Re-Emergence of Global Finance

Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This most momentous financial innovation since the bank note, paved the way for globalization. It was a first shot in the neo-liberal counter-revolution against the Keynesian welfare state. This is the story of the Eurodollar and the re-emergence of global capital. It tells how the City discarded sterling and reclaimed its historic role as the world's foremost financial centre.

Gary Burn examines how in 1950s London, City bankers invented a new form of money and escaped offshore, beyond the jurisdiction of monetary authority. This most momentous financial innovation since the bank note, paved the way for globalization. It was a first shot in the neo-liberal counter-revolution against the Keynesian welfare state. This is the story of the Eurodollar and the re-emergence of global capital. It tells how the City discarded sterling and reclaimed its historic role as the world's foremost financial centre.

GARY BURN is a Visiting Research Fellow at the GPE Centre, University of Sussex, UK. He has recently published work on the German economy and the evolution of offshore finance. He won the Robert Cox Award in 2000 for his article The State the City and the Euromarkets.