Not all stock markets, for example, are equal. At the top, this division is complex - at the bottom it tends to be a set of gateway functions that articulate national economies (once countries have deregulated and privatized their economies) to the global system. The fact of hierarchy should not veil this division of work. Today, it has become far clearer that a global network system is at work. Emphasizing a division of functions, even if incipient and elementary, enabled me to capture an emergent global system for finance, even if national tasks continued to prevail in each center. Already, in the 1980s, when almost everyone saw competition, I began to find a certain division of functions among New York, London and Tokyo. There is also a division of functions - this is a crucial feature of this network system. These cities do compete with one another, but only partially. How would you describe the roles and functions of these three cities today? However, the past decade or so the pattern of international capital flow has changed significantly. For example, in the 1980s, New York fulfilled such roles and functions as the main receiver of capital, and the center for investment decisions and for production of financial innovations, London functioned as the processor of capital through its vast international banking network, and Tokyo served as the main center for the export of capital. RIETI: You argue that global cities fulfill coordinating roles and functions, rather than compete against each other.
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