![]() ![]() ![]() ![]() Since 1990, London's global city status has evolved rapidly through its various functions as a hub for the following economic activities: financial services, corporate headquarters and professional services (law, accounting, information, journalism, intellectual property), creative and digital industries, higher education and research, and, of course, tourism, entertainment and retail. London's position as a global city will not necessarily be substantially threatened by the United Kingdom's vote to leave the European Union, but it will require some very important adjustments and confident negotiations, starting right now. We conclude with some observations on what a city-level GM perspective means for the study of comparative and international political economy.This article first appeared on the Brookings Institution site. Empirically, we develop this argument using financial firm-level data to observe the post-Brexit movement of assets, loans, and jobs in London, Dublin, Amsterdam, Paris and Frankfurt. To explain these observations, we draw upon insights from economic sociology and argue that ‘place-specific social capital’ and professional ‘linked ecologies’ make such internationally oriented city-level GMs highly robust to external shocks – even one as big as Brexit. Such city-level GMs are possible precisely because they do not depend on, nor are they deeply integrated into, the rest of their national economy. Our key contribution is to demonstrate that for many countries, national growth models are really city-level growth models, and that this is directly observable in the relationship between GMs and their international financial centers. This paper contributes to the Growth Model (GM) research program in comparative and international political economy by analyzing the impact of Brexit on London and other financial centers within the European Union (EU). Professor of Economics Mark Blyth recently co-authored a paper published in the Journal of European Public Policy titled, "Brexit and the ties that bind: how global finance shapes city-level growth models." ![]()
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