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Crises and OpportunitiesThe Shaping of Modern Finance$
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Youssef Cassis

Print publication date: 2011

Print ISBN-13: 9780199600861

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199600861.001.0001

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Balance of Power

Balance of Power

(p.131) 7 Balance of Power
Crises and Opportunities

Youssef Cassis (Contributor Webpage)

Oxford University Press

There has been no lack of forecasts predicting the end of New York's and London's world dominance and their replacement by Hong Kong, Singapore, Shanghai, or Dubai. The quasi-immediate replacement of the G8 by the G20 as the international forum to deal with the crisis has been a clear signal of a new balance of power in the world economy. And yet the move had been underway well before the credit crunch — the term ‘Brics’ was forged in 2001 — and such major changes are very slow processes. Moreover, London and New York remained, a year after the fall of Lehman Brothers, the world's two leading global financial centres. There can be little doubt that the financial landscape is changing. But to what extent, and at which rhythm? This chapter looks at previous changes in the balance of power in international finance and the role played by financial crises in these changes.

Keywords:   financial crisis, international finance, New York, London, financial centres, financial power

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