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Urbanisation and Financialisation in the Context of a Rescaling State: The Case of Spain
Author(s) -
CoqHuelva Daniel
Publication year - 2013
Publication title -
antipode
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.177
H-Index - 98
eISSN - 1467-8330
pISSN - 0066-4812
DOI - 10.1111/anti.12011
Subject(s) - context (archaeology) , real estate , capital (architecture) , financial crisis , state (computer science) , urbanization , relevance (law) , economic geography , private capital , economic system , affordable housing , political science , economy , economics , market economy , economic growth , geography , finance , production (economics) , law , keynesian economics , macroeconomics , archaeology , algorithm , computer science
The secondary circuit is a central element in the processes of capital accumulation, and its relevance has become more acute in recent years as urban planning, housing, and real estate have become privileged arenas of the territoriality “variegated” processes of neoliberalisation. This paper explores three theoretical concepts, all closely associated with neoliberalisation: the rescaling of the state, urban entrepreneurialism and financialisation. The paper uses these three theoretical concepts to explain, on the one hand, the increasing relevance of housing and real estate and, on the other hand, their connection with two of the major manifestations of the current financial crisis: excessive private indebtedness and the credit crunch. Analysing the Spanish case is particularly revealing because of the intensity of construction work until 2007, the severity of the subsequent economic crisis, and the wide range of agents involved in the growth of a neoliberalised and financialised secondary circuit of capital in Spain.