But as the financial system went global, so competition between financial centres — chiefly London and New york — took its coercive toll. If the regulatory regime in London was less strict than that of the US, then the branches in the City of London got the business rather than Wall Street. As lucrative business naturally flowed to wherever the regulatory regime was laxest, so the political pressure on the regulators to look the other way mounted.
If crises are moments of radical reconfigurations in capitalist development, then the fact that the United States is having to deficit-finance its way out of its financial difficulties on such a huge scale and that the deficits are largely being covered by those countries with saved surpluses — Japan, China, South Korea, Taiwan and the Gulf States — suggests this may be the occasion for such a shift.
It is even possible to interpret the current difficulties in the US and UK as payback for what Wall Street and the City of London did to east and south-east Asia in —8. There is, he notes, a clear pattern in which periods of financialisation precede a shift in hegemony.
To accommodate endless accumulation, hegemony moves from smaller e. Bush embrace taxation principles that immensely favoured the rich just because he liked them or needed their support for re-election?
Did the City of London get to him, too? And why was it that the wealthier grew immeasurably wealthier everywhere, from Russia and Mexico to India and Indonesia? In the absence of any limits or barriers, the need to reinvest in order to remain a capitalist propels capitalism to expand at a compound rate. Capra could never have imagined that Pottersville might actually come into being. But by the time my contemporaries accepted early retirement, the world they joined had altered beyond recognition.
The causes of this transformation include globalisation, deregulation , technological and product innovation, new ideologies and narratives as well as a shift in social and cultural norms. These factors were not independent: each was bound up with the others. Finance has always been global. That lobby secured steady relaxation of the restrictions that had been imposed on the industry fifty years earlier. The separation of investment from commercial banking — the principle that had become synonymous in the public mind with the Glass—Steagall Act — was steadily weakened, although not finally repealed until The large British commercial banks, with the enormous capital strength derived from their retail deposit base, were immediate diversifiers.
These changes in the structure of banking were related to changes in the organisation of stock markets. Amid all this activity, no one had remembered to feed it. And nobody ever asks them why. But since it contents them to buy and sell, God forgive them, they might as well. More discreet brass plates identify organisations that do not deal with the general public.
The most important headquarters building in the industry, the head office of Goldman Sachs, at West Street in Manhattan, remains anonymous. A hiatus in London government therefore appeared just as the city began to take on new global business roles. Support for the City of London post-Brexit is a priority for central government, not least because of the proportion of UK tax take its activities generate.
In central government is still very much a key player in London. It has final authority over public spending, economic competition, taxation and immigration levels and vital public infrastructure decisions. The City of London was thrown open to outside investment, sacrificing guildlike structures that dated back centuries to the imperative of creating a genuinely global financial center.
This involved not only regulatory change and huge financial flows but the physical reconfiguration of the medieval heart of the City of London. To house the gigantic new offices and electronic trading desks needed by global banks, Canadian real estate moguls undertook the construction of a massive new office complex in the abandoned postindustrial docklands of Canary Wharf.
London was also the hub for the over-the-counter OTC interest rates derivatives business, a means of hedging against the risk of interest rate fluctuations and an essential complement to repo deals. A transatlantic feedback loop drove regulation down on both sides. This seemed to placate him, although he would not have been pleased to know I had barely gotten to grips with the array of flickering grey-green numbers on the terminal screens.
Those reforms encouraged foreign banks, including Bank of America, to expand operations in the City of London , and enabled the City to benefit from an extended boom in world financial markets — a boom halted only temporarily by the October stock-market crash and by other market upsets. It was also the start of my career in finance that lasted nearly twenty years, and took me to three more banks, Japanese, British and Dutch, where I witnessed the inner workings of the financial markets.
To a lesser extent, other major powers also have some influence, with the weakest countries condemned to being only on the receiving end. The volume of dealing grew dramatically and international banks flocked to the City of London.
It is surprising, then, that there has been no substantial review of this from a radical perspective since the s. In the end, household debt, house prices and consumer spending all went up in perfect unison. That passage gave its institutions access to large sums of money, even if for only a short period of time. After years and years of being lectured on the superiority of the Anglo-Celtic model, on the advantages of flexible labour markets, on how inane it was to think that Europe could retain a generous social welfare net in the era of globalization, on the wonders of an aggressively atomistic entrepreneurial culture, on the wizardry of Wall Street and on the brilliance of the post- Big Bang City of London , the news of the Crash, its sights and sounds as they were beamed all over the world, filled the European heart with an ambiguous mix of Schadenfreude and fear.
Of course, it was not too long before the crisis migrated to Europe, metamorphosing in the process into something far worse and more threatening than Europeans had ever anticipated. In the meantime, American households saw their debt share of national income rise from 66 per cent in to per cent ten years later. Put together, aggregate US debt in exceeded per cent of GDP, when in it had stood at an already inflated per cent. So, if an accumulation of inordinate debt infused more risk than the world could bear, how come no one saw the crash coming?
Reconstructed view of Roman London, c. The City returns to global In this prediction, I was mistaken for two reasons. In October London experienced possibly the most radical ever upheaval to its commercial structure. It was an overnight revolution. Foreign banks poured into what seemed freedom city. In I interviewed an executive with the American bank Morgan Stanley, tasked with assessing various cities as its European headquarters. The Big Bang was undeniably disruptive.
A year later in October came Black Monday, with an abrupt collapse of stock markets round the world. This is the dynamic that created universal banks with investment banking operations in market centers such as London. Indeed, a significant part of cross-border activity involved the dismemberment of the UK merchant banks the local name for independent investment banks.
However, these strains were limited and essentially isolated from each other. The boom of the s saw these risks grow and intermingle Figure The core Euro area banks were central protagonists in the unsustainable financial boom and bust, in stark contrast to the popular portrayal of them as hapless victims of US financial deregulation.
To be sure, US deregulation played a role. In particular, reforms designed to provide greater liquidity in US repurchase repo markets supported the explosion of substandard mortgage-backed assets and gave foreign banks easy access to dollars. However, this coincided with a massive boom in lending by the core Euro area banks as a result of inadequate regulation and supervision.
The Clinton Administration overturned this in with the Gramm—Leach—Bliley Act, allowing both sets of activities to be done by the same bank. Regulatory loosening led to the loosening of moral restraints. Whereas traditional banking focused on developing long-term relationships with customers and providing them with a good service, investment banking is marked by an emphasis on short-term opportunism and risk-seeking behaviour.
It also marked the end of the gold standard. Bank Rate came down from 6 per cent to 2 per cent in The financial services industry is on the frontier of the information technology revolution in economics. This investment, the need to stay in the techno- The Weightless World 20 logical wild west, remains the hallmark of the financial markets — the first and biggest cyber-industry.
It is a paradox that as its activity has dematerialised, London as a place has become ever more important. Obviously, some things that were done in London have moved thanks to high technology. This includes back offices, registrars — any functions where the information can be put on a production line.
But the high value added functions remain and are becoming increasingly concentrated in London rather than any other centre in the same time zone as more foreign banks move in. There are certainly cost pressures to move out. Rents and taxes are high in the City, the burden of commuting is heavy, deliveries and logistics are difficult, there is even the threat of terrorism.
The pattern is mirrored in the private sector, where it is the norm for cleaning and catering at a minimum to have been contracted out. Look around your own office, if you have one, and see the cleaning staff. Chances are they will be wearing the uniform of some other company, and their faces will be grey with fatigue. Of course, cleaners have some meagre privileges. One tale of the City of London during the recession in the early s records two highly paid financial traders getting into work extra early.
They get into the lift with one of the cleaning staff, and ask her to press the fifth floor button. Alan Greenspan , asset-backed security , bank run , Basel III , Bear Stearns , beat the dealer , Big bang: deregulation of the City of London , call centre , central bank independence , computer age , corporate governance , corporate social responsibility , credit crunch , Credit Default Swap , deindustrialization , deskilling , Edward Thorp , Etonian , Eugene Fama: efficient market hypothesis , eurozone crisis , falling living standards , financial deregulation , financial engineering , financial innovation , G4S , high net worth , interest rate swap , invisible hand , joint-stock company , Kickstarter , light touch regulation , London Whale , Long Term Capital Management , long term incentive plan , moral hazard , negative equity , Neil Kinnock , Nick Leeson , North Sea oil , Northern Rock , old-boy network , pets.
Elsewhere, finance was being revolutionised. With Big Bang , the traditional way in which stockbroking business had been conducted — on the floor of the exchange with buying and selling done verbally and on paper — was replaced by computer trading and various restrictive practices abolished. Only after the end of exchange control in was it felt necessary to establish a formal system of regulation presided over by an independent organization—the Financial Services Authority FSA —in place of the Bank.
This was part of the sweeping series of reforms called Big Bang that came into force in The old clubby culture of the City of London quickly collapsed as American institutions and practices took over much of UK banking. In the wake of the crisis, which required two trillion-pound banking groups to be bailed out by the government, it is hard to believe that this was a good bargain for the UK taxpayer.
When the bubble was going strong, banks were making major investments in brick-and-mortar Main Street branches, creating jobs and real estate income. This can all go away very quickly. Download from Wow! Actually, banking has always been in many ways a creature of government and politics. The joint-stock banks were also shunned by the clearinghouse run by the private banks, given their shocking business model: they opened branches where the general public, not just rich City of London merchants and brokers, could open accounts and make payments using checks.
The fact that they were public companies allowed them to raise the capital needed to convince the public their money would be safe without unlimited liability and, of course, to put up 63 64 Chapter 3 The Economic Consequences of Financial Regulation branches on every British High Street.
And what if US natural gas reserves were so depleted that deregulation failed to stimulate new production? Although the National Energy Act, passed in , supposedly deregulated energy prices, federal controls on natural gas prices would not fade away until the s. He was recruited to join J. On legal authority, see the statement by Sir Geoffrey Howe, the minister responsible for fringe banks, in Hansard, House of Commons Debates, December 3, , vol.
Capie, Bank of England, —, The international stock market was awash with stocks and bonds to profit from the South American success story. The recession creates the conditions for institutional restructuring and for re-routing growth onto a sustainable path. When the core products of a technological revolution start coming together, they inevitably clash with the established environment and the ingrained ways of doing things.
In the next chapter, there will be a brief discussion of what happens in the peripheries and how it contributes to blur the regularities being depicted here. Where Does Money Come From? The next credit boom ensued, resulting in banking problems by the end of the s. A review of the arguments at the time makes clear that the theoretical support for such deregulation was based on the unrealistic assumptions of neoclassical theoretical economics, in which banks also perform no unique function and are classified as mere financial intermediaries just like stockbrokers.
We would argue that there is not a problem with noncompounding interest when it genuinely represents the lost opportunity cost of not having a resource in this case money. But in the case of fractional reserve banking, as we have seen, there is no loss of resource by the bank when it makes a loan — no money is being taken from anywhere else. Deregulation of the banking sector in the s and s The period from the late s until the present day saw the gradual deregulation of banking and credit both on an international and national scale.
Much of the theoretical support for such deregulation was based on an analysis that thought of banks as mere financial intermediaries, as described in Chapter 2, Section 2. Davis, A. Emmett ed. II, London: Pickering and Chatto, Davison, G. The Rise and Fall of Marvellous Melbourne. Melbourne University Press, Dawson, F.
De Tocqueville, A. Democracy in America, New York: Penguin, . Mian, A. Michie, R. When its shares went public on 19 August , demand outstripped supply by so wide a margin that trading could not open for two hours. The strategy of going public early and using the IPO for marketing purposes was widely copied: the median age of a publicly offered company in the — period was 5 years, compared to 9 years for the period —4, 8 years for —8 and 11 years for — Governments have surrendered their economic powers, whether it be through the abandonment of exchange controls or the promotion of deregulation.
Through lobbying, political donations and the concentration of so many former City figures at the heart of power, the financial sector wields formidable clout. Those who oppose the dominance of this sector face being sidelined and ridiculed. The City of London is surely the Establishment in its purest, undistilled form.
Michie and P. Kynaston, City of London , p. The initial police story could hardly have been less accurate. Oddly, I was there right at the beginning of the Big Bang. She then left me to cuddle up on a sofa with Sir Nicholas Goodison. It had become clear to me while analysing the statistics that, since the Big Bang , London underwent an economic growth to rival the mega-growth of Far East economies. In they all had unemployment substantially above the London average.
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Although he added the caution that further cuts in supplementary benefits might yet reduce the poor to the dire straits of the past. Two Swiss television teams had recently been in the region pursuing just this thesis. It seemed unlikely to the bishop that money could perpetually breed money in the way it appeared to in the City of London. These were not, as some of the defenders of these high salaries argued, special people like sports or pop stars, but people with quick wits and fairly readily acquired trading skills.
Christopher Hales, who — after a brief period as a professional golfer — had started in the City as a stock jobber and had been a commodity broker, ran an outfit called City Index, which offered odds on, among other things, the movement of the Financial Times and Wall Street indices. His clients on occasions ran up seven-figure debts, but, until Big Bang , although gaming debts are unenforceable at law, he had always been confident they would settle.
Five years after the start of the crisis, the UK economy was still 3. I think Great Recession about covers it. The momentum behind deregulation grew to such an extent that in the case of newly invented financial derivatives, the industry was able successfully to lobby Congress to pass a law, the Commodity Futures Modernization Act, which prohibited the making of any laws to regulate the new inventions.
So that was how I ended up getting my education in the language of money: by following the subject in order to write about it. My hunch would be that something like that happened to Armanjaro. Remember, pretty much all hedge funds close or go broke; this is just an unusually vivid example. A recent study found that 60 percent of the increased share in income of the top 10 percent went to bankers—meaning that nearly two-thirds of the enrichment of the earners at the top was driven by the City of London.
The dominance of top dogs in finance is even stronger than that of the 0. In the knowledge economy, more and more professions use a laptop rather than a steam engine, and that means that the superstars in these fields are earning ever greater rewards. The intellectuals are on the road to class power. They did well enough, to be sure, in the industrial revolution. But these were the owners of capital. Their job was just to keep score.
Instead of working for the owners of capital—whether they are industrial magnates or the shareholders of publicly traded companies—financiers have discovered they can themselves own the capital and, with it, the companies. That shift from state to private ownership is probably the single largest transfer of assets in human history. Just consider: of the 1, billionaires on the Forbes rich list, were oligarchs from the former Soviet Union, 90 were technologists, and 77 were financiers.
There was no one Big Brother, but there was — in a sense — a series of them. Nearly all the money in circulation was created in the form of bank loans: under the current system we need these loans in order to have the money to exchange goods and services. And since most of that money began as mortgages, we need them — in this sense at least — in order to survive. There is also the peculiar irrelevance to real life of this bizarre dance in Wall Street and the City of London , justified by their occasional ability to raise loans for productive expansion, but actually leaching vast fees and bonuses from the income of savers, pensioners, insurance payers and taxpayers.
The city gets the equipment and the Esco gets paid back from a share of the energy savings that result. The Esco idea was developed mainly in eastern Europe to deal with the need for urgent investment after And in the UK, once again, it was Woking that took the lead. And once again, it was Danish investors, rather than their conservative equivalents in the City of London , who put up the money.
A year later, the Thatcher government in the UK abolished exchange controls. Then, in , Big Bang financial reforms in the City of London did away with fixed commissions for buying and selling shares on the London Stock Exchange, allowed foreigners to own a majority stake in UK stockbrokers, and introduced dual capacity which allowed market makers to be brokers and vice versa.
Most of London's stockbroking and marketmaking firms were absorbed by much bigger foreign and domestic banks. In the minds of policymakers, finance had become an increasingly productive industry, an idea they were keen to convey to the public. Strange as it might seem now, policymakers largely ignored the danger of financial turmoil. Only a few years after his Mansion House speech, in which he paid fulsome tribute to the productivity of the City of London 's financial and business elite, then Labour Chancellor of the Exchequer Gordon Brown voiced the hubris which financiers, regulators, politicians and many economists shared when the economy was still apparently robust.
The move into investment banking was made more attractive by other aspects of financial deregulation. And it opened up a range of new financial markets for investment banks to gamble on, trading instruments which had long been known about but which past regulations had effectively banned. Two classes of financial instrument in particular were made available to investors by deregulation from the s onwards, and were central to the subsequent massive growth in financial transactions and profitability.
Bill White, then chief economist at the Bank for International Settlements in Basle, issued many a warning, reported by, among others, Martin Wolf of the Financial Times and, indeed, by me in The Observer. Unfortunately, the supposed wonders of deregulation were all the rage, and the consensus and herd instinct ruled. At which point, I should like to pay a tribute to the late Margaret Reid, who was a colleague of mine on the FT in the s, and whose book on the Big Bang , All Change in the City, published in , was remarkably perceptive about the likely deleterious consequences of rampant deregulation.
Then there are the channels which flow into this sea of advice: the various pressure groups such as the Confederation of British Industry CBI and the Trades Union Congress TUC ; trade associations and chambers of commerce; major industrial corporations, whose bosses are seldom reticent in promulgating their views of what is good for the rest of the economy; and the City of London , with its view of what the financial markets want from economic policy — or what they are prepared to put up with.
It is by now generally accepted that the financial sector — bankers! In the background are the individual economic departments — the ultimate suppliers of formal and informal economic advisers — and a proliferation of think tanks, not to say commentators and contributors to the media. Then came the fall of the Berlin Wall in , the collapse of the Soviet Union in , and the unleashing of an extreme free market approach, which I like to think I warned about in my book The Spectre of Capitalism. The banking crisis was the apotheosis of this trend.
The invasion of the City of London by American investment banks had imported a new culture — harder working, longer hours, bigger risks and absurdly high rewards for what was deemed to be successful trading. Leepower In it together? The gap between their respective annual incomes now averages nearly a quarter of a million pounds.
This duo recently explained how the power of people at the bottom of the income distribution has been smashed in recent decades, while the power of those at the top has accelerated away. Since , two-thirds of all the gains in income made by the top tenth of earners in the UK have been taken by the top 1 per cent alone. In the UK these are far more likely to be bankers than in the US because, compared to their respective national economies, the City of London is much bigger than Wall Street.
It is the young who tend to dominate in low-paid, unlicensed jobs. In 7 per cent of employed young women between sixteen and twenty-four worked in low-paid, low-skilled jobs in the UK, but by that had increased to 21 per cent. A few months before the Times told us how lucky we were to have so many extraordinarily well-paid bankers in our midst, the Sunday Times had reported that it had been bankers using cocaine who had got us into this terrible mess.
The biggest gamblers of all, in the US, took the most cocaine. The consequence is that the planning system is not working as its architects intended because one half of it, the tax mechanism to dampen speculation and provide benefits to the community, is no longer there.
Meanwhile, the remaining half, which protects the greenbelt, restricts the amount of land available and makes it even more valuable. Helen Kirwan-Taylor, a journalist who writes for the Sunday Times, lives on one of the most prestigious roads in Notting Hill. In Britain and across the West these competing pressures kept capitalism in check. But over the last thirty years, since the fall of the Berlin Wall, unbridled capitalism in the form of a new neoliberal framework has brought the market into every aspect of public policy, in the NHS, in education and in housing, where privatization, deregulation and property speculation are now the dominant approaches.
The result is a system in crisis, rife with the contradictions of two opposing ideologies — socialism and neoliberalism — combined with the unintended consequences of a market-led approach to public goods. Public housing accounted for a huge proportion of British housing throughout the twentieth century. UK institutional investors started adding substantially to their overseas investments, although mostly through foreign brokers.
The changes came into force on 27 October , and were known as Big Bang. The jobber had been a wholesaler of stock to the broker but was suddenly made obsolete. In came broker dealers, whose role merged the previous responsibilities of the jobber and broker, and market makers. In , 75 per cent of crime investigated by the unit was cleared up.
The fraud squad makes good use of fraud data. It has a good database on plastic cards, and another on boiler room frauds. If government proposals following consultation on the Fraud Review come about see early in this chapter , the City of London Police will be elevated from south-east lead to national lead force.
Today, a variant could be called the British Disease, since it is most pronounced in Britain. It arises from the domination of financial capital over the whole economy, stemming from the Big Bang of , when the City of London was deregulated. One outcome has been a persistently strong currency, which has made manufacturing exports uncompetitive and accelerated deindustrialisation. It has also boosted inequality.
Tanndal and D. In , over a million people — about one in twenty-five of all those employed — were in financial services, with another million in associated professions such as accountancy and legal services. Increasingly, the City of London has channelled money into speculative or rent-extracting activities rather than productive ones. It made little sense. It goes back to the deregulatory Big Bang of , and even before that. One British financial CEO filled me in. The Nondom rules were designed specifically to attract American bankers.
It was another example of the City not even knowing what was good for itself — at the time, at least. But Big Bang was clearly a necessary, though not sufficient, condition for what followed two decades later. The two biggest casualties of the credit crisis, AIG and Lehman Brothers, ran their riskiest operations through their London offices.
Events had been set in train that would lead to the collapse of hedge funds, the collapse of investment banks, the collapse of lending to banks, the collapse of Northern Rock, and eventually the collapse of half the UK banking system.
The conventional high-street banking crises, epitomised by the bank run on Northern Rock, was the most visible manifestation of failure in UK banking. But there were twin crises in Britain, centred on the City of London. The one most commonly read about in the news, and another, just as important, in the invisible banking system. A Britain which still had a vast quantity of state-owned assets on its balance sheet would probably have been forced to sell them at very low prices in the wake of the global recession which descended in —9.
In addition to privatization, there also occurred the regulatory reform of the City of London. Within firms a new contract between employer and employee had to be created. The initial deal between the Stock Exchange and the government had been an undertaking, on the part of the City of London , to drop fixed commissions and to open itself to competition. These steps had ushered in the market reforms of known as Big Bang. The tribute paid to foreigners is … odious … We have outgrown the necessity of submitting to the humiliation of going to London, Paris or Frankfort [sic] for capital has become amply abundant for all home demands.
In , the US became a pariah in the international capital market when 11 state governments defaulted on foreign mainly British loans. As cited in T. I felt like an historian of mediaeval England who has actually witnessed the Battle of Hastings or an astronomer who has voyaged back in time to the Big Bang. Our next family house, where I lived between and , at the height of Korean economic miracle, not only had a flushing toilet but also boasted a central heating system.
The boiler, unfortunately, caught fire soon after we moved in and almost burned the house down. His Straitjacket is the only gear suitable for the harsh but exhilarating game of globalization. Her first and perhaps most significant move was the abolition of exchange controls, the system of currency regulation designed to prevent destabilizing inward and outward flows of finance. Without this concession the profits of such funds were likely to have faced UK taxation because their management in London would, in effect, have made the profits those of a UK branch.
The Story of Crossrail by Christian Wolmar. Ada Lovelace , autonomous vehicles , Beeching cuts , Big bang: deregulation of the City of London , Boris Johnson , Crossrail , data acquisition , Kickstarter , megacity , megaproject. The obvious route for Crossrail after it emerged from the eastern end of the central London tunnel was to take over the existing services to Shenfield, an affluent suburb of Brentwood which has long been the terminus for the trains from Liverpool Street to outer east London and Essex.
The trains on this route had become severely overcrowded because of Big Bang , experiencing a growth of 40 per cent in the decade running up to as the deregulation of the City had created jobs for baristas, brickies and clerks as well as bankers. After joining the EEC in , shortly after the end of Bretton Woods system and the emergence of such new global economic powers as Japan or the Gulf States, with money-making cities like Hong Kong and Singapore giving the first signs of what Chinese capitalism could become, London took much of the new international financial market in raising capital and in currency trading.
One can moralise about them, but as money flowed in and through London every bank in the world needed an office or an operation, big or small, in the Square Mile. But the so-called Big Bang — in essence a move from slow-moving paper and handshake transactions to round-the-clock, seven-days-a-week on-screen trading — did not make London the Wall Street of Europe.
This sector of the financial services industry is a major UK profit centre. Firms from all over the world based in the City of London have freedom to operate anywhere under EU rules in 27 countries. With Brexit, British firms in these sectors will not be able to operate in Europe unless they abide by the law and accept, ultimately, that the European Court of Justice is the final arbiter on a dispute.
To sugar the pill, Barnier is dangling the carrot of a provisional agreement on tariff-free movement of goods and agricultural products between the UK and the EU, which he would like to see as part of the withdrawal package. It would not cover services, which represent about 80 per cent of the UK economy — including most importantly the huge financial services provided by the City of London , which since the s have been a major money earner for Britain. In addition, the EU would expect rules-of-origin obligations to be respected, which could mean that most made-in-Britain foreign, notably Japanese, cars might fall short of having enough of their total value actually produced in the EU not just assembled on Nissan, Toyota and Honda assembly lines.
The parliamentary battle was in a way the most significant result of the land revolution. But the new property owners sought to protect their interests in the House of Commons where landowners outnumbered courtiers. The state retreated from the market. Government spending was cut, particularly in education, housing and transport. Trade unions were legally restrained. Taxes were cut, especially for the wealthy. Nationalised industries were privatised, particularly in areas like gas, water, steel, airlines and rail.
Sectors were deregulated. In some areas, such as aviation and trucking, these changes were positive, leading to greater competition and reduced prices. These measures were supported by the new chairman of the Fed, Alan Greenspan. He repeatedly put forward the argument that there was no need to regulate financial services, because they would do it themselves by virtue of market logic. In the UK, which was even more heavily deregulated , the repo market became more complicated.
This involved using the collateral as further collateral in a separate repo deal. In the US, this was limited by regulation to no more than per cent of the value of the collateral being held. But in the UK there was no limit. The ratio between the annual turnover of foreign exchange and the volume of world exports increased from in to in , thus revealing the predominantly speculative nature of currency exchange.
The global interdependence of financial markets is the result of five main developments. The first factor is the deregulation of financial markets in most countries, and the liberalization of cross-border transactions. This new financial freedom allowed capital from all sources to be mobilized from anywhere to be invested anywhere. In the US, between and the late s, investment by pension funds, mutual funds, and institutional investors increased by a factor of 10, so that in stock market capitalization in the US amounted to percent of GDP.
Germany remained more cautious about financial deregulation , although cross-border capital controls were eliminated in The Asian financial markets, particularly Hong Kong and Singapore, took advantage of their loosely regulated environment to attract financial transactions, winning market shares over a more regulated Tokyo stock-exchange market. The full deregulation of financial markets in the City of London in October opened a new era of financial globalization, in spite or because?
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