The City: London and the Global Power of Finance

The City: London and the Global Power of Finance

by Tony Norfield

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Overview

Radical insider’s account of how the city of London really works

The City, as London’s financial centre is known, is the world’s biggest international banking and foreign exchange market, shaping the development of global capital. It is also, as this groundbreaking book reveals, a crucial part of the mechanism of power in the world economy.

Based on the author’s twenty years’ experience of City dealing rooms, The City is an in-depth look at world markets and revenues that exposes how this mechanism works. All big international companies—not just the banks—utilise this system, and The City shows how the operations of the City of London are critical both for British capitalism and for world finance.

Tony Norfield details, with shocking and insightful research, the role of the US dollar in global trading, the network of Britishlinked tax havens, the flows of finance around the world and the system of power built upon financial securities. Why do just fifty companies now have control of a large share of world economic production? The City explains how this situation came about, examining the history of the world economy from the postwar period to the present day.

If you imagine you don’t like “finance” but have no problem with the capitalist market system, think again: it turns out the two cannot be separated.

Product Details

ISBN-13: 9781784785024
Publisher: Verso Books
Publication date: 07/04/2017
Pages: 304
Product dimensions: 5.00(w) x 7.70(h) x 1.00(d)

About the Author

For nearly twenty years, Tony Norfield worked in bank dealing rooms in the City of London. For ten years he was an Executive Director and the Global Head of FX Strategy in a major European bank, travelling to some forty countries on business, negotiating with finance ministries, central banks and major corporations. He was frequently quoted in the Financial Times, Wall Street Journal, Guardian and Telegraph, and on news services such as Reuters, Bloomberg, CNN and CNBC. In 2014, he was awarded a PhD in Economics from the School of Oriental and African Studies, University of London.

Table of Contents

List of Tables and Charts ix

Preface xi

1 Britain, Finance and the World Economy 1

2 The Anglo-American System 23

3 Finance and the Major Powers 53

4 Power and Parasitism 75

5 The World Hierarchy 105

6 Profit and Finance 129

7 The Imperial Web 161

8 Inside the Machine 185

9 Eternal Interests, Temporary Allies 213

Notes 229

Select Bibliography 259

Index 261

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