Power, politics and the city in (financial) market making

Authors: Sarah Hall*, University of Nottingham
Topics: Economic Geography
Keywords: markets, finance, power, politics, international financial centres
Session Type: Paper
Day: 4/12/2018
Start / End Time: 10:00 AM / 11:40 AM
Room: Grand Ballroom B, Astor, 2nd Floor
Presentation File: No File Uploaded

This paper uses the city as a site to examine contemporary monetary market making and transformation. Drawing on the empirical case of the making of offshore renminbi markets in London’s financial district, I argue that such an approach is valuable in revealing the often overlooked questions of power, politics and authority within market making. This is achieved conceptually by bringing work in financial geography and cultural economy on the practice of market making at the subnational and transnational scales with work in international political economy that has typically focused more explicitly on questions of power but primarily at the national and global scale. I argue that understanding the role of cities in market making is an instructive site for developing the complementarities between these perspectives because it reveals a more nuanced set of different forms of power enacted by a range of actors (including but not limited to the state) at the meso scale that have important implications for transformations in contemporary monetary power and services sector market making more widely.

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