Redefining Global Cities the Seven Types of Global Metro Economies
REDEFINING GLOBAL CITIES THE SEVEN TYPES OF GLOBAL METRO ECONOMIES REDEFINING GLOBAL CITIES THE SEVEN TYPES OF GLOBAL METRO ECONOMIES GLOBAL CITIES INITIATIVE A JOINT PROJECT OF BROOKINGS AND JPMORGAN CHASE JESUS LEAL TRUJILLO AND JOSEPH PARILLA THE BROOKINGS INSTITUTION | METROPOLITAN POLICY PROGRAM | 2016 EXECUTIVE SUMMARY ith more than half the world’s population now living in urban areas, cities are the critical drivers of global economic growth and prosperity. The world’s 123 largest metro areas contain a little Wmore than one-eighth of global population, but generate nearly one-third of global economic output. As societies and economies around the world have urbanized, they have upended the classic notion of a global city. No longer is the global economy driven by a select few major financial centers like New York, London, and Tokyo. Today, members of a vast and complex network of cities participate in international flows of goods, services, people, capital, and ideas, and thus make distinctive contributions to global growth and opportunity. And as the global economy continues to suffer from what the IMF terms “too slow growth for too long,” efforts to understand and enhance cities’ contributions to growth and prosperity become even more important. In view of these trends and challenges, this report redefines global cities. It introduces a new typology that builds from a first-of-its-kind database of dozens of indicators, standardized across the world’s 123 largest metro economies, to examine global city economic characteristics, industrial structure, and key competitive- ness factors: tradable clusters, innovation, talent, and infrastructure connectivity. The typology reveals that, indeed, there is no one way to be a global city.
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