Milan makes it to the big leagues: A financialized growth machine at work

This article analyses the production of urban space in the globalizing city of Milan, Italy. The authors present the evolution of a 30-year development process in a semi-central area of the city known as Garibaldi Porta Nuova, contrasting present and past conditions. Initial attempts to develop the...

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Vydáno v:European urban and regional studies Ročník 27; číslo 2; s. 106 - 124
Hlavní autoři: Anselmi, Guido, Vicari, Serena
Médium: Journal Article
Jazyk:angličtina
Vydáno: London, England SAGE Publications 01.04.2020
Sage Publications Ltd
Témata:
Capital
Coalitions
Economic development
Economic elites
Economic factors
Frame analysis
Investors
Political elites
Political finance
Politics
Real estate
Italy
Milan Italy
Growth machine
Milan
urban development project
urban regime
ISSN:0969-7764, 1461-7145
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Abstract This article analyses the production of urban space in the globalizing city of Milan, Italy. The authors present the evolution of a 30-year development process in a semi-central area of the city known as Garibaldi Porta Nuova, contrasting present and past conditions. Initial attempts to develop the area began in the early 1980s but came to nothing; a previous study of the same area attributed that failure to the inability of fragmented local political elites to coalesce into an effective pro-growth coalition. In the early 2000s, a new coalition of political and economic actors, in particular financial and real estate interests, revived the process of regeneration and drove construction of a large-scale mixed-use project. This article offers an account of the process in terms of both the internal dynamics of the local coalition and the contextual and institutional factors framing the bargaining of political and economic elites over the development process. We use two theoretical frameworks – growth machine theory and regime theory – to assess the distribution of power and resources. Our analysis indicates that the outcome is the result of a specific growth machine fuelled by international capital, and that changes in the intergovernmental system in Italy induced local political elites to accommodate the requirements of international investors.
AbstractList This article analyses the production of urban space in the globalizing city of Milan, Italy. The authors present the evolution of a 30-year development process in a semi-central area of the city known as Garibaldi Porta Nuova, contrasting present and past conditions. Initial attempts to develop the area began in the early 1980s but came to nothing; a previous study of the same area attributed that failure to the inability of fragmented local political elites to coalesce into an effective pro-growth coalition. In the early 2000s, a new coalition of political and economic actors, in particular financial and real estate interests, revived the process of regeneration and drove construction of a large-scale mixed-use project. This article offers an account of the process in terms of both the internal dynamics of the local coalition and the contextual and institutional factors framing the bargaining of political and economic elites over the development process. We use two theoretical frameworks – growth machine theory and regime theory – to assess the distribution of power and resources. Our analysis indicates that the outcome is the result of a specific growth machine fuelled by international capital, and that changes in the intergovernmental system in Italy induced local political elites to accommodate the requirements of international investors.
Author Vicari, Serena
Anselmi, Guido
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urban development project
urban regime
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  volume-title: The Urban Growth Machine: Critical Perspectives Two Decades Later
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  doi: 10.1177/0969776413484166
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Snippet This article analyses the production of urban space in the globalizing city of Milan, Italy. The authors present the evolution of a 30-year development process...
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SubjectTerms Capital
Coalitions
Economic development
Economic elites
Economic factors
Frame analysis
Investors
Political elites
Political finance
Politics
Real estate
Title Milan makes it to the big leagues: A financialized growth machine at work
URI https://journals.sagepub.com/doi/full/10.1177/0969776419860871
https://www.proquest.com/docview/2389579832
Volume 27
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