The Cultural Imperatives of Globalization: Urban Economic Growth in the 21st Century

The progressive opening of national economies in advanced developing, and transforming countries is reducing the intervention of national policies on trade and investment. Consequently, the responsibility for attracting foreign direct investment will devolve jointly on national, state, and local governments. Although national governments can enhance the country's attraction to foreign investors, the actual location will depend on the attractiveness of the community or city itself It will be up to those in charge of urban development to see that the conditions are conducive to foreign management and to location of economic activity. These conditions include not only the old standbys of a "favorable investment climate" but increasingly today cultural characteristics that will make the community attractive to sophisticated management and professional people. The challenge for most cities is to change their culture to make it more competitive and attractive.