Global Finance and Urban Living: A Study of Metropolitan Change (International Library of Sociology)

BOOK COVER......Page 1
HALF-TITLE......Page 2
TITLE......Page 4
COPYRIGHT......Page 5
CONTENTS......Page 6
ILLUSTRATIONS......Page 8
CONTRIBUTORS......Page 10
FOREWORD......Page 12
ACKNOWLEDGEMENTS......Page 14
INTRODUCTION......Page 16
PART I THE LEVELS OF MATERIAL LIFE......Page 18
From international capital to global finance......Page 22
Financial building blocks and efficient markets......Page 26
Global finance and the national economy......Page 31
PART II LANDSCAPES OF POWER......Page 33
REFERENCES......Page 42
Part I GROWTH AND DYNAMICS OF FINANCIAL MARKETS......Page 44
THE PROCESS OF CHANGE......Page 45
RATIONALITY, EFFICIENCY AND MARKET ADJUSTMENT......Page 54
DECLINE AND RETRENCHMENT......Page 59
PROSPECTS FOR THE 1990s......Page 60
REFERENCES......Page 65
2 LONDON AS AN INTERNATIONAL FINANCIAL CENTRE......Page 66
INTERNATIONAL FINANCIAL CENTRES......Page 67
LONDON AS AN INTERNATIONAL BANKING CENTRE......Page 70
Overseas banking establishments......Page 71
International bank lending......Page 73
Foreign exchange transactions......Page 75
Conclusion......Page 76
International equities......Page 77
Futures and options......Page 79
London’s advantages......Page 80
The 1992 European Financial Area proposals......Page 81
CONCLUSION......Page 83
NOTES......Page 84
REFERENCES......Page 85
3 FINANCIAL BUILDING BLOCKS IN THE CONTEXT OF A CHANGING NATIONAL AND INTERNATIONAL ENVIRONMENT......Page 86
THE BANKS’ RESPONSE......Page 87
THE PROCESS OF FINANCIAL INNOVATION......Page 88
A brief comment on hedging......Page 90
Forwards......Page 91
Swaps......Page 94
THE BUILDING BLOCK APPROACH......Page 95
Exposure management with the building blocks......Page 97
The ‘shapes’ and ‘colours’ of financial building blocks......Page 100
A POSTSCRIPT ON THE ROLE OF THE CITY OF LONDON IN THE UK ECONOMY......Page 104
CONCLUSION......Page 105
NOTES......Page 106
REFERENCES......Page 107
STOCKBROKERS: ARE THEY ALL ALIKE?......Page 108
THE REGULATORY FRAMEWORK......Page 110
Compliance costs and investors’ benefits......Page 111
ACTIVE VERSUS PASSIVE MANAGEMENT: HOW RELEVANT IS THE EFFICIENT MARKETS HYPOTHESIS?......Page 114
Cracks in the EMH......Page 117
MARKET ANOMALIES......Page 118
ASSET ALLOCATION: A FURTHER STEP IN PORTFOLIO MANAGEMENT......Page 120
The Model Portfolio......Page 121
Balanced or all-equity portfolios......Page 122
The value of international diversification......Page 124
CONCLUSION......Page 127
NOTE......Page 128
REFERENCES......Page 129
5 FRAUDBUSTING IN LONDON......Page 131
FRAUD AS A POLICING PRIORITY......Page 134
THE METROPOLITAN POLICE AND VIEWS ON FRAUD......Page 137
CITY OF LONDON POLICE VIEWS ON FRAUD......Page 139
DEVELOPMENTS IN THE POLICING OF FRAUD IN LONDON......Page 146
REFERENCES......Page 150
6 CULTURAL CONTRADICTIONS IN THE LEGITIMATION OF MARKET PRACTICE......Page 153
Enterprise Culture......Page 155
City Culture......Page 158
A US INTERLUDE: MEANWHILE ON WALL STREET......Page 162
City Crime......Page 166
State Crime......Page 172
CONCLUSION: LEGITIMATION OF ANOMIE OF AFFLUENCE......Page 178
NOTES......Page 179
REFERENCES......Page 180
7 OLD CITY AND NEW TIMES......Page 182
A TALE OF TWO CITIES......Page 183
THE RISE AND SIGNIFICANCE OF THATCHERISM......Page 186
NEO-UBERALISM AND POPULAR CAPITALISM......Page 187
DEREGULATING THE CITY......Page 189
NEO-LIBERAL ADHOCCERY......Page 200
MAKING THE ECONOMY MORE FRAGILE......Page 203
CONCLUDING REMARKS......Page 208
REFERENCES......Page 209
Part II PATTERNS OF CULTURE, SPACE AND WORK......Page 212
8 THE CITY AS A LANDSCAPE OF POWER......Page 213
LANDSCAPE AND VERNACULAR......Page 215
A TALE OF TWO CITIES......Page 221
PUBLIC—PRIVATE LINKAGES......Page 227
IN THE LONG RUN…......Page 234
NOTES......Page 236
REFERENCES......Page 239
CITY PAST: THE RISE AND FALL OF ‘CITYPORT’......Page 242
CITY PRESENT......Page 249
Canary Wharf......Page 252
CITY FUTURES......Page 255
BACK TO THE FUTURE: THE EMERGENCE OF PORTCITY?......Page 261
REFERENCES......Page 262
10 THE COMING OF THE GROUNDSCRAPERS......Page 264
PLANNING AND THE BOOM......Page 269
THE DEVELOPER AS PLANNER......Page 271
CONCLUSION......Page 276
REFERENCES......Page 277
11 AN URBAN NARRATIVE AND THE IMPERATIVES OF THE CITY......Page 278
MONEY, SPACE AND TIME AND THE FINANCIAL ENVIRONMENT......Page 282
THE PROPERTY SECTOR AND GROUND RENT......Page 285
PROPERTY DEVELOPMENT AND THE LONDON ECONOMY, 1970–90......Page 288
A CHANGING URBAN NARRATIVE?......Page 294
NOTES......Page 297
REFERENCES......Page 298
12 IN THE WAKE OF MONEY......Page 300
MAKING MONEY: THE GROWTH OF THE CITY OF LONDON THROUGH THE 1980S......Page 302
PAY IN THE CITY IN THE 1980S......Page 306
SPENDING MONEY......Page 311
THE COUNTRY HOUSE MARKET......Page 313
CONCLUSIONS......Page 322
REFERENCES......Page 326
13 YUPPIES......Page 329
FROM YIPPIE TO YUPPIE......Page 333
LIBERTARIANISM AND EGALITARIANISM......Page 338
CAREER......Page 342
NOTES......Page 346
REFERENCES......Page 347
14 BRICK LANE......Page 349
THE BANGLADESHI COMMUNITY IN TOWER HAMLETS......Page 350
THE ECONOMY OF THE THREE WARDS......Page 352
THE MANAGEMENT OF CIVIL ORDER......Page 354
WILL STAGE MANAGEMENT WORK?......Page 358
MAKING STAGE MANAGEMENT WORK......Page 361
MAKING STAGE MANAGEMENT WORK: A SOLUTION?......Page 365
THE FUTURE?......Page 366
REFERENCES......Page 368
NAME INDEX......Page 369
SUBJECT INDEX......Page 374