The Re-Emergence of Global Finance

Perfect | September 1, 2006

byGary Burn

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Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This most momentous financial innovation since the bank note, paved the way for globalization. It was a first shot in the neo-liberal counter-revolution against the Keynesian welfare state. This is the story of the Eurodollar and the re-emergence of global capital. It tells how the City discarded sterling and reclaimed its historic role as the world's foremost financial centre.

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Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This most momentous financial innovation since the bank note, paved the way for globalization. It was a first shot in the neo-liberal counter-revolution against the Keynesian welfare sta...

GARY BURN is a Visiting Research Fellow at the GPE Centre, University of Sussex, UK. He has recently published work on the German economy and the evolution of offshore finance. He won the Robert Cox Award in 2000 for his article The State the City and the Euromarkets.

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Format:PerfectDimensions:231 pages, 8.82 × 5.77 × 0.73 inPublished:September 1, 2006Publisher:Palgrave MacmillanLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:023000198X

ISBN - 13:9780230001985

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Table of Contents

List of Figures * List of Abbreviations * PART 1: INTRODUCTION * The End of a Global Age * Global Finance v. National Captialism * Redrawing Sovereignty in the City * Accumulation and Institutional Change * PART 2: THE EVOLUTION OF THE EUROMARKETS * Defining Euromoney * The Origins of the Eurodollar Market * Developing a Foreign Market for Dollars * US banks take over the London Eurodollar Market * The Establishment of the Eurobond Market * The State v. Market Dichotomy * Historic Mechanisms * PART 3: STERLING AND THE CITY-BANK-TREASURY NEXUS * Sterling, the Discount Market and the Bill on London * Public v. Private: Institutional Schizophrenia at the Bank of England * The Return to Gold * After Gold * PART 4: RESTORING STERLING AFTER 1945 * America v. Britain: Creating an International Monetary System * Securing the Bank's Institutional Autonomy * The Battle for Sterling * European Payments Union * Operation Robot * The Climacteric of 1955 * The Great Unmentionable * Sterling and City Divorce * PART 5: THE STATE, THE CITY AND THE EUROMARKETS * Locating the Historic Mechanisms in the Eurodollar Market * Sir George Bolton: The Bank of England's 'Market Man' * Disassociating the Eurodollar and Eurobond Markets * Discovering the Onshore External Market * The Bank of England View of the Eurodollar * PART 6: AMERICA AND THE EUROMARKETS * US Banks Operating in the London Eurodollar Market * The Federal Reserve and the Continental Dollar Market * The Kennedy Administration and the US Payments Deficit * The US and the Eurobond * The US Treasury discovers the Offshore Market in Foreign Dollars * Discussing the Euromarkets with Britain * Coming Late to the Feast * PART 7: PUBLIC ACCOUNTABILITY V PRIVATE INTEREST GOVERNMENT * The Bank of England and Public Accountability * The City and Private Interest Government * Musings, Questions and Conclusions * Notes * Bibliography * Index