Contrast the nature and spatial distribution of world cities with mega cities in the developing world? World cities= Tokyo, New York, London and Paris Mega Cities= Mexico City, Lagos, Beijing, Bangkok The nature, character and spatial distribution of world and megacities is dictated by the function they perform in the globalised economy, where they fall in the hierarchy of dominance and dependence, and their importance nationally and locally as a result of their role within their own nations. Nature The nature or world cities are largely defined by the process of globalisation. Since the 1950s the economics of the world richest economies have been increasingly integrated into the global economy, to such an extent now that they perform the role of command and control centres. This has occurred as a result of rapid advances in transport and telecommunications technology, such that it is now possible to buy and sell stock, place orders for delivery/production of good and discuss business strategy at the click of a button.
During this period The USA had become the world's largest economic power, making up 27% of the world's economy compared to the 19% in 1913. The First and Second World Wars that occurred during the British Imperial Era may explain the decline of Britain as an economic power by 1950. During these wars, Britain had to invest heavily in munitions and equipment, borrowing heavily from the US to help fund its expenditure. With Britain indebted to America, and struggling to maintain an empire after the economic impact of the Second World War, it is unsurprising to see a decline in Britain's economic strength, with an increase in American economic influence. During the Cold War era, the USA's economic position may have been strengthened due to its increasing political influence as one of the world's leading powers alongside The USSR, which had a GDP that made up 10% of the world's economy in 1950.
In 1904 New York City Subway was founded and in 20th century, the city became a world center for industry, commerce and communication. In 1920s NYC was a major destination from African American during the Great Migration from the American South, this was also the period of Prohibition that coincide with a larger economic boom that made NYC the most populous city in the world in 1948, overtaking London. After World War II NYC had another huge economic boom but in 1960s started to suffer economic problems that led to rising crime rates and racial tensions. Thanks to the industry development the situation improved in the 80s and by the 90s racial tension had calmed, crime rates dropped and waves of immigrants arrived.
His reasoning does not entirely convince the reader of the EU’s threat to US hegemony. It is obvious that the EU’s large sphere of influence comes from its recently enlarged delegation and newfound economic power, primarily through the introduction of the Euro. To EU members to Euro is not only currency, but also a symbol of a more unified Europe than ever before. In Reid’s chapter entitled, “The Mighty Undollar” he points out that unifying currency was an extremely large step towards this goal because of the historical and cultural meaning behind the previous currencies of each country. He also claims that the Euro was created with the intention of creating a sort of counterweight to the US dollar, which was the choice reserve currency and also the world’s standard exchange unit.
Despite caution of the dangers of speculation, many believed that the market could sustain high price levels. Before the crash, economist Irving Fisher famously proclaimed, ‘’Stock prices have reached what looks like a permanently high plateau.’’ The optimism and financial gains of the great bull market where shattered on ‘’Black Thursday’’, October 24, 1929, when share prices on the New York Stock Exchange (NYSE) collapsed. Stock prices plummeted on that day, and continued to fall at an unprecedented rate for a full month. The 1929, crash came during a period of declining real estate values in the United States (which came up a round 1925) near the beginning of a chain of events that led to the Great Depression, a period of economic decline in the industrialized nations. After a six year run the world saw an Industrial Average increase in value fivefold, prices peaked at 381.17 on September 3, 1929.
How far did William Pitt achieve a National Revival between 1783 and 1793? In 1783 Britain was in an awful state. There was huge government debt, the government itself was very inefficient and Britain had just lost America. Before Pitt came to power national industrial and commercial production had fallen. Exports fell by 12% in the 1770s and national debt increased by 91%.
To what extent should the 1920’s in America be remembered as good times or bad times? After World War one and the Treaty of Versailles, America became an isolationist. This meant they isolated themselves from all the other countries and didn’t get involved in other countries problems, America decided to take care of her own problems. During the 1920’s the USA became the richest and most powerful country in the world as a massive economic boom had occurred. However in 1929 disaster struck as banks went bust and share prices hit rock bottom.The roaring twenties, the age of excess and the Jazz age.
• Significant impact upon war-torn Europe, reducing its capacity to pay war debts and resulting in the imposition of retaliatory tariffs 3. Smoot-Hawley Tariff Act 1930 -- (June 17, 1930) • Tariff levels on 20,000 imported goods risen to an historical high, exceeding those rates set by the Fordney-McCumber Tariff Act (1922) • Narrowly passed by the Senate (44 to 42) • Resulted in the implementation of retaliatory tariffs by America’s trading partners i. This effectively closed foreign markets to American exports ii. US exports plummeted 60% between 1929 and 1933 • 1000+ economists signed a petition to appeal to Hoover to veto the motion in May 1930 i. ‘That act intensified nationalism all over the world... it encouraged further protectionism and led to a further decline in world trade’ an economist ii.
Quincy Terrell Mrs. Stevens English III 10 December 2010 American’s Greed Leads to Poverty Republican nominee Herbert Hoover shared some hopeful words with Americans in 1928. He said that the day was in sight “when poverty will be banished from this nation.” This turned out to be was wishful thinking. One percent of the richest families in America during this time received one fourth of all U.S. income (Brinkley2). Buying stocks on margin became very popular during the 1920s. People began to abuse this system to invest huge amounts of imaginary money that only existed on paper, which back fired when the prices of stocks began to fall and they did not have money to pay for the stocks purchased (Lonkevich4).
But what was the cause of it all? Many economists argue on what the highest contributing factor to the crash was, but most agree that it was America’s lack of leadership in the global economy. There were many ways that the United States government went wrong that were the root of the downfall, such as; the misuse of the Gold standard, the trade restricting tariffs and protectionist policies that were imposed in the 1920’s, and the number of American banks and the bankruptcy crisis all were major factors to the Great Depression. America gained control of the global economy from Britain after the war, and were unable to keep a constant flow of gold and stability in their country, and consequentially lead to the Great Depression. The gold standard was developed to have a steady exchange rate of currencies, as well as a way to back up domestic currency reserves.