o the 30 highest ranking financial centers to become major global financial centers. Trends for the future evolution of global financial centers then are discussed.
A Brief Review of the History of Global Financial Centers
The advent of the concept of global financial centers was one manifestation of the globalization of economic activity. While the process of globalization has been occurring slowly over a period of some 3,000 years, the momentum of development picked-up markedly in the 1990s. International financial integration, a component of the process of globalization, however, began intensifying in the decade of the 1980s (Sassen, 1999 75).
|Table 1: Financial Center Rankings |
|Financial Center |Ranking Score |Rank |Financial Center |Ranking Score |Rank |
|London |775 |1 |Seoul
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