London is now a more global city than New York Essay

London is now a more global city than New York - Essay Example The criteria used for identification is usually based on a yardstick value which considers the producer service sector or the imminent determination which basically compares the productivity of the cities. There are a number of global cities in the world including London and New York.Economic characteristics of a global city†¢ A global city serves as the corporate headquarter for multinational corporations, financial institutions, stock exchanges, law firms and conglomerates that influence the economy of the world as a whole.London offers major business and financial services for example; it is home to more than 33% of European headquarters of Global Fortune 500.†¢ To be a global city, it should also be able to contribute some considerable financial output to the city’s regions and the nation’s GDP†¢ A global city needs to appear at the top of the cost of living.†¢ It should be home to major stock markets.More than 40% of the world's foreign equities and shares are traded in London, more than are traded in New York.Over 30% of the world's foreign exchanges take place in London, which is more than Tokyo and New York put together. New York, same to Tokyo rely mainly on their large American and Asian domestic markets while around 80% of London’s business is international.  Political characteristics†¢ London, Berlin, Tokyo, Paris among others, feature among the cities that have achieved this. New York is not among them. The standards of living or the quality of life should be considerably high.