City

This groundbreaking book exposes the role of the City and the workings of global finance. The City of London is the biggest international banking centre and foreign exchange market, but its role is often misunderstood as being just a satellite of Wall Street or an alien financial appendage to the UK [...]
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This groundbreaking book exposes the role of the City and the workings of global finance. The City of London is the biggest international banking centre and foreign exchange market, but its role is often misunderstood as being just a satellite of Wall Street or an alien financial appendage to the UK economy. Based on his twenty years' experience of City dealing rooms, Tony Norfield takes a radically different view. Through an in-depth look at world market dealings and revenues, The City shows how the operations of the City of London are critical both for British capitalism and for world finance. It sets out how this evolved, by examining the history of the world economy from the postwar period to the present day. Why do just fifty companies now have control of a large portion of world economic production? The City shows how mechanisms of power are developed through financial securities and the banking system. All major capitalist companies-not just financial ones-use these to try to reinforce their position in the market.Norfield details, with shocking and insightful research, the role of the US dollar, the network of British-linked tax havens and the flows of finance around the world.