Introduction In order to determine and resolve the problems that emanate from market failures as well as initiate long-term improvements in the economic, social and environment conditions, comprehension of the processes of globalisation, the roles of urban political economy and economic restructuring is critical. On the same note, it is clear that the poor living conditions and dysfunctional urban areas lead to significant extensive social and economic complications. As such, major renovation and reconstruction of urban vicinities are essential (Audirac, 2005). The success of groundwork for planning presentations, development agendas and identification of funding prospects as well as engineering designs for buildings in urban areas depends on globalisation processes, the urban political economy as well as the economic restructuring processes. Globalisation impacts Over the years, urban areas have continued to experience multi-dimensional and global shrinkages. Actually, the world populace is increasingly becoming urban. As such, redefinition of urban areas is critical due to globalisation (Audirac, 2005). Through globalisation, resources including the major infrastructural as well as highbrow assets have been concerted in the global cities thereby attracting population and expertise as well as capabilities in such areas (Dicken, 2003). In principle, innovative and novel dimensions of worldwide production, manufacturing, distribution and consumption have been the outcomes of the gradual shift towards newfangled international economic structures. In addition, globalisation has created innovative urban contexts due to the insurrection of novel expertise and logistics (Bluestone & Harrison, 2000). On the other hand, due to globalisation, towns and cities suffer from depletion of capital and human assets. Besides, diminishing rates of innovation, intellectual engagements and deficiency of free enterprises are the implications of globalisation processes on nations that concentrate economic activities on single sector or industry (Castells, 2000). Actually, globalisation has increased competition among different nations. As such, several cities have been declining as others regenerate. The shrinkage of cities characterised by populace loss, economic recession, employment degeneration and structural intricacies is an international political, economic as well as planning concern that must be addressed (Champion, 2001). Currently, several cities across the globe experience populace variations arising from globalisation (Glaeser & Gyourko, 2005). In other words, globalisation is responsible for increased movement and flexibility of populace in diverse expanses. The freedom of movement of populace results in the attenuation of other cities population whereas other expanses realise gains in the form of capital and trade. In fact, proper comprehension of the globalisation process is significant in the deconstruction of the conventional models of urban growth and revolution (Graham & Marvin, 2001). In other words, understanding globalisation process initiates a paradigm shift that is focused on the quality and pace of urban growth. Urban political economy The policies of the urban political economy are significant in dictating the milieu in which cities have to react in order to conform to renaissance. For instance, in c