Through the Optics of Finance: Speculative Urbanism and the Transformation of Markets

This article contributes to debates on the financialization of global South economies by looking closely at how India's real estate markets became entwined with global financial networks. We offer an analytical frame that centers on the strategies of global finance and its ability to transform...

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Veröffentlicht in:International journal of urban and regional research Jg. 45; H. 2; S. 209 - 231
Hauptverfasser: Goldman, Michael, Narayan, Devika
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Chichester, UK John Wiley & Sons, Ltd 01.03.2021
Blackwell Publishing Ltd
Schlagworte:
Ambition
Borders
Capital
Deregulation
Equity
Finance
financialization
Financing
Foreign investment
global cities
global private equity
India
International finance
International financing
inter‐scalar and conjunctural dynamics approach
Investments
Markets
Mobility
Optics
Private equity
Public finance
Real estate
Scalarity (Semantics)
Southern Hemisphere
speculative urbanism
State power
Tracking
Transformation
Urban areas
urban real estate
Urbanism
India
ISSN:0309-1317, 1468-2427
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Zusammenfassung:This article contributes to debates on the financialization of global South economies by looking closely at how India's real estate markets became entwined with global financial networks. We offer an analytical frame that centers on the strategies of global finance and its ability to transform its form and mode of operation when faced with a supposed ‘limit’, both spatially and temporally. Finance capital, we argue, derives its power from working with state actors and ambitious borrowers—across borders, sectors and conditions—to spawn new investment opportunities and, over time, a financialized type of urban transformation. In 2005, India deregulated foreign investment into land and real estate, a watershed moment that radically altered the financial and urban speculative logics of the sector. Private equity firms made vast investments into urban projects, anticipating massive returns, and even though the bubble quickly burst, India continues to attract finance capital. We explain this conundrum by tracking the new techniques and investment tools of private equity (‘following the financial strategy’), arguing for an analytical approach attuned to the relentless dynamism and hyper‐mobility of finance capital (an ‘inter‐scalar and conjunctural dynamics approach’).
Bibliographie:This research project started in 2007, with funding and collegial support from the American Institute of Indian Studies (AIIS), University of Minnesota's Global Programs and Strategy Alliance (GPS), the V.K.R.V. Rao Professor Chair at the Institute of Social and Economic Change (ISEC) Bangalore, the National Institute of Advanced Studies (NIAS) within IISc‐Bangalore, and the National Science Foundation award # BCS‐1636437. In 2018, an early draft of this article was presented at the American Association of Geographers (AAG) conference. We are very grateful to Sanjiv Aundhe and Amay Narayan for sharing their insights and providing the financial data and analysis included here. We are also very much indebted to Rachel Schurman for her editorial input on multiple drafts and her intellectual contribution. Special thanks go to our generous colleagues and interlocutors, to name just a few: Carol Upadhya, Leo Saldanha, Bhargavi Rao, Hemangini Gupta, Kaveri Medappa, Vinay Baindur, Manjunath, Vinay Gidwani, Helga Leitner and Eric Sheppard.
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ISSN:0309-1317
1468-2427
DOI:10.1111/1468-2427.13012