Sydney is rapidly becoming one of the world's major global cities. Sydney is generally the most recognized city in Australia due to the fact that it contributes to 23% of the nations total economy. Its classification as a global city originates from such things as:
Hosting 553 regional headquarters.
Its great strength in the financial market with such things as the Australian Stock Exchange - ranked 9th in the world
A large centre of production, holding 21% of the nations manufacturing headquarters
Large political influence, holding such events as this years APEC summit.
Reasonable culture reach
Centre for large communications network
(Mcguirk P 2004 pp.1-6)
Becoming a global city however has many impacts on Sydney and its surrounding suburbs, both good and bad. Becoming a global city effectively puts Sydney on the world map. Sydney is now a well renowned place for large transnational corporations, a place of important economic power and a place of high levels of migration and multiculturalism.
Benefits can range from such things and new cultural diversity, large amounts of income being brought in by foreigners, and more employment with more large businesses opening.
However negative issues can also arise from the globalization process. Such things as cultural difficulties between existing people and incoming migrants can occur due to such large scale migration that occurs in Sydney. Ryde is an example, where people who have lived there for years are starting to become upset at the way their LGA is turning out with such a large influx of the Asian culture.
Marrickville is an example of an LGA that has experienced a huge culture shock and also a significant economic change over the past 50 years. In 1948, the LGA of Marrickville was one that was home to a large urbanized industrial area with a...