It has been argued by a number of researchers, administrators and policymakers that liberalization of economy and related reform of the structure results in accelerating the speed at which growth is taking place in the economy, particular in nations that are less developed. This in turn leads towards migration in rural urban, providing a boost for maintaining speed with the process of urbanization (Tirtosudarmo, 1997). However, an opposite point of view is held by activists and academics that can also be considered as being partially local. Globalization can be identified as an important element for the purpose of urban economic growth and urbanization as it results in affecting the creation of spatial impacts and spatially allocating the resources. Factors that end up affecting the resources being allocated include the overall distribution and growth in the population, distribution of population amongst small as well as large cities, composition of the industry and growth as well as distribution of the income (Taylor, 2007). Trends in the distribution and growth of industrial composition and population of urban area are considered as key factors for determining the growth and level of economic growth and urbanization. This particular process that is extremely dynamic in nature is related to globalization with a growth in the economy of urban area. Increase in the investments of private sectors and government in industries and infrastructure often related with the measures of structural reform and globalization, backed by advancements of technology in sectors of construction and transportation (Allmendinger, 2002). These are considered to be behind rapidly urbanizing.
Considering the concept of urban development and globalization, this essay will be discussing a number of different topics. This essay will be discussing the environmental challenges and issues involved in urban development and globalization. In addition to this, this essay will be discussing the impact of urban restructuring on global cities all across the globe.