DUE TO UCU STRIKE ACTION ON THE 25TH-26TH MAY, THIS EVENT WILL BE RESCHEDULED. PLEASE CHECK BACK HERE FOR FURTHER DETAILS
Who does the City of London really work for?
Tony Norfield in conversation with Will Davies
6pm, 26th May
RHB 137, Goldsmiths
The City of London is a key part of the mechanism by which economic power gets transferred to major companies. The City handles 41% of all the world’s dealing in foreign exchange and nearly half of all interest rate derivative deals between banks and their clients. But while banks are at the centre of this network, they mainly act as the intermediaries for others. Big corporations are the drivers of these deals. They aim to boost their market power, especially through mergers and takeovers, and are helped by their access to financial markets.
Samsung and Apple provide 40% of the world’s smartphones and just five companies produce half the world’s beer. The situation is not so different for many other products people buy. The financial system facilitates this concentration of economic and social power, and it gives special favours to those in the rich countries.