Finance has enjoyed hegemony in the past partially on account of its role in the British empire. Britain's overseas trading companies such as the East India Company or the Hudson Bay Company were based in the City of London, and it was the City's activities which financed the planters and traders. The capital's financial centre was the nexus between domestic producers and the colonies. Undoubtedly, finance has a similar role in today's imperialism, the mechanism by which surplus extracted in the 'periphery' is transferred to ruling classes in the 'metropole'. In fact, one of the reasons why the British government started to take a keen interest in consolidating the City's global role in the late 1960s was due to the loss of the colonies and the need to take on rising financial competitors, not least Wall Street.
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