THE CITY OF LONDON: A SURVIVING MEDIEVAL SOVEREIGNTY IN THE AGE OF FINANCIAL CIVILIZATION---
The City of London is the oldest continuous political corporation in the Western world. Its sovereignty is damn peculiar. It predates the English nation‑state, the Norman monarchy, and the modern conception of sovereignty. Its earliest functions were those of a merchant commune—a self‑governing association of traders who secured: - rights of passage - rights of market - rights of adjudication These were not granted by the Crown; they were recognized by it. The City’s autonomy was therefore not a concession but a survival. In Hall's terms, this is civilization's tapeworm, contending with the body politic for the status of currency-issuer. In institutional terms, the City began as an instrumentality for regulating commerce in a pre‑national environment. Its purpose was clear: to facilitate the exchange of goods and the protection of merchants. But unlike most instrumentalities of the medieval period, the City did not institutionalize into rigidity. It p...