trade and finance. Global city in its absolute terms means that the linkages creating it have direct global impacts through socio-economic means. The Global City: New York, London, Tokyo by Saskia Sassen focuses on how these cities have undergone parallel transformations and emerged to be global economic centers. These cities, though located in different parts of the world have undergone similar changes and their historical positions in the global economy have changed over time. The cities have emerged to be hubs for major economic and trade operations. The diversity of cities is shaped by the world economy. Combination of spatial dispersal and global integration has in the present times created new roles for major cities. Historically, major cities functioned as major centers for banking and international trade. Presently, major cities perform four main functions which in general define them as global cities. First, as important economic points in the organization of the world economy; second as locations of specialized service firms and finance; third, as locations for manufacturing and similar related activities; and lastly as markets for produce products. The change in the functions of cities have had impacts on world economic activities and emerging urban centers. New York, London, Tokyo, and Paris are examples of global cities. Global cities have undergone similar and parallel transformation though unclear circumstances based on the fact that they hold diverse histories, culture, economic and political standings. Global cities, though not limited to be sole outcomes of economic activities, are places where space, social structure, and internal dynamics matter in the utmost way. Global cities are so strategically located that they serve as central points for almost all activities, ranging from economic, social, to political activities. Major industries, firms, government and other offices are located in global cities. There is the element of centralization and collective points for inter-city transactions. Politics, communication, trade, technology, culture, higher education, and finance have raised these cities to the position of global cities. Global cities also represent regions where advanced producer services such as insurance, advertising, accountancy, and commercial law are produced so well managed to shape the economy CITATION Bea01 \l 1033 (Beaverstock, Smith and Taylor). The functions and geography of global cities represent a network of societies. They facilitate global interrelations and connections providing links both through trade and information. World cities act as the central economic points in their respective countries. Operations are focused towards the major cities. The concept of global cities is very relevant while looking at other world cities. These, being the major cities act as reference cities when looking at advancements and developments...