New York, A City in a Globalized Economy Analysis (Essay Sample)

New York, A City in a Globalized Economy
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New York, A City in a Globalized Economy
Global cities are urban centers with the potential to effect global issues that influence world outlook. An example of these urban centers is New York, which has established itself as a premier epicenter for controlling regional and international affairs. A diverse cultural heritage, hosting the United Nations council, and standardizing investments through two large stock exchange markets encompass outstanding criteria for categorizing New York as a city in the globalized economy.
New York qualifies to be categorized as a globalized city due to its rich cultural heritage. According to McGinniss (n.d), thousands of United Nations staff from different countries have lived in the region for years. These families have contributed significantly to the city's status as a cultural hub. It is now synonymous with museums, concert venues, and theater performances that promote the uniqueness of the local's and immigrants' traditions and values. Moreover, secondary attractions that include cuisines and architectural works give the residents and many foreign diplomats the opportunities for self-expression and cultural education. New York's eclectic culture increases its interconnectedness to other popular destinations in the world.
A second reason that makes New York a global city is that it hosts powerful multinational organizations. Considered the world's leading institutions in charge of international governance, the United Nations is an example of prominent establishments situated in the metropolitan (McGinniss, n.d ). High-level meetings and summits held during the General Assembly have a significant impact on global politics. Since business is conducted in six official languages that include Arabic, Chinese, English, French, Russian, and Spanish, heads of states and government ministers can easily follow proceedings on international peace, security, and cooperation involving member states (Ji & Laviosa, 2020). Granted that the council is also a political organization, nations exerting general control over the assembly have been known to make legislative decisions that impact some countries' internal affairs. For instance, conflicts have ceased in Sudan, Cyprus, and Pakistan, among other countries, through mediation by the U.N. (UNSC, n.d). Hosting the United Nations offices in New York is a testament that the metropolis is a city in a globalized economy.
The third reason that warrants New York the title of a city in a globalized economy is that it headquarters two of the most organized stock exchanges that influence the world's economy. Notably, the New York Stock Exchange (NYSE) and NASDAQ are located in Wall Street, Lower Manhattan's financial district in New York (Winck, 2020). These companies help both local and foreign investors grow their investments by giving them a platform to raise capital in exchange for stock shares and corporate bonds (Kroenig, 2020). Further, they go beyond geographic boundaries in helping entrepreneurs make money outside the realm of conventional banking institutions. More evidence of the city's impact in multiple nations is the September 11 attack on the World Trade Center (Duggan, 2019). The event caused global stock markets to decline sharply, mainly because the trading and brokerage firms that had offices in the building ceased operation for some days due to the loss of critical infrastructures. Considering the role its stock exchange companies play in helping individuals and firms from an array of countries build wealth and invest responsibly, New York befits the designation of a city in a globalized economy.
Beyond the eclect