Author(s): Tony Norfield
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 Britishlinked 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 Cityexplains 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.
"Norfield writes from a position of experience: he has worked in the belly of the beast, and the book is the better for it...In The City, he has done the research and pulled together the financial statistics that explain how the bloodsucking works." - Financial Times "With heaps of empirical research and a clear style of argumentation, he demonstrates that the City isn't a "satellite of Wall Street" as many think, but its own beast, using Britain's imperialist privilege to extract value from the world economy. Much of the book is directed against bad arguments made by the liberal-left - the distinction between "productive" capitalism and "casino" banking; the populist vitriol against "the banks"- which Norfield believes aren't just analytically false but let capitalism off the hook." - Vice "This book does the seemingly impossible: rendering finance's mysteries transparent to the average reader, and at the same time delivering a penetrating analysis of the global economic system that will enlighten even experts. Tony Norfield has written a truly exciting and important book." - Paul Mattick, author of Business as Usual
For nearly twenty years, Tony Norfield worked in bank dealing rooms in the City of London. For ten years he was an Executive Director and the Global Head of FX Strategy in a major European bank, travelling to some forty countries on business, negotiating with finance ministries, central banks and major corporations. He was frequently quoted in the Financial Times, Wall Street Journal, Guardian and Telegraph, and on news services such as Reuters, Bloomberg, CNN and CNBC. In 2014, he was awarded a PhD in Economics from the School of Oriental and African Studies, University of London.