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An Evolutionary Perspective on the British Banking Crisis

Lookup NU author(s): Emeritus Professor Neill Marshall, Professor Stuart Dawley, Professor Andy Pike, Professor Jane Pollard, Emeritus Professor Mike Coombes



This is the authors' accepted manuscript of an article that has been published in its final definitive form by Oxford University Press, 2019.

For re-use rights please refer to the publisher's terms and conditions.


Developing an evolutionary perspective towards the changing anatomy of the banking sector reveals the enduring tensions and contradictions between spatial centralisation and the possibilities for decentralisation before, during and after the British banking crisis. The shift from banking boom to crisis in 2007 is conceptualised as a significant and on-going moment in the long-term evolution of the historical institutional-spatial dominance of London over other city-regions in Britain. The analysis demonstrates the importance of the institutional and geographical legacies of the British national political economy and variegation of capitalism established in the later nineteenth and early twentieth centuries in shaping contemporary geographical outcomes. Regulatory changes combined with financial innovation in the latter years of the twentieth century to create an opportunity for English regional and Scottish banks excluded from previous institutional-spatial centralisation to expand excessively and consequently several failed in the banking crisis. The paper considers the future trajectory of institutional-spatial centralisation in the banking sector amidst the continued spatial restructuring of the banking crisis, involving a re-drawing of organisational boundaries, overlapping institutional and technological changes and unprecedented uncertainty about the impact of Brexit on Britain’s wider political and economic landscape.

Publication metadata

Author(s): Marshall N, Dawley S, Pike A, Pollard J, Coombes M

Publication type: Article

Publication status: Published

Journal: Journal of Economic Geography

Year: 2019

Volume: 19

Issue: 5

Pages: 1143-1167

Print publication date: 01/09/2019

Online publication date: 18/09/2018

Acceptance date: 21/07/2018

Date deposited: 09/08/2018

ISSN (print): 1468-2702

ISSN (electronic): 1468-2710

Publisher: Oxford University Press


DOI: 10.1093/jeg/lby043



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