Bibliographie
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Amin, Ash, Thrift, N., ‘Neo‐Marshallian Nodes in Global Networks’, International Journal of Urban and Regional Research, vol. 16, issue 4, December 1992, pp. 571-587.
Amin, Ash, Thrift, N., ‘Globalization, Institutional Thickness and the Local Economy’, in Healey P., (ed.) Managing Cities: The New Urban Context, New York, Wiley, 1995, pp. 91-108.
Azuelos, M., ‘Turning the Telescope Around. The Anglo-American “Special” Economic Relationship in the ‘Post-American” World’, in Groutel, Pauwels & Peyronel (eds.), Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century, London, Palgrave Macmillan, 2017, pp. 23-55.
Beaverstock, Jonathan V., ‘Transnational Elites in the City: British Highly-Skilled Inter-Company Transferees in New York City’s Financial District’, Journal of Ethnic and Migration Studies, vol. 31, no 2, March 2005, pp. 245-268.
Brown, Gordon, Beyond the Crash. Overcoming the First Crisis of Globalisation, London, Simon and Schuster, 2010.
Calingaert, M., ‘The Special Relationship. Economic and Business Aspects: American Perspective’, in McCausland J.D., Stuart D.T., (eds.), US-UK Relations at the Start of the 21st Century, Strategic Studies Institute, 2006, p. 23.
Cassis, Y., ‘’Introduction’, in Cassis Y., Wójcik D., (eds.), International Financial Centres after the Global Financial Crisis and Brexit, Oxford, OUP, 2018, p. 10.
Castells, M., ‘Globalisation, Networking, Urbanisation: Reflections on the Spatial Dynamics of the Information Age’, Urban Studies, vol. 47, no 13, November 2010, pp. 2737-2745.
Castells, M., ‘Grassrooting the Space of Flows’, Urban Geography, 1999, vol. 20, no 4, pp. 294-302.
Castells, M., The Informational City: Information Technology, Economic Restructuring, and the Urban-Regional Process, Oxford, Basil Blackwell, 1989.
CityUK (The), Key Facts about the UK as an International Financial Centre 2017, December 2017.
Dalingwater, L.ouise, ‘Transatlantic Services Trade and Investment: Dynamics of and Challenges to the “Special Relationship” in the Twenty-First Century’, in Groutel, & Peyronel (eds.), Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century, London, Palgrave Macmillan, 2017, pp. 185-204.
Hall, P., et al., ‘London, Reluctant Metropolis’, Urbanistica, May-August 2003, pp. 21-31.
Hall, S., ‘Any Brexit deal on financial services could have unpredictable implications’, LSE Business Review, July 28, 2008.
Hall, S., Wójcik D., ‘Ground Zero to Brexit: London as an International Financial Centre’, Geoforum, 2018.
Hamilton Daniel S. and J. P. Quinlan, The Transatlantic Economy 2018, Washington, DC, Center for Transatlantic Relations, 2018.
Hamilton Daniel S. and J. P. Quinlan, The Transatlantic Economy 2017, Washington, DC, Center for Transatlantic Relations, 2017.
Hamilton, Daniel S., ‘Next Steps in the “Special Relationship” – Impact of a US-UK Free Trade Agreement’, Testimony by Dr. Daniel S. Hamilton, U.S. House of Representatives, Joint Hearing by the Subcommittee on Terrorism, Non-Proliferation and Trade Subcommittee on Europe, Eurasia and Emerging Threats of the Committee on Foreign Affairs, February 1, 2017 (https://docs.house.gov).
Hammond, Philip, Speech at the FinTech conference held in Canary Wharf, March 22, 2018.
Hammond, Philip, Mansion House Speech, June 21st, 2018.
Hodgson, Geoffrey M., ‘The Approach of Institutional Economics’, Journal of Economic Literature, vol. 36, no 1, March 1998, pp. 166-192.
House of Commons Library, Financial Services: Contribution to the UK Economy, Briefing Paper no. 6193, April 2018.
House of Commons Library, Leaving the EU, Research Paper 13/42, 1 July 2013.
House of Commons, International Trade Committee, UK-US Trade Relations, Second Report of Session 2017–19, 25 April 2018.
International Monetary Fund, World Economic Outlook, October 2018.
James, Scott and Lucia Quaglia, ‘Brexit, the City and the Contingent Power of Finance’, New Political Economy, 2018, pp. 1-14.
Levell, Peter, ‘Firms’ supply chains form an important part of UK-EU trade: what does this mean for future trade policy?’, Institute of Fiscal Studies, January 8, 2018.
‘London loses top financial centre ranking to New York’, Financial Times, September 12, 2018.
May, Theresa, Lancaster House Speech, January 17, 2017.
McKinney, J., Dobson, Alan P., ‘The Anglo-American Economic Relationship’, in Alan P. Dobson and Steve Marsh (eds.), Anglo-American Relations: Contemporary Perspectives, London, Routledge, 2013.
McKinsey Global Institute, Digital Globalization: The New Era of Global Flows, March 2016.
Moss, Stephen, ‘Special Report: An Outsider’s Guide to the City of London’, The Guardian, May 27, 2014.
North, D.C., Institutions, Institutional Change and Economic Performance, New York, Cambridge University Press, 1990.
Pettis, M., ‘Why the Crisis Will Increase NyLon’s Dominance’, Newsweek, May 23, 2009.
Pooler, M., ‘New York and London Vie for Crown of World’s Top Financial Centre’, Financial Times, October 1st, 2014.
Rawlinson, K., Sabbagh D., ‘Brexit warning from investment firm co-founded by Rees-Mogg’, The Guardian, June 13, 2018.
Reed, Dan, ‘New York-London Is The World’s First Billion-Dollar Airline Route’, Forbes, July 9, 2018.
Saif, Ullah, ‘Why is it important for large international banks to be based in the City?’, City of London Economic Research Team, 2017.
Sassen, Saskia, ‘Global Financial Centers’, Foreign Affairs, vol. 78, no 1, Jan.-Feb.1999, pp. 75-87.
Sassen, Saskia, Global City, Princeton, NJ, Princeton University Press, 1991.
Sassen, Saskia, ‘The Global City. The De-nationalizing of Time and Space’, in Gerfried Stocker and Christine Schöpf (eds.), Unplugged: Art as the scene of global conflicts, Ostfildern-Ruit (Germany), Hatje Cantz, 2002, pp. 18-25.
Serwicka, I., Tamberi N., ‘Not backing Britain: FDI inflows since the Brexit referendum’, UK Trade Policy Observatory Briefing Paper, no 23, October 2018.
Smith, Richard J., ‘Networking the City’, Geography, vol. 90, no 2, 2005, pp. 172-176.
Taylor, Peter J., Lang Robert E., ‘U.S. Cities in the “World City Network” ’, Brookings Institution, Survey Series, February 2005.
Stafford, Philip, ‘LSE springs surprise with choice of chief’, Financial Times, April 14, 2018.
‘Slowbalisation. The steam has gone out of globalisation’, The Economist, January 24th, 2019.
‘UK remains top destination for inward investment, but Germany and France are closing the gap as Brexit bites’, ey.com, June 11, 2018.
Van Reenen, John, ‘Brexit’s Long-Run Effects on the U.K. Economy’, Brookings Papers on Economic Activity, Fall 2016, pp. 367-383.
Wójcik, Dariusz, ‘The Dark Side of NY–LON: Financial Centres and the Global Financial Crisis’, Urban Studies, vol. 50, no. 13, 2013, pp. 2736-2752.
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Notes
See Wójcik, D., ‘The Dark Side of NY–LON: Financial Centres and the Global Financial Crisis’, Urban Studies, vol. 50, no 13, 2013, p. 2736-2752.
My italics. The Cambridge Dictionary defines a nexus as ‘an important connection between the parts of a system or a group of things’.
This concept, which was first introduced by Manuel Castells in 1989, has been widely used ever since to refer to ‘[t]he material arrangements that allow for simultaneity of social practices without territorial contiguity. It is not purely electronic space […] It is made up first of all of a technological infrastructure of information systems, telecommunications, and transportation lines.’ See Castells, M., The Informational City: Information Technology, Economic Restructuring, and the Urban-Regional Process, Oxford, Basil Blackwell, 1989 and Manuel Castells, ‘Grassrooting the Space of Flows’, Urban Geography, 1999, vol. 20, no. 4, p. 294-302.
In 2018 the United States of America accounted for 15.7% of global gross domestic product (GDP) compared with 2.24% for the UK. See International Monetary Fund, World Economic Outlook, October 2018.
See Azuelos, M., ‘Turning the Telescope Around. The Anglo-American “Special” Economic Relationship in the “Post-American” World’, in Groutel, A., Pauwels, M.-C., & Peyronel V., (eds.), Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century, London, Palgrave Macmillan, 2017, pp. 23-55.
Ibid.
House of Commons, International Trade Committee, UK-US Trade Relations, Second Report of Session 2017–19, 25 April 2018.
The gravity equation in international trade is one of the most robust empirical findings in economics, which states that bilateral trade between two countries is proportional to their respective sizes, measured by their GDP, and inversely proportional to the geographic distance between them.
As underlined by the World Trade Organization, Regional Trade Agreements (RTAs) have become a prominent feature of the Multilateral Trading System (MTS).
The first of these was the Canada-United States free trade agreement signed in 1988. Since then it has signed the North American Free trade agreement (NAFTA) with Canada and Mexico in 1992, the Central American Free Trade Agreement (CAFTA-DR) in 2005, and bilateral free trade agreements with Chile, Peru and Colombia. Under the Trump administration NAFTA has been renegotiated and a new USMCA (United States Mexico Canada Agreement) was finalized by the end of September 2018. At the time of writing (January 2019) this is pending ratification by the three countries which are parties to it.
The countries involved were Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The TPP negotiation was initiated under the Obama administration and concluded in October 2015, with the agreement signed by the 12 partners, including the United States, in April 2016. From that date they had two years to ratify it.
McKinney, J., Dobson, A., P., ‘The Anglo-American Economic Relationship’, in Dobson, A., P., & Marsh, S., (eds.), Anglo-American Relations: Contemporary Perspectives, London, Routledge, 2013, p.145.
Dalingwater, L., ‘Transatlantic Services Trade and Investment: Dynamics of and Challenges to the “Special Relationship” in the Twenty-First Century’, op. cit., pp.185-204. See also Hamilton, D., S., & Quinlan, J. P., The Transatlantic Economy 2017, Washington, DC, Center for Transatlantic Relations, 2017, p.146.
For a detailed analysis of this topic, see Dalingwater ‘Transatlantic Services Trade and Investment," op. cit.
See Hamilton, Daniel S. & Quinlan, J., P., The Transatlantic Economy 2018, 1, Washington, DC, Center for Transatlantic Relations, 2018, p. 20.
Ibid., p. vii.
Ibid.
Ibid., p. xii.
Ibid., p.vii.
Ibid., p.18.
Daniel S. Hamilton is a leading American expert on U.S. foreign, security and economic policy, Europe, and international affairs. A former Executive Director of the Center for Transatlantic Relations, he is currently Austrian Marshall Plan Foundation Professor at Johns Hopkins University.
‘Next Steps in the “Special Relationship” – Impact of a US-UK Free Trade Agreement’, Testimony by Dr. Daniel S. Hamilton, U.S. House of Representatives, Joint Hearing by the Subcommittee on Terrorism, Non-Proliferation and Trade Subcommittee on Europe, Eurasia and Emerging Threats of the Committee on Foreign Affairs, February 1, 2017, p. 4 (https://docs.house.gov).
House of Commons Library, ‘Financial Services: Contribution to the UK Economy’, Briefing Paper no 6193, April 2018.
‘Passporting’ refers to the fact that ‘banks and financial instituions that are authorised in a European Economic Area (EEA) state can carry out activities in any other EEA state.’ Definition given by the Bank of England (https://www.bankofengland.co.uk/prudential-regulation/authorisations/passporting).
House of Commons Library, ‘Financial Services: Contribution to the UK Economy’, op. cit.
McKinsey Global Institute, Digital Globalization: The New Era of Global Flows, March 2016, p. 55.
Sassen, S., Global City, Princeton, NJ, Princeton University Press, 1991.
Castells, M., ‘Globalisation, Networking, Urbanisation: Reflections on the Spatial Dynamics of the Information Age’, Urban Studies, vol. 47, no. 13, November 2010, p. 2743.
McKinsey Global Institute, Digital Globalization, op. cit.
Wójcik, D., ‘The Dark Side of NY–LON’, op. cit., p. 2740.
Sassen, S., ‘The Global City. The De-nationalizing of Time and Space’, in Stocker, G., & Schöpf, C., (eds.), Unplugged: Art as the scene of global conflicts, Ostfildern-Ruit (Germany), Hatje Cantz, 2002, p. 18.
Ibid., p. 2744.
Ibid.
As Christian Meissner, global head of corporate and investment banking at Bank of America Merrill Lynch, explains, London’s time zone makes it easy to do business with Asia or emerging markets in the Middle East or Africa. See Pooler, M., ‘New York and London Vie for Crown of World’s Top Financial Centre’, Financial Times, October 1st, 2014, (http://www.ft.com/intl/cms/s/0/b388de4c-174b-11e4-87c0-00144feabdc0.html#axzz3UAMDWDw3), date accessed January 19, 2019.
Moss, S., ‘Special Report: An Outsider’s Guide to the City of London’, The Guardian, May 27, 2014 (https://www.theguardian.com/cities/2014/may/27/-sp-special-report-an-outsiders-guide-to-the-city-of-london), date accessed January 19, 2019.
See note 3, above.
Sassen, S., ‘Global Financial Centers’, Foreign Affairs, vol.78, no.1, Jan.-Feb.1999, p. 76.
Pettis, M., ‘Why the Crisis Will Increase NyLon’s Dominance’, Newsweek, May 23, 2009 (http://www.newsweek.com/why-crisis-will-increase-nylons-dominance-80071), date accessed January 19, 2019.
Hall, P., et al., ‘London, Reluctant Metropolis’, Urbanistica, May-August 2003, p. 31.
Calingaert, M., ‘The Special Relationship— Economic and Business Aspects: American Perspective’, in McCausland, J. D., &. Stuart, D. T., (eds.), US-UK Relations at the Start of the 21st Century, Strategic Studies Institute, 2006, p. 23.
Smith, Richard J., ‘Networking the City’, Geography, vol. 90, no 2, 2005, p. 172-176.
Taylor, Peter J., Lang, Robert E., ‘U.S. Cities in the “World City Network” ’, Brookings Institution, Survey Series, February 2005.
McKinsey Global Institute, Digital Globalization, op. cit., p. 63.
Ibid.
Wójcik, ‘The Dark Side of NY-LON’, op. cit., p. 2737.
Ibid.
The CityUK, Key Facts about the UK as an International Financial Centre 2017, Dec. 2017.
McKinsey Global Institute, Digital Globalization, op. cit., p. 63.
This is calculated by rank and change over previous year in each flow. Ibid., Exhibit 25.
Reed, Dan, ‘New York-London Is The World's First Billion-Dollar Airline Route’, Forbes, July 9, 2018.
This is definition 3 for the noun flow given by the Merriam-Webster Dictionary.
The concept of ‘institutional thickness’ was first proposed by Ash Amin and Nigel J. Thrift in 1995 (Amin, A., Thrift, N., ‘Globalization, Institutional Thickness and the Local Economy’, in Healey, P., (ed.) Managing Cities: The New Urban Context, New York, J. Wiley, 1995, p. 91-108). Since then it has been used by economic geographers to refer to and analyze the impact of the multi-layering of institutional spheres on a region’s or nation’s economy.
The role of institutions in economic life has been an object of study since the seminal contributions of Thorstein Veblen and John R. Commons, and the often quoted definition given by Douglass North can be a useful starting point here. For North institutions are ‘the rules of the game in a society ; (and) more formally, (as) the humanly devised constraints that shape human interaction’. The word thus refers both to formal rules governing the way an economy and society operates—such as the legal, political, banking, business or educational systems, the role of the state in economic life, or industrial relations—, as well as to norms, conventions, and rules of conduct or habits (informal, or tacit institutions).
The LSE has 479 listed foreign companies, the NYSE 485 and the NASDAQ 388.
Brown, G., Beyond the Crash. Overcoming the First Crisis of Globalisation, London, Simon and Schuster, 2010, p. 28.
Stafford, P., ‘LSE springs surprise with choice of chief’, Financial Times, April 14, 2018, p.17.
Amin, A., Thrift, N., ‘Neo‐Marshallian Nodes in Global Networks’, International Journal of Urban and Regional Research, vol. 16, issue 4, December 1992, p. 583.
Beaverstock, Jonathan V. ‘Transnational Elites in the City: British Highly-Skilled Inter-Company Transferees in New York City's Financial District’, Journal of Ethnic and Migration Studies, vol. 31, no. 2, March 2005, p.250.
James, S., Quaglia, L., ‘Brexit, the City and the Contingent Power of Finance’, New Political Economy, 2018, pp.1-14.
See above, note 21.
See House of Commons Library, Leaving the EU, Research Paper 13/42, 1 July 2013, p. 49 (www.parliament.uk/briefing-papers/rp13-42.pdf), accessed January 19, 2019.
House of Commons Library, Leaving the EU, op.cit., 2013, p. 49.
Van Reenen, J., ‘Brexit’s Long-Run Effects on the U.K. Economy’, Brookings Papers on Economic Activity, Fall 2016, p. 376.
Lancaster House Speech, January 17, 2017.
As a study published by the Institute of Fiscal Studies notes ‘the majority of UK exports and imports are now made up of goods or services that are themselves inputs into [the] production [of other goods and services] … Over half of the UK’s imports from the EU are of such intermediate goods and services, as are nearly 70% of our exports to the EU.’ Levell, P., ‘Firms’ supply chains form an important part of UK-EU trade: what does this mean for future trade policy?’, Institute of Fiscal Studies, January 8, 2018.
‘London loses top financial centre ranking to New York’, Financial Times, September 12, 2018.
Rawlinson, K., & Sabbagh, D., ‘Brexit warning from investment firm co-founded by Rees-Mogg’, The Guardian, June 13, 2018.
Ullah, S., ‘Why is it important for large international banks to be based in the City?’, City of London Economic Research Team, 2017.
‘UK remains top destination for inward investment, but Germany and France are closing the gap as Brexit bites’, ey.com, June 11, 2018. For an in-depth study of the actual and potential future effects of Brexit on FDI, see Serwicka, I., & Tamberi, N., ‘Not backing Britain: FDI inflows since the Brexit referendum’, UK Trade Policy Observatory Briefing Paper, no 23, October 2018.
Hall, S., & Wójcik, D., ‘Ground Zero to Brexit: London as an International Financial Centre’, Geoforum, 2018.
Allen, J., ‘The City and finance: changing landscapes of power’, The Economic Geography of the UK, 2010, p. 57.
Philip Hammond, Speech at the FinTech conference held in Canary Wharf on March 22, 2018 ; and Mansion House Speech, June 21st, 2018.
Cassis, Y., ‘Introduction’, in Cassis, Y. & Wójcik, D., (eds.), International Financial Centres after the Global Financial Crisis and Brexit, Oxford, Oxford University Press, 2018, p. 10.
Quoted in Hall, S., ‘Any Brexit deal on financial services could have unpredictable implications’, LSE Business Review, July 28, 2008 (http://blogs.lse.ac.uk/businessreview/2018/07/28/any-brexit-deal-on-financial-services-could-have-unpredictable-implications), accessed January 19, 2019.
The term ’Slowbalisation’ was coined in 2015 by Adjiedj Bakas, a Dutch trend-watcher, to describe a reaction against globalisation. It has subsequently been used to refer to the fact that the ‘golden age’ of globalisation, which characterized the world economy between 1990 and 2007, may be behind us. See ‘Slowbalisation. The steam has gone out of globalisation’, The Economist, January 24th, 2019 (https://www.economist.com/leaders/2019/01/24/the-steam-has-gone-out-of-globalisation), accessed February 5, 2019.
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