By Saskia Sassen
Towns in a global economic system provides sociologists with a brand new standpoint at the examine of city sociology. The decentralization and privatization of the world's economies has greatly altered things like the association of labour, the constitution of intake, and the distribution of gains in ways in which have not begun to be totally discovered. In an international financial system that's really extra international than it has ever been, the second one variation of this well known textbook addresses the necessity to account for the worldwide economies' expanding impression at the social constructions of towns.
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Services, which accounted for about 24% of worldwide stock i n FDI in the early 1 970s, had grown to 50% of stock and 60% of annual flows by the end of the 1980s. The single largest recipient of FDI in services in the 1980s-the decade of high growth of these flows-was the European Community, yet another indication of a very distinct geography in world transactions. But it should be noted that these flows have also increased in absolute terms in the case of less devel oped countries. Another major transformation has been the sharp growth in the num bers and economic weight of TNCs-firms that operate in more than one country through affiliates, subsidiaries, or other arrangements.
In the Middle East, Bahr�In took -ovei:Trom Beirut in 1975 as the main offshore banking center, with Dubai following as a close second. In 1 999, Abu Dhabi made a bid to create its own offshore financial center on Saadiyat Island. In the South Pacific, we find major centers in Australia and New Zealand and smaller offshore clusters in Vanuatu, the Cook Islands, and Nauru; Tonga and Western Sa moa are seeking to become such centers. In the Indian Ocean, centers clus ter in the Seychelles and in Mauritius.
E . � u er. Aeun�on. / .. Sa. , rA(. do Jon ... Por1o AIe",e / t � < \ �. Brlt,mll � • raJ: ii ... , Imp act s on P r ima te Systems: The Case of La tin America and the Caribbean many re gi on s in the world-Latin America, the Caribbean, large par ts of Asia, and to some extent Africa-have long been characterized b y urban p rim ac y (Abreu et al. 1989; Dogan & Kasarda 1 988; F el d b a u er et al. 1 993; Hard oy 1975; Lee 1989; Linn 1 983; L o z an o & Du a rte 1 991; St re n & White, 1 989). 2.
Cities in a World Economy by Saskia Sassen