Impact of the Global Financial Crisis on the City of London: The End of Hegemony?

Leila Simona Talani
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Leila Simona Talani: King’s College London

Chapter 4 in Globalization, Hegemony and the Future of the City of London, 2012, pp 114-145 from Palgrave Macmillan

Abstract: Abstract This chapter seeks to understand whether the global financial crisis put an end to the hegemony of the British financial sector in the domestic context and to its competitiveness in the international arena. It argues that the crisis mostly impacted the labor force of both the British and global financial sector, and produced a restructuring that consolidated and enhanced the political economic relevance of the City of London. By no means did the crisis result in a decrease of the hegemonic power of the City of London; if anything, it confirmed its capacity to influence the decision-making process of the British government in favor of its preferences. This has meant keeping the UK outside the euro area despite the many voices that argued in favor of entry at the onset of the global crisis, and opposing the development of a new global financial regime.

Keywords: Central Bank; Financial Service; Euro Area; Banking Sector; Global Financial Crisis (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34945-2_5

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DOI: 10.1057/9780230349452_5

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