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London and Paris as International Financial Centres in the Twentieth Century$
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Youssef Cassis and Eric Bussière

Print publication date: 2005

Print ISBN-13: 9780199269495

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269495.001.0001

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A Financial Phoenix: The City of London in the Twentieth Century

A Financial Phoenix: The City of London in the Twentieth Century

Chapter:
(p.15) 2 A Financial Phoenix: The City of London in the Twentieth Century
Source:
London and Paris as International Financial Centres in the Twentieth Century
Author(s):

Ranald Michie (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269495.003.0002

During the 20th century the City of London survived the impact of two world wars, a worldwide economic collapse, growing restrictions on international trade and finance imposed by governments, and the decline of Britain as an economic and imperial power. All these were major blows to its standing as a financial centre, and after 1945 it did appear that it had finally lost its dominant position in the world to New York. Meanwhile, in addition, its role in Europe was threatened by Zurich. The fact that the City was able to both reclaim its international importance, and repel European competition, was testimony to the inherent strengths it possessed at the beginning of the century, its ability to transform itself in response to opportunities and challenges, and the failure of alternative centres to capitalize on London's weaknesses and so replace it.

Keywords:   London, financial centre, First World War, Second World War, New York, economy, financial market

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