In The City's Defense, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War. Responding to mass unemployment and volatile exchange rates, the Bank expanded its reach into areas outside the traditional scope of central banking, including industrial policy and foreign affairs. It designed a system of economic governance that reinforced the preeminence of sterling as a reserve currency. Drawing on a range of archival evidence from national governments, private corporations, and international organizations, Yee reevaluates our understanding of Britain's impact on the global economic order.

'Central banks today are regarded as powerful institutions led by technical experts. This fascinating book situates the historical origins of technical expertise in central banking in the interwar period. Robert Yee shows how the Bank of England’s transformation from an institution led by bankers to one guided by experts helped expand its influence into new areas, both domestically and globally. An essential read for anyone interested in the origins of modern central banking.'

Olivier Accominotti - Professor of Economic History, London School of Economics and Director, LSE Financial History Group