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During the 1980s two global cities New York City and London, England have shown a remarkable convergence in public policy and development patterns. The article analyzes the linkage between the pressures of world economic transformation, on the one hand and political and ideological forces on the other in determining the character of development in these two cities. London and New York are a particularly useful source for comparative study because their common attributes permit the identification of a limited number of variables to explain their differences. They both developed as great ports, their roles as centers of international trade and the requirements for financing that trade, caused them to become the locations of the world's most important financial markets. Each has been the financial capital of a dominant global economic power, and each faces increased competition from other world centers. It is further observed that the governments of New York City and London opted for the route of minimal planning, dampened participation and market distribution. These policies have contributed to highly uneven development, severe shortages of affordable housing, congestion and environmental deterioration.