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

‘The interwar period was arguably when the powers of the Bank of England, and its efforts to shape the British and global economies were at their height. Robert Yee provides new insight into the development of the ‘Bank View’ that informed these initiatives. Readers may think this is familiar terrain - until they encounter Yee's new and illuminating analysis.’

Barry Eichengreen - University of California, Berkeley

‘British historians have long discussed the battle between Keynes and the ‘Treasury view’. Yee’s meticulous research and subtle analysis brilliantly recovers the ‘Bank view’ that emerged as the Bank of England shifted from the management of the London money market to a wider concern for the domestic and global economy. The City’s Defence is a major contribution both to the economic history of Britain and the history of the governance of the global economy. The global economy is again in turmoil - Yee’s timely book shows how an earlier generation grappled with economic and geopolitical crises.’

Martin Daunton - Emeritus Professor of Economic History, University of Cambridge; author of The Economic Government of the World. 1933-2023