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Financialisation of built environments:A literature review

Author

Listed:
  • Eric Clark

    (Lund University, Department of Human Geography)

  • Henrik Gutzon Larsen

    (Lund University, Department of Human Geography)

  • Anders Lund Hansen

    (Lund University, Department of Human Geography)

Abstract
This paper provides a review of research into financialisation of built environments, especially in relation to urban politics, social geographies and sustainability. Focus is limited here to the theoretical and conceptual substance of selected literature. Financialisation is conceptualised as a profoundly spatial process, forging social relations that form conditions for urban governance, social geographic change and urban sustainability. The paper frames financialisation of built environments as a process enmeshed with related processes of commodification, privatisation, neoliberalisation, and accumulation by dispossession, associated with the creation and appropriation of rent gaps. Land rent and rent gaps are highlighted as central to understanding financialisation of built environments. We then review research into relations between financialisation of built environments and urban governance, i.e. how financialisation impacts upon, while being facilitated or deterred by, urban politics. This sets the stage for reviewing research into relations between financialisation of built environments and observed patterns of change in the social geographies of cities, and research into the sustainability implications of financialisation of built environments. Conclusions reconsider the nature of the relationship between financialisation and urbanisation, and the challenges of bringing financial systems into the service of achieving social and natural sustainability.

Suggested Citation

  • Eric Clark & Henrik Gutzon Larsen & Anders Lund Hansen, 2015. "Financialisation of built environments:A literature review," Working papers wpaper114, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper114
    as

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    Citations

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    Cited by:

    1. Jesús M. González-Pérez, 2022. "Evictions, Foreclosures, and Global Housing Speculation in Palma, Spain," Land, MDPI, vol. 11(2), pages 1-26, February.

    More about this item

    Keywords

    financialisation; built environment; urban governance; land rent; sustainability;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • O29 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Other
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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