The State and the Global City: Notes towards a Conception of Place-Centered Governance

Abstract

Re-examines the proposition of a declining signficance of the state in the global economy. Argues that this proposition has been fed by an over-emphasis on the hypermobility of capital and a conceptual background that posits a mutually exclusive relation between the national and the global. Shows that a) the state itself has been transformed by its participation in the design and implementation of global economic systems; and b) even the most global and hypermobile industries, such as finance and the advanced corporate services, are ultimately embedded in a global grid of linkages and sites with great concentrations of material facilities and work processes, many of them strategic to the operation of hypermobile capital. Because of its strategic character and the density of resources and linkages it concentrates, this global grid could be a space for focused regulatory activity by an inter-state system that has itself become more internationalized. But it would require considerable innovation in the frameworks for and objects of regulation.

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