One of the most powerful forces affecting both the City and the new learning is the global context in which both operate. Globalisation is not new, either to the City of the world of learning. Sir Thomas Gresham was as familiar with Europe’s financial centres as any of today’s City leaders. Some, at least, of his dealings originated across the Atlantic. The world of learning was in some ways more international than today, with European scholarship having hew national boundaries. This lecture will explore the nature of the contemporary global markets and their implications for the City and the new learning.