Drivers, scope and limitations of financialized urban policy in less financialized economic contexts: the case of São Paulo’s Casa Paulista Program
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Date
2016
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AESOP
Abstract
The critical urban literature concerned with the relationship between the growing dominance of financial capital in systems of production (i.e., financialization) and rising urban inequality has focused mostly on economies at the center of financialized global capitalism (i.e., US and Western Europe). In this context, it is argued that policy efforts to integrate property and financial markets (financialized urban policy) are positively associated to financial market’s expansion, specifically, the expansion of secondary housing and commercial real estate mortgage markets (Aalbers 2008, Gotham 2006, 2009, Newman 2009) and city bonds (Weber 2002, 2010). Less attention has been given to similar processes occurring in countries and localities where financial markets are not fully developed and where a positive association between financialized urban policy and actual financial market’s expansion is less clear. In these contexts, research is required in order to understand how do such policies relate to broader financialization dynamics occurring at the local, regional and national levels.
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Proceedings of the IV World Planning Schools Congress, July 3-8th, 2016 : Global crisis, planning and challenges to spatial justice in the north and in the south
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