The 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.