Client City

  • Ranald C. Michie


In the end there was the Client City. What the City of London supplied was services and this became more true as time passed, for it produced and manufactured less and less. The last major industry in the City was printing and publishing and this provided, essentially, information rather than a manufactured product, though it could take a tangible form, as with a newspaper. Much of that industry was to desert the City, with even the Financial Times moving out in 1989, leaving its building to be occupied by a Japanese bank. However, within the services which the City provided there was a major division between those that were market based and those that were client orientated. Those in the City who traded in commodities, whether tea or textiles, acted as intermediaries between buyers and sellers. Similarly in the provision of credit, by type or time, and the mobilising of capital from whatever source to whatever use, those in the City provided an organised forum in which they were agents. In contrast, there also developed in the City services which involved the sale of knowledge, experience and training for its own sake rather than as a means to facilitate transactions between different parties. Consequently, there evolved two fundamental branches within the services provided by the City of London. One involved the creation of markets, which became more numerous, sophisticated and far-reaching over time.


Life Insurance Head Office Accountancy Firm Credit Insurance Marine Insurance 
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Copyright information

© Ranald C. Michie 1992

Authors and Affiliations

  • Ranald C. Michie
    • 1
  1. 1.University of DurhamUK

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