[Marxism] New Book on the City of London as a Financial Centre

Paul Flewers trusscott.foundation at blueyonder.co.uk
Thu Feb 18 15:27:47 MST 2016


List members may well be interested in this new book by Tony Norfield <
http://www.versobooks.com/books/2103-the-city >. Tony Norfield also writes at <
http://economicsofimperialism.blogspot.co.uk/ >.

Paul F

* * * * * * *

Tony Norfield, The City: London and the Global Power of Finance

A 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 British-linked 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.




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