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Introduction To The Forum: From Third To Fifth‐Wave Gentrification
Author(s) -
Aalbers Manuel B.
Publication year - 2019
Publication title -
tijdschrift voor economische en sociale geografie
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.766
H-Index - 55
eISSN - 1467-9663
pISSN - 0040-747X
DOI - 10.1111/tesg.12332
Subject(s) - gentrification , capitalism , state (computer science) , sociology , french new wave , third wave , political economy , economic geography , economy , economics , political science , economic growth , law , history , art history , algorithm , politics , computer science , movie theater
‘The Changing State of Gentrification’ (2001) by Jason Hackworth and the late Neil Smith is one of the most influential papers ever published in TESG . By introducing three waves, or periods, of practices and patterns of gentrification, it changed the way we think about gentrification. This Introduction to the Forum discusses the three waves introduced by Hackworth and Smith as well as fourth wave introduced by Lees et al . Finally, I will argue that during the global financial crisis we have entered fifth‐wave gentrification. Fifth‐wave gentrification is the urban materialisation of financialised or finance‐led capitalism. The state continues to play a leading role during the fifth wave, but is now supplemented – rather than displaced – by finance. It is characterised by the emergence of corporate landlords, highly leveraged housing, platform capitalism (e.g. Airbnb), transnational wealth elites using cities as a ‘safe deposit box’, and a further ‘naturalisation’ of state‐sponsored gentrification.