London and Paris as International Financial Centres in the Twentieth Century

Abstract

Abstract London and Paris, the world's two leading financial centres in the 19th century, experienced differing fortunes during the 20th century. While London remained an international financial centre, Paris' influence declined. Yet over the last twenty years, deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the 20th century, and contrasts these two eras of globalization. The chapters include both archive-based and synthetic surveys. This comparison between Europe's two leading capital cities provides insights into two important subjects: the political economy of Britain and France in the 20th century and the history of two major international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries' economic, business, social, and political histories.