An Evolutionary Perspective on the British Banking Crisis

Neill Marshall, Stuart Dawley, Andy Pike, Jane Pollard and Mike Coombes

No 1833, Papers in Evolutionary Economic Geography (PEEG) from Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography

Abstract: Developing an evolutionary perspective towards the changing anatomy of the banking sector reveals the enduring tensions and contradictions between spatial centralisation and the possibilities for decentralisation before, during and after the British banking crisis. The shift from banking boom to crisis in 2007 is conceptualised as a significant and on-going moment in the long-term evolution of the historical institutional-spatial dominance of London over other city-regions in Britain. The analysis demonstrates the importance of the institutional and geographical legacies of the British national political economy and variegation of capitalism established in the later nineteenth and early twentieth centuries in shaping contemporary geographical outcomes. Regulatory changes combined with financial innovation in the latter years of the twentieth century to create an opportunity for English regional and Scottish banks excluded from previous institutional-spatial centralisation to expand excessively and consequently several failed in the banking crisis. The paper considers the future trajectory of institutional-spatial centralisation in the banking sector amidst the continued spatial restructuring of the banking crisis, involving a re-drawing of organisational boundaries, overlapping institutional and technological changes and unprecedented uncertainty about the impact of Brexit on Britain?s wider political and economic landscape.

Keywords: Banking crisis; evolutionary geographical political economy; cities and regions; uneven development (search for similar items in EconPapers)
JEL-codes: J21 J24 R10 R12 R23 (search for similar items in EconPapers)
Date: 2018-08, Revised 2018-08
New Economics Papers: this item is included in nep-evo, nep-geo, nep-his and nep-pke
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http://econ.geo.uu.nl/peeg/peeg1833.pdf Version August 2018 (application/pdf)

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Journal Article: An evolutionary perspective on the British banking crisis (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:egu:wpaper:1833

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