The Eurozone Crisis and Emerging‐Market Expansion: Capital Switching and the Uneven Geographies of Spanish Urbanization

Kutz, William

doi:10.1111/1468-2427.12402

Cited by 20 publications

(27 citation statements)

References 49 publications

(131 reference statements)

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“…Moreover, as global growth slows in the contemporary setting, returns on capital are likely to further increase (Piketty, ) and developing‐country cities offer interesting opportunities for those ‘who are looking to add some risk to their portfolios’, due to the potential rewards that such risky investments offer (Abdulai et al ., : 3). In this context ‘geographical switching’ as well as ‘sectoral switching’ is likely to increase (Kutz, ).…”

Section: The ‘Secondary Circuit’ Of Capital and Property Development mentioning

confidence: 99%

Urban Fortunes and Skeleton Cityscapes: Real Estate and Late Urbanization in Kigali and Addis Ababa

Goodfellow

2017

Int J Urban Regional Res

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Section: The ‘Secondary Circuit’ Of Capital and Property Development mentioning

confidence: 99%

Urban Fortunes and Skeleton Cityscapes: Real Estate and Late Urbanization in Kigali and Addis Ababa

Goodfellow

2017

Int J Urban Regional Res

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“…Urbanization therefore provides what David Harvey terms a spatial fix for capitalism's inherent crisis tendency to accumulate capital beyond what can be profitably reinvested, which threatens the survival and reproduction of capitalism (Harvey, , ). The spatial fix provides a means of profitably reinvesting surplus capital by plowing it into the built environment (Christophers, ; Harvey, ; Kutz, ; Schoenberger, ). Investments in infrastructure, transportation and communication networks, and real estate absorb overaccumulated capital while creating “an expanded and improved built environment” to support future capital accumulation (Schoenberger, , p. 429).…”

Section: The Urban Scale and Financializationmentioning

confidence: 99%

“…Not only is real estate easily transformed into a liquid and tradable commodity, capital can also shift “in and out of different types of market in different corners of the globe” (Schoenberger, , p. 431). The current moment of financialization therefore represents both aspects of the spatial fix: capital's absorption in the urban process and its extension into new markets (Kutz, ; Schoenberger, ).…”

Section: The Urban Scale and Financializationmentioning

confidence: 99%

“…By no means is the financialization of urban space confined to this geography. The inherent contradictions of capitalism necessitating the spatial fix are of course generalized, and the overaccumulation of finance capital in recent decades is global, with its absorption into the built environment creating or improving landscapes for accumulation both within and beyond the global north (Harvey, ; Kutz, ; Soederberg, ). Thus, financialization affects a wide range of geographies in context‐dependent ways (cf.…”

Section: Toward An Agenda For Inquiry On Financialization and Urban Smentioning

confidence: 99%

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Urban struggles with financialization

Fields

2017

Geography Compass

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The 2008 financial crisis and its impacts on the urban landscape contributed to a proliferation of research on the financialization of urban space, particularly of housing. Today, financialization is a mainstream focus of study within geography. But while scholars have responded to earlier calls to center space and place in their research, it has only been quite recently that geographers have taken up efforts to politicize and contest the financialization of urban space. This essay assesses the emerging body of literature on urban struggles with financialization. It first draws on historical materialist perspectives to situate financialization within urban contexts, showing why there is a particular relationship between this process and urban space, and how moments of crisis reveal tensions in this relationship. Reviewing literature focused on places exposed to the most systemic housing–financial crises in 2008, the essay then explores how residents, activists, and movements have grappled with financialization. It argues that a key aspect of such struggles is the ability to make their presence felt within chains of financial intermediaries or the corporate headquarters of foreign investors. The essay also highlights how moments of crisis open space for more radical tactics that disrupt the dominant production of space and emphasize the social value of housing. It suggests ways to fruitfully expand geographic inquiry into urban struggles with financialization through focusing on the formation of political subjectivities and engaging geographies beyond the global north.

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“…Interestingly, the development of gross operating surplus and mixed income follows the same trajectory as GFCF in both cases (from 90 million euros in 2002 to 110 million euros in 2004, and to 130 million euros in 2007 after a short hiatus in 2004/2005—see Eurostat, ), indicating that capital switching is coupled with overaccumulation tendencies (see Kutz, ). Yet they represent a disrupted and shorter‐run version of switching.…”

Section: Waged Underemployment Capital Switching and Spatial Fixitiementioning

confidence: 82%

Dismantled Spatial Fixes in the Aftermath of Recession: Capital Switching and Labour Underutilization in the Greek Capital Metropolitan Region

Gourzis¹,

Gialis²

2019

Int J Urban Regional Res

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The article offers a fresh, empirically grounded look at the spatialities of crisistriggered employment forms--a largely overlooked issue in contemporary critical geography literature. Specifically, it discusses the interconnection between investment flows from manufacturing to the built environment (capital switching) and underemployment in urban metropolitan regions to substantiate its impact on emerging spatial fixities. The article, which is based on an empirical analysis informed by a radical political economy, investigates changing fixed capital formations in Greece over an extended period prior to and during the recession, from 1995 to 2012. It traces the evolution of part-time waged work in the capital metropolitan region of Attica (Athens) vis-à-vis the rest of the country's regional labour markets, focusing on the polarized 2005-2012 period and the demise of the construction industry. The article highlights that 'disrupted' capital switching that occurred in Greece, closely associated with recalibrated sectoral priorities and institutional interventions, resulted in the uneven sprawling of underemployment. Our findings offer insight into how the dismantling of spatial fixes within core metropolitan regions of the southern European Union (and beyond) are connected to labour surplus and successive slumps in manufacturing and construction. The article closes by calling for new theorizations of contemporary urban regional unevenness and its spatiotemporal fixities, which account for the role of changes in labour turnover time.

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The Eurozone Crisis and Emerging‐Market Expansion: Capital Switching and the Uneven Geographies of Spanish Urbanization

Cited by 20 publications

References 49 publications

Urban Fortunes and Skeleton Cityscapes: Real Estate and Late Urbanization in Kigali and Addis Ababa

Urban Fortunes and Skeleton Cityscapes: Real Estate and Late Urbanization in Kigali and Addis Ababa

Urban struggles with financialization

Dismantled Spatial Fixes in the Aftermath of Recession: Capital Switching and Labour Underutilization in the Greek Capital Metropolitan Region

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