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Uncovering the City of London Corporation: Territory and temporalities in the new state capitalism

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  • Matthew Eagleton-Pierce

Abstract

The heterogenous literature on the ‘new state capitalism’ has provoked considerable academic and popular interest in recent years, but also critique regarding how to analytically bolster the concept and enhance empirical understanding. This paper responds to Alami and Dixon’s (2020a , 2020b ) call for a fresh interrogation of the new state capitalism through an examination of the governance of the City of London. As the largest exporter of financial services in the world, the City plays a crucial role in the reproduction of financial capitalism. However, one major deficiency in debates on the political governance of the City surrounds the role of sub-state institutions. Remarkably, with limited exceptions, we know comparatively little about the main municipal authority: the City of London Corporation. As a local governing body, it conducts all the ordinary work of a public authority. But the Corporation also has many peculiar features which distinguish it from other public institutions, including vigorous support of financial services through planning law, lobbying and other promotion. This paper argues that thinking on the new state capitalism offers a vehicle for dissecting how the Corporation operates in the service of transnational financial interests. By unpacking how the Corporation is tied into a web of relations with private finance and other historically developed networks of power, the discussion problematises two macro themes on the new state capitalism: the spatial complexity of multi-scalar state governance and the temporal fluidity of legacies of the past interpenetrating with the present definition of ‘now’.

Suggested Citation

  • Matthew Eagleton-Pierce, 2023. "Uncovering the City of London Corporation: Territory and temporalities in the new state capitalism," Environment and Planning A, , vol. 55(1), pages 184-200, February.
    • Handle: RePEc:sae:envira:v:55:y:2023:i:1:p:184-200
    DOI: 10.1177/0308518X221083986
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    References listed on IDEAS

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    1. Leila Simona Talani, 2012. "Globalization and the Future of the City of London: Enduring Hegemony," Palgrave Macmillan Books, in: Globalization, Hegemony and the Future of the City of London, chapter 5, pages 146-179, Palgrave Macmillan.
    2. Michael Moran, 1991. "The Politics of the Financial Services Revolution," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37789-9, March.
    3. Barron, Caroline M., 2004. "London in the Later Middle Ages: Government and People 1200-1500," OUP Catalogue, Oxford University Press, number 9780199257775.
    4. Engelen, Ewald & Erturk, Ismail & Froud, Julie & Johal, Sukhdev & Leaver, Adam & Moran, Mick & Nilsson, Adriana & Williams, Karel, 2011. "After the Great Complacence: Financial Crisis and the Politics of Reform," OUP Catalogue, Oxford University Press, number 9780199589081.
    5. J Coakley, 1994. "The Integration of Property and Financial Markets," Environment and Planning A, , vol. 26(5), pages 697-713, May.
    6. Leila Simona Talani, 2012. "Globalization, Hegemony and the Future of the City of London," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-34945-2, March.
    7. Patric Hendershott & Colin Lizieri & Bryan MacGregor, 2010. "Asymmetric Adjustment in the City of London Office Market," The Journal of Real Estate Finance and Economics, Springer, vol. 41(1), pages 80-101, July.
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    Cited by:

    1. Jennifer Bair, 2023. "Where is the world in the new state capitalism?," Environment and Planning A, , vol. 55(3), pages 770-773, May.
    2. Ilias Alami & Heather Whiteside & Adam D Dixon & Jamie Peck, 2023. "Making space for the new state capitalism, part II: Relationality, spatiotemporality and uneven development," Environment and Planning A, , vol. 55(3), pages 621-635, May.

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