Chapter

Balance of Power

Youssef Cassis

in Crises and Opportunities

Published in print April 2011 | ISBN: 9780199600861
Published online May 2011 | e-ISBN: 9780191724930 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199600861.003.0008
Balance of Power

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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

Chapter.  7634 words. 

Subjects: Financial Institutions and Services

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