Land of Hope and Enterprise

2021 ◽  
pp. 1-25
Author(s):  
Alex Brummer
Keyword(s):  
New York ◽  
Financial Crisis ◽  
International Institutions ◽  
Higher Learning ◽  
Financial Centre ◽  
Institutions Of Higher Learning ◽  
Eu Referendum ◽  
The Uk ◽  
City Of London ◽  
The City

This chapter examines the contribution of recognized activities that make the UK economy, such as the progress in research, pharmaceuticals, technology, software, and innovation that can be traced back to the intellectual powerhouses of UK's institutions of higher learning. It recounts the UK's love–hate relationship with the City of London, wherein the banks are still blamed for the financial crisis of 2007–2009 and the subsequent stagnation and fall in incomes. It also cites finance as the highest UK earner of overseas income and is a magnet for international institutions. The chapter describes London as the biggest financial centre outside New York and has attracted even greater numbers of skilled financial traders since the EU referendum result of 2016. It explains how the UK financial sector accommodated trading, provided credit, and raised new capital for troubled firms and those seeking post-Covid-19 opportunities.

Success in School: A Research Agenda on Student Attrition and Retention in the SEEK Program

1993 ◽  
Vol 15 (4) ◽  
pp. 437-441 ◽  
Author(s):  
Kim C. Francis ◽  
Robert J. Kelly ◽  
Martha J. Bell
Keyword(s):  
New York ◽  
School Setting ◽  
Student Attrition ◽  
Higher Learning ◽  
Institutional Interaction ◽  
Culture Of Learning ◽  
Interaction Processes ◽  
Institutions Of Higher Learning ◽  
Success In Higher Education ◽  
The City

Success in higher education for minorities and disadvantaged students may be more closely linked with their sociopsychological adjustments to an institution than was previously thought. At the same time, the culture of institutions of higher learning may facilitate the assimilation of minority students through an apparatus of services that assists them academically and socially. This article examines the institutional interaction processes in the Search for Education, Elevation, and Knowledge Program (SEEK) among students, staff, and faculty at Brooklyn College of the City University of New York (CUNY), and explores how assimilation into the institutional subculture may be enhanced. The research paradigm raises questions about how the school setting affects success or failure and how institutions offer their students resources that enable them to overcome the legacies of poverty and attitudes inimical to the culture of learning.

scholarly journals Private equity in the UK context

2009 ◽  
Vol 15 (2) ◽  
pp. 209-227 ◽  
Author(s):  
Glenn Morgan
Keyword(s):  
Financial Crisis ◽  
Private Equity ◽  
European Countries ◽  
Political Opposition ◽  
Short Period ◽  
Bank Of England ◽  
Current Financial Crisis ◽  
The Uk ◽  
City Of London ◽  
The City

This article concentrates on private equity (PE) in the UK. It argues that private equity is the latest of a series of ways in which finance and the City of London have dominated the UK economy. In a relatively short period, large PE deals became significant in the UK. They led to organisational restructurings which treated the workforce as expendable costs. The rise of private equity led eventually to political opposition and although this appeared briefly to be very powerful, in the end it achieved little because it was never strong enough to combat the allied forces of the City, the Treasury and the Bank of England. However, private equity has not been triumphant. On the contrary it is fully implicated in the current financial crisis and its structure means that its growth has ceased and its very survival is in question. In some European countries, this may mean that rising financialisation will be halted at least temporarily. However in the UK, where the City is powerfully entrenched, private equity may decline but it is doubtful whether the financial dominance of the UK economy will be fundamentally challenged.

Power, Politics and the City of London after the Great Financial Crisis

2014 ◽  
Vol 49 (3) ◽  
pp. 400-425 ◽  
Author(s):  
Sukhdev Johal ◽  
Michael Moran ◽  
Karel Williams
Keyword(s):  
Financial Crisis ◽  
Political Science ◽  
Control Strategies ◽  
Agenda Control ◽  
Power Politics ◽  
Democratic Control ◽  
The Uk ◽  
City Of London ◽  
The City

Four faces of power are summarized, based on the established literature in political science and the work of Foucault: they are power over decision, the power of agenda control, hegemonic power and capillary power. The four faces correspond also to four strategies used by City elites in the UK to protect markets from democratic control. Strategies have developed out of conjunctural crises. The most recent strategy, which involved a form of capillary power, was greatly damaged in the financial crisis of 2007–8. Since then the City has been obliged to retreat to a reliance on the exercise of power over decision, which involves open lobbying.

Internalizing Discipline

2020 ◽  
pp. 193-231
Author(s):  
Jeremy Green
Keyword(s):  
New York ◽  
Monetary Policy ◽  
Financial Integration ◽  
Ronald Reagan ◽  
The Us ◽  
Anglo American ◽  
The Uk ◽  
City Of London ◽  
The City ◽  
Further Development

This chapter argues that the radicalization of monetary policy, regulatory transformation, and central bank innovation in the US and the UK emerged out of institutional complementarities and interdependencies generated by Anglo-American development. The development of offshore markets in the City of London led bankers on both sides of the Atlantic to push for further domestic liberalization, as competition between London and New York intensified. US banks pressured regulators to replicate the City's offshore conditions, which gradually eroded New Deal-era financial regulations. These dynamics, alongside the Fed's failure to regulate the Euromarkets, demonstrated both the limits on US monetary policy autonomy and the importance of the transatlantic impetus to liberalization emerging from Anglo-American financial integration. Embracing monetarism, Margaret Thatcher and Ronald Reagan made clear that price stability would be restored and that working-class solidarity would be broken. In the absence of the Bretton Woods framework, both states demonstrated their commitment to internalizing discipline through extreme applications of monetary policy and direct confrontations with the labor movement. Ultimately, developments in the UK and the US led the way for the broader adoption of neoliberalism within the global political economy and the further development of financialization.

Brexit is set to weaken UK financial services industry

2016 ◽  
Keyword(s):  
New York ◽  
United Kingdom ◽  
Financial Services ◽  
European Economic Area ◽  
Content Type ◽  
Eu Member States ◽  
Financial Centre ◽  
The United Kingdom ◽  
City Of London ◽  
The City

Subject UK financial industry's 'passporting' and 'equivalence' in post-Brexit EU. Significance Under current EU rules, the United Kingdom will lose its passporting rights -- which allow financial companies authorised in the United Kingdom to sell their products across the European Economic Area (EEA) -- once it leaves the bloc. This would damage the reputation and status of the City of London as Europe’s leading financial centre. Impacts The EU is unlikely to change its tough stance and allow the United Kingdom to retain its passporting rights after its leaves the EEA. Cities in remaining EU member states such as Dublin, Frankfurt or Paris may attract some business from London. However, New York will probably be the biggest winner in the long term. Restrictions on EU migration could further impact the competitiveness and attractiveness of the City of London after Brexit.

scholarly journals Euro clearing after Brexit: shifting locations and oversight

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sven Van Kerckhoven ◽  
Jed Odermatt
Keyword(s):  
The European Union ◽  
Content Type ◽  
Financial Centre ◽  
European Regulatory ◽  
Financial Infrastructure ◽  
The Uk ◽  
City Of London ◽  
The Impact ◽  
The City ◽  
The Eu

Purpose This paper investigates the impact of moving Central Counterparty Clearing Houses (CCPs) that clear euro-denominated transactions to the Eurozone after the withdrawal of the UK from the European Union. Prior to Brexit, the City of London had a dominant position in euro-clearing, but in the aftermath of Brexit, clearing houses might decide to move to the EU27. This paper aims to investigate the impact of moving euro-clearing to the EU27. Design/methodology/approach This paper provides an economic, political and legal investigation based on desk research. It studies the relevant materials, as they relate to the functioning of Central Counterparty Clearing in the aftermath of Brexit, with specific attention to the potential shift of locations and oversight. Findings The development of a EU27 financial hub and the possibility to increase oversight over euro-denominated financial transactions, which were partly at the roots of the financial and Eurozone crisis, could strengthen the market shaping of European financial markets. However, localizing euro-denominated transactions in Europe could potentially give rise to efficiency losses and a higher risk for companies and investors. Furthermore, the European regulatory framework currently faces certain weaknesses, obstructing the regulatory potential of the EU. Research limitations/implications As the Brexit negotiations are not yet finished, this paper does not intend to set out a definite outcome of the processes currently taking place. Practical implications Shifting locations and oversight of CCPs as a result of Brexit could lead to the establishment of a large financial centre within the EU-27. At the same time, it is to be expected that such a development will have a significant impact on the financial infrastructure of the City of London. Originality/value There exists an important trade-off with regard to shifting locations that need to be at the forefront of the discussions and the negotiations when dealing with Brexit. This seems to be neglected in a lot of the current policy debates. This paper takes stock of the ongoing debate and how it relates to the functioning of CCPs.

Economic Patriotism After the Crisis: Explaining Continuity and Change in European Securities Enforcement

2018 ◽  
Author(s):  
Chase Foster
Keyword(s):  
Financial Crisis ◽  
Insider Trading ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Financial Supervision ◽  
Financial Centre ◽  
Continuity And Change ◽  
Financial Interests ◽  
Mixed Pattern ◽  
The Uk

Since the global financial crisis, European governments have sought to intensify the supervision of financial markets. Yet, few studies have empirically examined whether regulatory approaches have systematically shifted in the aftermath of the crisis, and how these reforms have been mediated by longstanding national strategies to promote domestic financial interests in the European single market. Examining hundreds of enforcement actions in three key European jurisdictions, I find a mixed pattern of continuity and change in the aftermath of the crisis. In the UK, aggregate monetary penalties and criminal sanctions have skyrocketed since 2009, while in France and Germany, the enforcement pattern suggests continuity, with both countries assessing penalties and prosecuting insider trading at similar rates before and after the crisis. I conclude that financial regulation is still structured by longstanding industrial strategies (Story and Walter, 1997), but where pre-existing regulatory approaches were seen as contributing to the crisis, a broader regulatory overhaul has been pursued. Thus, in the UK, where the financial crisis served as a direct rebuke to the country’s “light touch” regulation, financial supervision was overhauled, and monetary sanctions dramatically increased, to preserve London’s status as an international financial centre. By contrast, in France and Germany, where domestic regulatory systems were implicated by the financial crisis, domestic securities supervision and enforcement was less dramatically altered. While the crisis has led to the further institutionalization of European-level supervisory institutions, these changes have not yet led to convergence in national regulatory approaches.   Full text available at: https://doi.org/10.22215/rera.v12i1.1233

Introduction

2017 ◽  
Author(s):  
Aled Davies
Keyword(s):  
Industrial Development ◽  
The Political ◽  
Social Democratic ◽  
Financial Centre ◽  
Conservative Government ◽  
The Social ◽  
Post War ◽  
City Of London ◽  
The Relationship ◽  
The City

This book is a study of the political economy of Britain’s chief financial centre, the City of London, in the two decades prior to the election of Margaret Thatcher’s first Conservative government in 1979. The primary purpose of the book is to evaluate the relationship between the financial sector based in the City, and the economic strategy of social democracy in post-war Britain. In particular, it focuses on how the financial system related to the social democratic pursuit of national industrial development and modernization, and on how the norms of social democratic economic policy were challenged by a variety of fundamental changes to the City that took place during the period....

scholarly journals From Big Bang to Brexit: The City of London and the Discursive Power of Finance

2021 ◽  
pp. 003232172098571
Author(s):  
Scott James ◽  
Hussein Kassim ◽  
Thomas Warren
Keyword(s):  
Big Bang ◽  
Policy Discourse ◽  
Real Economy ◽  
Financial Centre ◽  
Business Power ◽  
Financial Power ◽  
Discursive Power ◽  
City Of London ◽  
The City ◽  
The Eu

This article aims to generate new insights into the City’s influence during the Brexit negotiations. Integrating theories of discursive institutionalism and business power, we set out to analyse the dynamic ‘discursive power’ of finance. From this perspective, a key source of the City’s influence historically has been a powerful strategic discourse about London’s role as Europe’s leading global financial centre. This was strengthened following the financial crisis to emphasise its contribution to the ‘real’ economy and emerging regulatory threats from the EU. We argue that Brexit challenges the City’s discursive power by removing ‘ideational constraints’ on acceptable policy discourse, and undermining the ‘discursive co-production’ of financial power by government and industry. By encouraging financial actors to re-evaluate their interests, this has contributed to increasing discursive fragmentation and incoherence. Evidence for this comes from the City’s ambiguous policy preferences on Brexit, and the emergence of a rival pro-Brexit ‘discursive coalition’.

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