Tokyo stands at the center of the largest conurbation in the world, one that has continued to grow throughout the second half of the century. It remains the political, corporate, educational, and cultural heart of Japan. In this article, the author examines the conurbation in light of its evermore pronounced insertion into world systems of capital flow and corporate control, reflected in an exceptional rise in land prices in the second half of the 1980s, followed by an equally severe slump. In seeking to explain why this buffeting could occur without a greater degree of social dislocation, the author sets Tokyo apart from interpretations of changes that have affected other cities as a result of the globalization of corporate interests and capital flows. The author then discusses ways in which the increased corporatization of urban space has affected the city's inhabitants, with a particular focus on inner-city areas. Finally, the author examines social trends normally linked to the globalization of capital and its effects on urban dynamics—trends such as pauperization and gentrification—and suggests some reasons why these trends have not been as apparent in Tokyo as in other world cities.
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