On this basis, which was originally financial and goes back to George Peabody, there grew up in the twentieth century a power structure between London and New York which penetrated deeply into university life, the press, and the practice of foreign policy.

Summary

This quote suggests that a power structure grew between London and New York in the twentieth century, stemming from financial origins associated with George Peabody. This structure held significant influence over university affairs, media, and the implementation of foreign policy. It implies that this financial power dynamic had wide-reaching consequences and played a significant role in shaping various aspects of society and governance in both cities.

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