"It is not every day you read a book about global finance by a banker who quotes Lenin approvingly on page two. " The City is a tour de force, which will soon be recognized as a formidable challenge to conventional wisdom and an essential contribution in its own right." -Robert Brenner, author of The Economics of Global Turbulence It argues that looking at financial flows, market dealings and revenues explains the mechanisms of power that make the City of London indispensable to the UK economy, consolidating its control over the invisible empire of global finance. Looking at the development of London as the international leader of the financial world, from the key developments in the post-1945 era to the present day, culminating in the financial crisis, this groundbreaking book is the first to focus on the historic role of the City and its relationship to the growth of the global finance industry. But in an era of global financial crisis, is the giant out of control? The City is a radical analysis of London's role as the centre of global finance, written by an ex-trader with twenty years experience working in the City. Alongside New York, London is one of the top global giants in the financial world. The City of London is the largest centre for cross-border banking, boasts 41% of the world's foreign exchange trading, 85% of European based hedge fund assets, and $330bn of worldwide premium insurance income.
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