 What we have is a growing number of circuits. And so the question becomes for a city like Mumbai, what are the multiple circuits on which that city is located? And there probably are 78 for a city like Mumbai. In doing that, one also begins to understand, what are the other cities on each of those circuits that are part of this globalized infrastructure? And my fantasy, and it is a fantasy, is that the leadership, both the political leadership, corporate leadership, civic leadership of these cities that are located in one particular circuit that they can start working together, I think of these specialized, multiple circuits in which a city is located. And the diversity of cities on each of those circuits is kind of its instruction for a new type of governance, but also early governance. Now, because of this platform that is built, there is a distributed circuit. And there is a whole series, not just of political issues, but of economic issues that come about. One quick way of putting it is that the global city is a place where inequality grows. And I want to just share some figure from Manhattan. Manhattan being the extreme zone within New York City, all cities, as far as I'm aware of, have inequality, and they have always had it. There are times, though, when inequality grows dramatically. This is one of those times. Now, in the case of Manhattan, I'll just read quickly through some of these figures. You can see that in 1980, when this cycle of globalization is just about to take off, top 20% of earners in Manhattan were just talking to people who actually have a job. That doesn't include everybody in Manhattan. Made 21 times what the bottom fifth made. Now, Manhattan, at that point, ranked number 17 in terms of inequality in the country, all the countries in the United States. In 1990, the top 20% in Manhattan made 32 times what the bottom 20% made. And today, the top 20% made 52 times what the lowest 20% made. And now, Manhattan today has a proud position being number one of all the counties in the United States in terms of inequality. I don't want to speak about, I'm not an expert on all of these issues, but it does seem to me that if it's happening in its including in London, including in Paris and in Frankfurt and in Oslo and in Copenhagen, we see this trend not as extreme as in the United States, but the trends are there. I would give a very high time believing that this is not happening in Mumbai. In other words, yes, globalization brings an enormous amount of dynamism to the picture of cities, to the economy of cities, but it comes with a price, and we've got to recognize that. Now, one of the trends that I find in my work on several global cities, but not in Mumbai, is that what tends to shrink is the standard as economic sectors, the middle sectors, and the middle level of jobs. They don't disappear, but they tend not to be particularly dynamic. They are not growing. What grows is a top 20% of an extremely rich, known middle class and a bottom of a mix of low wage workers and workers with jobs that now pay less than they used to pay. I think these are all very serious issues that need to be dealt with. Component in all of this is the growth of a new kind of informal economy. In the case of the global north cities, whether that is Paris, whether that is Berlin, whether that is London, or New York, this new informal economy is very visible because governments in those countries have managed to regulate jobs and to sort of eliminate older informal economies. This new informal economy is not somehow an agronism in these cities. This new informal economy is part of the advanced urban economy. Not all of it, but quite a bit of it is. In the cities of the global south, this new informal economy is submerged under the older informal economy, and hence it's much less visible, but the research that I know about in the city of South Africa, for instance, suggests that you also there have this new informal economy that is part of advanced capitalism. That, I think, feeds in a place like Manhattan, so it's lower, you know, it's growing in equality. I want to now quickly move because I am being disciplined in terms of time here to a series of data where Mumbai is part of the story. Now, the expertise in the room here about Mumbai is much larger than the team of people. I was part of that team who worked on this study. The study is interesting. We looked at the 65 top sort of cities that some of them are full-fledged local cities. Others are more cities with global city functions. Now, this is just, Mumbai is not on the top 20. This is just a quick framing, and what I do like is that London is number one now. This is not the only study that shows that. But as you can see, the top 20 is a whole mix of cities. I should explain that we used 100 data points aggregated into six major variables, and I'm happy to put the full study on the website.