Money, housing and world market: the dialectic of globalised production

Ivanova, Maria N.

doi:10.1093/cje/beq053

Cited by 20 publications

(13 citation statements)

References 16 publications

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“…As the liberalisation of mortgages was accompanied by a significant decline in welfare provision, the expansion of home ownership via mortgages contributed to the promotion of the idea of citizens not only as consumers but also as leveraged real‐estate investors (Case et al . ; Castles and Ferrera ; Ivanova ; Langley ; Toussaint and Elsinga ). The accumulation of housing wealth was promoted not only as a good investment, but also as a ‘buffer’ (Benito ), ‘cushion’ (Lowe et al .…”

Section: From Financialising Homes To Financialising Livesmentioning

confidence: 98%

“…; Forrest and Williams ; Harvey ). While the use and exchange values of housing function in ways similar to any typical market commodity, housing has recently been promoted as an asset with the potential to act ‘as an investment … not only for the capitalist that produces it, but also for the homeowner that “consumes” it’ (Ivanova , 862). Therefore, housing can affect the speculative aspects of the real‐estate market not only through its potential to stimulate investment and accumulation (Aalbers ; Harvey ), but also through its potential to affect the structure of consumption in general.…”

Section: From Financialising Homes To Financialising Livesmentioning

confidence: 99%

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‘Mortgaged lives’: the biopolitics of debt and housing financialisation

García-Lamarca

Kaïka

2016

Trans Inst British Geog

221

115

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The paper expands the conceptual framework within which we examine mortgage debt by reconceptualising mortgages as a biotechnology: a technology of power over life that forges an intimate relationship between global financial markets, everyday life and human labour. Taking seriously the materiality of mortgage contracts as a means of forging new embodied practices of financialisation, we urge for the need to move beyond a policy-and macroeconomics-based analysis of housing financialisation. We argue that more attention needs to be paid to how funnelling land-related capital flows goes hand in hand with signing off significant parts of future labour, decisionmaking capacity and well-being to mortgage debt repayments. The paper offers two key insights. First, it exemplifies how macroeconomic and policy changes could not have led to the financialisation of housing markets without a parallel biopolitical process that mobilised mortgage contracts to integrate the social reproduction of the workforce into speculative global real-estate practices. Second, it expands the framework of analysis of emerging literature on financialisation and subjectification. Focusing on the mortgage defaults and evictions crisis in Spain, we document how during Spain's 1997-2007 real-estate boom the promise of mortgages as a means to optimise income and wealth enrolled livelihoods into cycles of global financial and real-estate speculation, as home security and future wealth became directly dependent on the fluctuations of financial products, interest rates and capital accumulation strategies rooted in the built environment. When, after 2008 unemployment escalated and housing prices collapsed, mortgages became a punitive technology that led to at least 500 000 foreclosures and over 250 000 evictions in Spain.

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Section: From Financialising Homes To Financialising Livesmentioning

confidence: 98%

Section: From Financialising Homes To Financialising Livesmentioning

confidence: 99%

‘Mortgaged lives’: the biopolitics of debt and housing financialisation

García-Lamarca

Kaïka

2016

Trans Inst British Geog

221

115

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“…Global over-accumulation and overproduction can go hand-in-hand with declining rates of productive investment in given countries as was the case of the United States in the late 1990s and 2000s. The XQLTXH LQWHUQDWLRQDO PRQHWDU\ VWDWXV RI WKH GROODU (GUTTMANN, 1994) Ivanova (2011) has argued the close complementarity between the over-accumulation of capacity and of "surplus", e.g. non-reinvested capital in the manufacturing centres of the periphery, principally China and the U.S.-based overproduction of housing.…”

Section: Constant 2011 Exchange Rates and $ Trillion What Is Strikingmentioning

confidence: 99%

The Historical Setting and Original Traits of the World Crisis

Chesnais¹

2014

RPP

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“…Indeed, over the past few years the aggregate demand in many countries has been supported by easy access to credit and international monetary flows associated with imbalances in current accounts of nations (Ivanova ; Tridico ). These phenomena have been accompanied by a process of “deregulation” and financial innovation that has led to the emergence and increased use of a large number of derivative financial instruments.…”

mentioning

confidence: 99%

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

Fernández-Huerga

2013

American J Econ Sociol

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The neoclassical concept of the market is built on a number of assumptions that lead one to view it as a type of ether, devoid of any institutional content. In opposition to this point of view, this article proposes an alternative characterization of markets based on the fundamental principles of institutional and post‐Keynesian economics. After reviewing the main features that characterize the behavior of economic agents, we analyze the set of interrelations between these agents within markets and the role of institutions in the regulation of these interrelations. Finally, we discuss some of the consequences generated by the institutional dimensions of markets with regard to their origins and evolution, the justification for their existence, or the evaluation of their results.

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Money, housing and world market: the dialectic of globalised production

Cited by 20 publications

References 16 publications

‘Mortgaged lives’: the biopolitics of debt and housing financialisation

‘Mortgaged lives’: the biopolitics of debt and housing financialisation

The Historical Setting and Original Traits of the World Crisis

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

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