TABLE 3B
GEOGRAPHIES OF AFFILIATES TEN TOP CHICAGO ADVERTISING FIRMS, 2ooo
No. of Firms with
Offices in City City
9
8
7
6
5
4
3
2
Minneapolis
New York, Washington, DC
Dallas, los Angeles
Atlanta, Boston, london, Miami, Paris
Berlin, Budapest, Buenos Aires, Caracas, Frankfurt, Hamburg,
Hong Kong, Houston, Istanbul, Jakarta, Johannesburg,
Melbourne, Milan, Moscow, Munich, Prague, Rome, Sao Paulo,
Santiago, Seoul, Shanghai, Singapore, Stockholm, Sydney,
Taipei, Tokyo, Toronto, Warsaw
Amsterdam, Bangkok, Barcelona, Beijing, Brussels,
Copenhagen, Geneva, Kuala lumpur, Madrid, Manila,
Mexico City, Zurich
Osaka
Dusseldorf
Expansion in these markets is partly a function of the expanding number
of cities that become part of the global network. Yet even as the volume of the
industry has risen sharply there has not been a significant reduction in the dis
proportionate concentration of assets in cities of the global North. Indeed, the
degrees of concentration internationally and within countries are unexpectedly
high for what is an increasingly globalized and electronic economic sector.
Inside countries the leading financial centers have come to concentrate a greater
share of national financial activity over the last fifteen years, and internationally,
cities in the global North concentrate well over half of the global capital mar
ket. (I discuss this subject empirically in a later section).
Stock markets constitute one of the components of the global capital mar
ket. The late 1980s and early 1990s saw the addition of markets such as Buenos
Aires, Sao Paulo, Mexico City, Bangkok, Taipei, Moscow, and growing num
bers of non-national firms listed in many of these markets. This growing num
ber of financial centers incorporated in the global capital market has
contributed to raise the capital that can be mobilized through the global net
work, reflected in the sharp worldwide growth of stock market capitalization
which reached more than US. $30 trillion in 2000. This globally integrated
stock market system, which makes possible the circulation of publicly listed
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