I commented on Crypto Rich's interview with you and he said he would pass on my comments.
You have conflated the Square Mile with the financial institutions - which is no longer the case. It was never the banks that ran the City of London. The Square Mile is run by the Guilds - hence Guildhall. It is they who installed the Remembrancer in Parliament. Guilds like the Grocers, the Drapers, the Goldsmiths etc.
You won't find bankers among the Aldermen who actually run the Square Mile.
Many of the banks left after Big Bang in the 1980s. They are now in Canary Wharf which is outside the Square Mile. The reason they left was because the City authorities changed the building ratios [I know because I worked for stockbrokers in the 1980s. I was physically there.]
'City of London' works as a synonym for 'financial institutions' but not as an accurate description of how the space works.
Thank you, Lucy. That is a valuable historical layer, and I agree the Guilds/Livery Companies are central to the old structure of the Square Mile.
But I don’t think this disproves my point. It actually sharpens it.
My argument was not that bankers physically sit inside Guildhall pulling every lever like a cartoon villain. The point is that the City of London is an old medieval civic structure that became wrapped around modern financial power. The Guilds are part of the old institutional architecture. The banks, insurance houses, legal firms, fund managers, and professional services are the modern economic force that gives that architecture global weight.
So I would not frame it as “Guilds versus banks.” That is too narrow. It is older than that and cleaner than that. The Square Mile operates through layers: ceremonial authority, civic governance, livery influence, parliamentary access, business voting, and financial/professional power.
Canary Wharf matters, yes. But moving offices east did not erase the City’s historic role as the legal, symbolic, political, and financial command center. The City of London Corporation still openly promotes financial and professional services as part of its function.
So yes, I appreciate the correction on the Guild layer. But the broader point remains: the City is not just a place. It is an institutional machine.
"The banks, insurance houses, legal firms, fund managers, and professional services are the modern economic force that gives that architecture global weight."
Correct, except that this 'modern economic force' cannot operate as " The Square Mile operates" - " through layers: ceremonial authority, civic governance, livery influence, parliamentary access, business voting, and financial/professional power."
Once outside the Square Mile there is no more special parliamentary access etc etc.
That is the point that you are missing. The Remembrancer is no longer working for them. The Square Mile has its own legal framework, its own police force. That no longer applies if you are no longer in it.
"... moving offices east did not erase the City’s historic role as the legal, symbolic, political, and financial command center." Agreed, but what it did was to fracture it. The command centre is no longer based inside the legal framework that is the Square Mile.
Of course "The City of London Corporation still openly promotes financial and professional services as part of its function." They didn't all leave. But significant banks like Barclays, Citigroup , JP Morgan Chase, HSBC did. The City is hollowed out.
The ' institutional machine' only works as a Square Mile/ City of London institution if the financial institutions are physically there. Otherwise they are no different to any other financial business and still subject to the Financial Conduct Authority. And can be based anywhere in the country.
It also means that your broader point that you made to Crypto Rich about the importance of a 'corporation' also no longer applies. Because those businesses that leave the City are no longer part of a 'corporation'.
I also think you underestimate the influence of Venice.
The role model for the East India Company was the London Muscovy Company set up in 1555 under Sebastian Cabot, a Venetian.
My own substack [https://lucywyatt.substack.com] goes into the background of the Venetian influence on especially the British from 1508 onwards [I don't particularly cover the Dutch angle but the same applies].
In my opinion the Venetians used England as their proxy to achieve empire from the C16th onwards.
I look at direct Venetian influence on 4 key men who shaped English culture: Sir Francis Bacon (likely author of Shakespeare); Sir Isaac Newton; Rev Thomas Malthus; and John Ruskin. It's about more than power and wealth; more than just the City of London, although that is an important part.
Likely the Venetians were behind the Glorious Revolution of 1688 which led to the creation of the Bank of England.
Your research, however, is v v good - having said all that. As an English person this has been a journey of discovery for me too
Because most commentators miss this Venetian angle, they overestimate the power and influence of City of London/the British. They then misconstrue what happens in Europe; and can only understand the EU as an off-shoot of British interests which is not the case.
From my studies I think the formalized war as business was formed in 1600s like you said. However, I think the war as business began with Cain when he killed his brother. That started this entire thing.
I commented on Crypto Rich's interview with you and he said he would pass on my comments.
You have conflated the Square Mile with the financial institutions - which is no longer the case. It was never the banks that ran the City of London. The Square Mile is run by the Guilds - hence Guildhall. It is they who installed the Remembrancer in Parliament. Guilds like the Grocers, the Drapers, the Goldsmiths etc.
You won't find bankers among the Aldermen who actually run the Square Mile.
Many of the banks left after Big Bang in the 1980s. They are now in Canary Wharf which is outside the Square Mile. The reason they left was because the City authorities changed the building ratios [I know because I worked for stockbrokers in the 1980s. I was physically there.]
'City of London' works as a synonym for 'financial institutions' but not as an accurate description of how the space works.
Thank you, Lucy. That is a valuable historical layer, and I agree the Guilds/Livery Companies are central to the old structure of the Square Mile.
But I don’t think this disproves my point. It actually sharpens it.
My argument was not that bankers physically sit inside Guildhall pulling every lever like a cartoon villain. The point is that the City of London is an old medieval civic structure that became wrapped around modern financial power. The Guilds are part of the old institutional architecture. The banks, insurance houses, legal firms, fund managers, and professional services are the modern economic force that gives that architecture global weight.
So I would not frame it as “Guilds versus banks.” That is too narrow. It is older than that and cleaner than that. The Square Mile operates through layers: ceremonial authority, civic governance, livery influence, parliamentary access, business voting, and financial/professional power.
Canary Wharf matters, yes. But moving offices east did not erase the City’s historic role as the legal, symbolic, political, and financial command center. The City of London Corporation still openly promotes financial and professional services as part of its function.
So yes, I appreciate the correction on the Guild layer. But the broader point remains: the City is not just a place. It is an institutional machine.
"The banks, insurance houses, legal firms, fund managers, and professional services are the modern economic force that gives that architecture global weight."
Correct, except that this 'modern economic force' cannot operate as " The Square Mile operates" - " through layers: ceremonial authority, civic governance, livery influence, parliamentary access, business voting, and financial/professional power."
Once outside the Square Mile there is no more special parliamentary access etc etc.
That is the point that you are missing. The Remembrancer is no longer working for them. The Square Mile has its own legal framework, its own police force. That no longer applies if you are no longer in it.
"... moving offices east did not erase the City’s historic role as the legal, symbolic, political, and financial command center." Agreed, but what it did was to fracture it. The command centre is no longer based inside the legal framework that is the Square Mile.
Of course "The City of London Corporation still openly promotes financial and professional services as part of its function." They didn't all leave. But significant banks like Barclays, Citigroup , JP Morgan Chase, HSBC did. The City is hollowed out.
The ' institutional machine' only works as a Square Mile/ City of London institution if the financial institutions are physically there. Otherwise they are no different to any other financial business and still subject to the Financial Conduct Authority. And can be based anywhere in the country.
It also means that your broader point that you made to Crypto Rich about the importance of a 'corporation' also no longer applies. Because those businesses that leave the City are no longer part of a 'corporation'.
Another ball hit out of the park, Vivify! Brilliant!
And now you know what Trump is fighting.
I also think you underestimate the influence of Venice.
The role model for the East India Company was the London Muscovy Company set up in 1555 under Sebastian Cabot, a Venetian.
My own substack [https://lucywyatt.substack.com] goes into the background of the Venetian influence on especially the British from 1508 onwards [I don't particularly cover the Dutch angle but the same applies].
In my opinion the Venetians used England as their proxy to achieve empire from the C16th onwards.
I look at direct Venetian influence on 4 key men who shaped English culture: Sir Francis Bacon (likely author of Shakespeare); Sir Isaac Newton; Rev Thomas Malthus; and John Ruskin. It's about more than power and wealth; more than just the City of London, although that is an important part.
Likely the Venetians were behind the Glorious Revolution of 1688 which led to the creation of the Bank of England.
Your research, however, is v v good - having said all that. As an English person this has been a journey of discovery for me too
Because most commentators miss this Venetian angle, they overestimate the power and influence of City of London/the British. They then misconstrue what happens in Europe; and can only understand the EU as an off-shoot of British interests which is not the case.
Staggering, thank you , i cant imagine the hours of research, should be mandated in Schools for students to read
Here is a book that's been around a long time. You might be interested in reading.
https://a.co/d/05gcFpp0
The Seven Sisters: The great oil companies & the world they shaped
By Anthony Sampson
There is a long review written by an Iranian living in Canada that goes into great detail about Iran and the oil companies.
From my studies I think the formalized war as business was formed in 1600s like you said. However, I think the war as business began with Cain when he killed his brother. That started this entire thing.
what we can do against these forces ?!
I hope Canada is next after Africa. You are extremely good at writing and explaining in simple words. I send your stuff to my clients all the time.
But you are only 99% correct about the City of London
Great article.