Comparing London and Frankfurt as World Cities A Relational Study of Contemporary Urban Change Presentations in London and Frankfurt London, Anglo-German Foundation, 19 Nov 2001 Frankfurt, Finanzplatz e.V., 30 Jan 2002 Jonathan V. Beaverstock*, Michael Hoyler**, Kathryn Pain*, Peter J. Taylor* *Department of Geography Loughborough University Leicestershire LE11 3TU United Kingdom
[email protected] [email protected] [email protected] **Geographisches Institut Universität Heidelberg Berliner Strasse 48 69120 Heidelberg Germany
[email protected] Globalization and World Cities Study Group and Network (GaWC) http://www.lboro.ac.uk/gawc/ Anglo-German Foundation for the Study of Industrial Society http://www.agf.org.uk/ 1 1 London and Frankfurt in the World City Network – the impact of the euro 1.1 Introduction – What is the Globalization and World Cities Research Group? GaWC is a group of geographers based at Loughborough University with an international research network – our interests are concerned with world cities under conditions of contemporary globalization. A brief reference to some recent theory on world cities will help to explain our perspective and what we do: Friedmann has conceptualised cities as a global hierarchy in which London, together with New York and Tokyo, are ‘global financial articulations’ while Frankfurt (Miami, Los Angeles, Amsterdam and Singapore) is a ‘multinational articulation’ (Friedmann 1986, 1995). Sassen sees the role of ‘global cities’ such as London and ‘sub-global cities’ such as Frankfurt (for banking), as a direct consequence of the spatial dispersion and internationalization of production leading to increasing centralization of the management and regulation of a new ‘space economy’ for major multinational companies but also for financial and business services and government.