The Geopolitics of London: Making a Global Financial Center

If London were a city-state, it would boast the 20th-largest national economy in the world. But it isn't.

by George Friedman and Jacob L. Shapiro
April 9, 2018

If London were a city-state, it would boast the 20th-largest national economy in the world. Its national per capita gross domestic product would be greater than that of the United States. It would be the 15th most populous country in Europe and, most important, it would have voted to remain in the European Union.

But London is not a city-state, and it can never aspire to be one. For just under a millennium, London has been the capital of England; for more than three centuries, it has been the capital of the United Kingdom; for more than a century, it was the capital of the largest empire ever conquered. London embodies the paradox of all great cities. Great cities are the ultimate expressions of their national cultures, often serving as the seat of power for millions, even billions, of people who do not actually live there. But just as often, the interests of the cities diverge from those of the rest of the nation.