Banks are the key producer services for transaction of money. It literally represents the wealth of people within the city and those that are living on the outskirts. It reminds me of the aspirations of the people and the hopes that can be full filled by whatever they can save.
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| High street Sn Fernando: 09/04/2013
The Theory
The advent of service economy looks at a activities that take place within cities. A main area of growth has also been the producer sector that provides services to businesses such as accountancy and advertising and for people the insurance and banking. The scale of the service sector growth is slower to the Global South because of the size of the service sector and larger informal service sector. This informal sector can provide the same functions of the formal sector and so is utilised.
Banks being producer services have become the key focus of a new and dynamic economic quarters that have changed the central areas and wider economies of these cities (Sassen 2002). This type of service have a privileged position in the urban economies because of their ability to generate substantial profits in comparison to the relative investment of time and money.
Although these producer services provide lucrative opportunities, its only for the few highly qualified professionals. Therefore the jobs that are remaining tend to be low paying or low skilled jobs. This polarisation of opportunity according to (Short 1989) can negatively affect the locally oriented services by displacing them.
The Video
The References
Sassen S. (2002). The global city: New York, London, Tokyo. Princeton NJ. Princeton University Press.
Short J.R. (1989). Yuppies, yuffies and the new urban order. Transactions of the Institute of British Geographers N.S. 14: 173-188.
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