Insiders, outsiders and the dynamics of change in the City of London since 1900

Journal of Contemporary History

Volumn 33, Issue 4, 1998, Pages 547-571

  Michie, R C ^a  

^a DURHAM UNIVERSITY   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 34248113939     PISSN: 00220094     EISSN: None     Source Type: Journal    
DOI: 10.1177/002200949803300406     Document Type: Conference Paper

References (108)

1. For a recent survey of the City of London's economic importance see The City Research Project, The Competitive Position of London's Financial Services - Final Report (Corporation of London 1995), sections I and II. Some recent criticisms of the City are G. Ingham, Capitalism Divided?: The City and Industry in British Social Development (London 1984)
2. S. Newton and D. Porter, Modernization Frustrated: The Politics of Industrial Decline in Britain since 1900 (London 1988)
3. L. Harris, J. Coakley, M. Croasdale and T. Evans, New Perspectives on the Financial System (London 1988) and J. Coakley, 'London as an International Financial Centre' in L. Budd and S. Whimster (eds), Global Finance and Urban Living: A Study of Metropolitan Change (London 1992), 59. The debate can be found in Michie, City of London, op. cit., introduction and R. Coopey and D. Clarke, 31: Fifty Years of Investing in Industry (Oxford 1995), 7
4. For a foreign perspective of the City's competitive strength see OECD, Economic Survey 1986/7: UK - Financial Markets (Paris 1987), 37, 46. Cf
5. H. McRae and F. Cairncross, Capital City: London as a Financial Centre (London 1984), 1, 20
6. M.J. Wiener, English Culture and the Decline of the Industrial Spirit, 1850-1980 (London 1981), 28-9. Cf
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16. C.F. Carnevali and L. Hannah, 'The Effects of Banking Cartels and Credit Rationing on the Industrial Structure and Economic Performance since World War Two', 70 in M.D. Bordo and R. Sylla (eds), Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century (New York 1995)
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20. J. Paxman, Friends in High Places: Who Runs Britain? (London 1990), 267-8. For a recent review of this debate see M.J. Daunton, 'Financial Elites and British Society, 1880-1950' in Y. Cassis (ed.), Finance and Financiers in European History, 1880-1960 (Cambridge 1992), 125
21. R. Spiegelberg, The City: Power without Accountability (London 1973), 86, 136. For an attempt to show that family firms failed to sustain a consistently high level of performance see T. Nicholas, 'Rags to Riches and Back Again? Entrepreneurs Active in Britain 1850-1990' in Economic History Society, Annual Conference - New Researchers' Papers (University of Sussex 1997), 17, 22
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24. Michie, City of London, op. cit., 14
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32. Courtney and Thompson, City Lives, op. cit., 34-45, 101. (All references to and quotes from the City Lives project are from the extracts printed in the book and not the actual interviews, which are held by the National Sound Archive.)
33. Courtney and Thompson, City Lives, 36, 38
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37. cf. A. Gleeson, People and their Money: SO Years of Private Investment (M&G Group 1981), 82
38. Courtney and Thompson, City Lives, op. cit., 20, 39
39. Sebag-Montefiore, Sebag and Co., op. cit., 21
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47. Duffy and Henney, Changing City, op. cit., 106
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49. OECD, Economic Survey 1986/7 - UK (Paris 1987), 38-9
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51. City Research Project, Competitive Position, op. cit., xviii, 10-50
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54. J. Orbell, Baring Brothers and Co. Ltd: A History to 1939 (London 1985), 82
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58. Courtney and Thompson, City Lives, op. cit., 31-2, 44, 117, 133, 167
59. David Scholey in The Editors of Institutional Investment, The Way It Was: An Oral History of Finance, 1967-1987 (New York 1988), 496
60. cf. J. Plender and P. Wallace, The Square Mile: A Guide to the New City of London (London 1985), 44-5
61. S.D. Kynaston, The City of London: Vol II -The Golden Years, 1890-1914 (London 1995), 14
62. cf. Paxman, Friends in High Places, op. cit., 273
63. W.L. Fraser, All to the Good (London 1963), 2-3
64. Sebag-Montefiore, Sebag and Co., op. cit., 22, 24, 42
65. cf. Lisle-Williams, 'Beyond the Market', op. cit., 248, 260
66. Spiegelberg, The City, op. cit., 15-16, 29, 234-42
67. Y. Cassis, 'Financial Elites in Three European Centres: London, Paris, Berlin, 1880s-1930s', Business History, 33 (1991), 64
68. R. Roberts, Schroders: Merchants and Bankers (London 1992), 121, 150
69. London Stock Exchange: Committee for General Purposes, 4 January 1915
70. S. Diaper, 'The Sperling Combine and the Shipbuilding Industry: Merchant Banking and Industrial Finance in the 1920s' in J.J. Van Helten and Y. Cassis (eds), Capitalism and a Mature Economy (Aldershot 1990), 75
71. R.C. Michie, 'Dunn, Fischer and Co. in the City of London, 1906-14', Business History, XXX (1988), 196-8
72. G.P. Marchildon, 'British Investment Banking and Industrial Decline before the Great War: A Case Study of Capital Outflow to Canadian Industry', Business History, 33 (1991), 64
73. C. Armstrong and H.V. Nelles, Southern Exposure: Canadian Promoters in Latin America and the Caribbean, 1896-1930 (Toronto 1988), 152
74. Cassis, 'Financial Elites', op. cit., 56-7
75. G.P. Marchildon, 'Hands across the Water: Canadian Industrial Financiers in the City of London, 1905-20', Business History, 34 (1992), 70-80, 88, 90
76. London Stock Exchange: Council Minutes, 21 December 1953; cf. 21 December 1955
77. J. Attali, A Man of Influence: Sir Siegmund Warburg, 1902-1982 (London 1986), 39-40, 94, 115-16, 126
78. Spiegelberg, The City, op. cit., 209
79. Financial Times, 7 December 1996
80. Institutional Investment, The Way It Was, op. cit., 571-3
81. Details are to be found in R.C. Michie, The London Stock Exchange: A History (in preparation); Coopey and Clarke, 31, op. cit., 30
82. London Stock Exchange: Council Minutes, 3 March 1958, 14 December 1959, 29 August 1960
83. F.A.A. Menzler, 'Stockbroking as a Profession', Stock Exchange Journal, IV, 1 (1958)
84. LSE: Council Minutes, 16 January 1967, 10 April 1967, 8 May 1967, 1 April 1967, 23 November 1970, 8 March 1971, 29 March 1971, 24 May 1971, 12 July 1971, 5 March 1973, 20 March 1984, 1 March 1986, 5 January 1987
85. Sebag-Montefiore, Sebag and Co., op. cit., 45-7
86. Courtney and Thompson, City Lives, op. cit., 63, 162, 204
87. Sir Paul Newall, Japan and the City of London (London 1996), 42
88. Courtney and Thompson, City Lives, op. cit., XXII, XXVIII, 69, 71, 85, 94-6, 115, 117, 152-4
89. Rudolf Wolff & Co. Ltd, Wolff's Guide to the London Metal Exchange (London 1991) 4th edn, 23
90. Rajan, Capital People, op. cit., 180
91. P. Thompson, 'The Pyrrhic Victory of Gentlemanly Capitalism: The Financial Elite of the City of London, 1945-90', Journal of Contemporary History, 32 (1997), 283, 293, 295-6, 431, 434, 437
92. A. Cairncross, 'The Bank of England and the British Economy' in R. Roberts and D. Kynaston (eds), The Bank of England: Money, Power and Influence, 1694-1994 (Oxford 1995), 69-79
93. B. Widlake, In the City (London 1986), 63
94. Courtney and Thompson, City Lives, op. cit., 69, 82, 96, 101, 152, 154, 156, 158, 162, 229
95. cf. Thompson, 'Pyrrhic Victory', op. cit., 438-9
96. Courtney and Thompson, City Lives, op. cit., 152, 144, 164
97. Lisle-Williams, 'Beyond the Market', op. cit., 261-2
98. R. Roberts, 'The City of London as a Financial Centre in the Era of the Depression, the Second World War and Post-war Official Controls' in A. Gorst, L. Johnman and S. Lucas (eds), Contemporary British History 1931-61 (London 1991), 62-72
99. Attali, Siegmund Warburg, op. cit., 39-40, 94, 115-16, 126, 172, 303, 309
100. Courtney and Thompson, City Lives, op. cit., 90, 154, 221
101. S. Aris, The Jews in Business (London 1970), 49-50
102. Quoted in D. Kynaston, Liffe: A Market and Its Members (Cambridge 1997), op. cit., 21; cf. 20-3, 27, 29, 34-5
103. A.D. Smith, International Financial Markets: The Performance of Britain and its Rivals (Cambridge 1992), 130
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105. D. Cobham (ed.), Markets and Dealers: The Economics of the London Financial Markets (London 1992), 55-6
106. Rajan, Capital People, op. cit., 2, 6, 127, 131, 141, 153, 163
107. Financial Times, 17 January 1997, 27 January 1997
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