How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

Canadian smart cities: Are we wiring new citizen-local government interactions?

Governments around the world are developing smart city projects, with the aim to realize diverse goals of increased efficiency, sustainability, citizen engagement, and improved delivery of services. The processes through which these projects are conceptualized vary dramatically, with potential implications for how citizens are involved or engaged. This research examines the 20 finalists in the Canadian Smart Cities Challenge, a Canadian federal government contest held from 2017 to 2019 to disburse funding in support of smart city projects. We analyzed each of the finalist proposals, coding all instances of citizen engagement used to develop the proposal. A significant majority of the proposals used traditional types of citizen engagement, notably citizen meetings, round tables, and workshops, to develop their smart city plans. We also noted the use of transactional forms of citizen engagement, such as apps, and the use of social media. Despite the general rhetoric of innovation in the development of smart cities, this research finds that citizens are most commonly engaged in traditional ways. This research provides cues for governments that are developing smart city projects, placing an emphasis on the importance of the process of smart city development, and not simply the product.     

Performing dialogical Dutchness: negotiating a national imaginary in parenting guidance

In contemporary Europe, national identities are fiercely contested and governments have sought ways to strengthen national identification. Notwithstanding this European pattern, government policies are implemented differently and belonging to the nation comes to involve different images and enactments across contexts. In the Netherlands, especially, belonging to the nation is at stake in many high‐profile public and political struggles. In this context, a pervasive public imaginary we call ‘dialogical Dutchness’ represents the Dutch as distinctly anti‐nationalist and open to difference. This raises the question whether national boundaries actually become traversable in view of such a national imaginary. How does one become a Dutch subject if Dutchness entails not being nationalist? Through the analysis of a Dutch social policy practice – state‐provided parenting courses – we show how dialogical Dutchness is negotiated and transformed in actual enactments of national difference and belonging. Although dialogical Dutchness foregrounds openness to difference and valorises discussion, it comes to perpetuate and substantiate boundaries between those who belong to the nation and those whose belonging is still in question.     

Using negotiation to promote legitimacy: an assessment of proposals for reforming the WTO

How can negotiations be conducted to promote the legitimacy of international institutions such as the World Trade Organization (WTO)? Can negotiation procedures be designed so as to strengthen the WTO as an institution and the agreements it concludes? One reason for which the legitimacy of the organization is being questioned is its decision‐making—especially negotiation—procedures. These have contributed significantly to recent setbacks in WTO talks. Yet proposals for procedural reform have not been subject to much discussion or review, in particular with no regard to content which may boost legitimacy. Justice and other values associated with legitimacy have generally not been addressed by trade experts, and conceptual tools for identifying what practical form their inclusion could take are lacking. This article reviews a variety of proposals, formal and informal, for reforming the WTO's negotiation procedures. It develops an approach to procedural justice which is used to identify the justice content in these proposals, based on four main principles. Drawing on this analysis, the article concludes by highlighting promising elements of reform. In so doing, it brings research literature on justice and negotiation to bear on current debates over the legitimacy deficit in international institutions, using the WTO as a significant case. More practically, the article helps to identify what more legitimate negotiation procedures may mean and require, and how their justice content may be assessed and increased.     

The European Union and Major Infrastructure Policies: The Reforms of the Trans-European Networks Programmes and the Implications for Spatial Planning

The European Union (EU) has been involved in influencing major infrastructure in the fields of transport and energy mainly by means of the Trans-European Networks (TENs) programme begun in the 1990s. Other macro-planning and wider spatial planning exercises, including the European Spatial Development Perspective, made reference to such infrastructure systems, particularly in relation to the need for connectivity and mobility, but normally did not attempt to intervene in an area seen as one of the prerogatives of national states. Much more important have been the wider programmes of liberalization pressed by the EU since the 1980s, but these have had no specific geographical content. A revision of the TENs programmes since 2008 has led to proposals to increase the role of the EU, by drawing up continent wide schemas indicating needs for future investment in many fields of both transport and energy, and introducing new procedures to streamline decision-making by designating projects as of European interest. The initiatives in transport and energy are described here, including the two Regulations currently under discussion within the EU institutions. These include major proposals for cross-European multi-modal transport corridors within an EU core network, and regional schemas for energy drawn up primarily by energy industries and government counterparts. Both are likely to be of real significance for spatial planners throughout the continent, and have major impacts on the shapes of future infrastructure networks. These proposals are analysed, as cases of the rescaling and re-ordering of government, giving more force to the EU in these fields, and reinforcing sectoral- or silo-based decision-making. It is argued that somewhat different outcomes will result in the few areas, such as the Baltic, where long-term macro-regional collaboration has been present, from the rest of Europe, where these sectoral programmes may complicate further the mix of planning impacting on each region, making even more confused the accountability of governance. Suggestions are made for the careful assessment of these schemas by national and regional governments, and for the creation of some spatial planning analytical capability at the EU level, which could examine this type of proposals, with powerful spatial impacts.     

Stimulating spatial quality? Unpacking the approach of the province of Friesland,the Netherlands

The article introduces the concepts of robustness and flexibility into the discussion on spatial quality to unpack the approach adopted by the Dutch province of Friesland in pursuit of their ambition to stimulate spatial quality. The analysis of how robustness and flexibility are manifested in Friesland, respectively the capacity to counteract negative impacts on spatial quality and the capacity to progress to more enhanced forms of spatial quality, reveals a multi-component, dynamic and selective approach. Multi-component refers to the combination of regulations, the building of purposeful organizations and teams and deliberate actions to influence spatial development projects and plans. It is dynamic because the approach is adapted to the dynamics of the multilevel governance system wherein the province and its actions are embedded. It is selective because spatial quality is reduced to a limited set of factors, decision-making is done by a selected set of actors and some measures tend to address a limited set of themes. The findings suggest that stimulating spatial quality strongly depends on how spatial quality is conceptualized and formalized in the arena of politics and planning, negotiated in multilevel decision-making processes alongside decisions on whether to make resources available for this purpose.     

Becoming (more) Dutch as medical recommendations: how understandings of national identity enter the medical practice of hymenoplasty consultations

This article looks at how Dutch national identity enters the practical setting of a medical consultation. Extending the growing scholarships of everyday nationalism and engaging with the notion of multivocalism, this article shows how Dutchness is understood in the form of desirable personal characteristics. These characteristics are promoted by physicians to patients of migrant ancestry looking for a surgery called hymenoplasty. This article presents unique scholarly observations of a case where a particular understanding of national identity is recommended as part of medical advice. Furthermore, by closely examining exchanges between doctors and patients, this article argues that Dutchness is in a state of flux where a person of migrant ancestry can simultaneously be seen by others as Dutch and non‐Dutch.     

City branding in polycentric urban regions: identification,profiling and transformation in the Randstad and Rhine-Ruhr

In polycentric urban regions several distinct cities, none of which is dominant, cooperate and compete with each other to attract inhabitants and firms. In such settings city branding strategies do not solely affect one city, but the entire region. We examined how city branding in the face of ecological modernization, that is, delivering higher added economic value, while lowering environmental impacts, is playing out in the Dutch Randstad and the German Rhine-Ruhr. Our findings show that regional identity formation occurs at the sub-polycentric urban region level, coinciding more with (historical) economic profiles than with planning imaginaries. The Dutch cities profile themselves more along the lines of ecological modernization than their German counterparts. Differences between subregions within each polycentric urban region are also noticeable, where more industrialized regions, such as the Ruhr or southern Randstad focus on ‘green’, ‘liveable’ and ‘knowledge-oriented’, while cities with stronger knowledge-intensive sectors portray themselves as ‘smart’ or ‘sustainable’. Cities generally substantiate their profiles through projects, but a significant gap persists between reality and aspirations for improved environmental conditions. This is especially true for the Dutch cities, where many claims, but little visible action can be observed.     

‘Assisting you to become a local’: NGOs and constructed foreign spouses in Eastern Taiwan

As social and cultural contexts change and globalization spreads, the number of transnational-marriage migrants mainly from Southeast Asia has increased in Taiwan. Using institutional ethnography, this article investigates the roles of local non-governmental organizations (NGOs) and projects aimed at helping foreign spouses to adapt to their new life. I mainly elaborate that NGOs emerge as important actors in assisting and empowering transnational spouses to ‘become locals’. In empowerment projects, foreign spouses are given a voice to elaborate themselves. However, this article elaborates that these projects are a scheme of education to shape each such migrant into a proper ‘Taiwanese wife/mother/daughter-in-law’. Also, these projects particularly promote ‘exoticism’ of migrants and become key sources of how local people understand the images of ‘foreign spouses’. As a result, though NGOs play positive roles in empowering foreign spouses, we need to be aware that NGOs’ efforts may ironically become a mechanism to strengthen transnational spouses’ gender roles and cultural stereotypes.     

基础设施投资与中国经济增长的地区差异研究

本文应用生产函数法和我国19962000年度混合数据,从全国各地区的层次进行分析,估计基础设施对经济增长的产出弹性,以及不同地域的显著性差异。得到的估计结果是基础设施投资的人均GDP产出弹性为0187;不同地域基础设施对经济增长的影响存在明显差异。本文分三部分。第一部分是引言,介绍了有关的研究文献;第二部分应用生产函数建立模型进行估计;第三部分是结论和政策建议。     

Technologies of a trading empire: Dutch introduction of water‐ and windmills in early‐modern Asia, 1650s–1800

This article deals with the introduction of European wind‐ and watermill technology by the Dutch in Asia, and it links this development to the gradual shift from a trading empire to a territorial state. The article evaluates how this technology fitted in with Asian technologies, why the Dutch trading company invested so much money and energy in keeping the new technology working, and how this technology had to be adapted to local circumstances, particularly to the new physical environment. It also looks at indigenous reactions and the role of indigenous labor.     

Theories of the Sublime in the Dutch Golden Age: Franciscus Junius,Joost van den Vondel and Petrus Wittewrongel

This article explores how writers from the Dutch Golden Age thought about human contact with that which is elevated far above everyday life. The Dutch Republic offers an interesting context because of the strikingly early use there by seventeenth-century humanists of the Greek concept ?ψο?, from (pseudo-)Longinus, to discuss how writers, artists and their audiences were able to surpass human limitations thanks to an intense imagination which transported them to supreme heights. Dutch poets also used the Latin sublimis to discuss how mankind constantly aims at that which is far above it, but, despite this, can never entirely be a part of it. Thirdly, protestant writers discuss the concept of the Fear of God by explaining that elevated contact with God should be accompanied by the contrasting emotions of attraction and fear. With reference to the humanist Franciscus Junius, poet Joost van den Vondel and preacher Petrus Wittewrongel, I will discuss how these artistic, literary and religious discourses concerning contact with the sublime are related to one another.     

Public–Private Plan Development: Can Early Private Involvement Strengthen Infrastructure Planning?

Private parties, who are usually involved in later stages of design, construction and maintenance, can potentially strengthen the early plan-making stages of infrastructure planning. They can bring in knowledge, expertise and experience to help address complexity in planning. Such early private involvement can be accommodated through several models for which experiences in Dutch infrastructure planning practice differ. In this article, we assess the potential of early private involvement for strengthening infrastructure plan development by examining evaluative studies and conducting interviews with public and private actors involved in four early private involvement models in Dutch infrastructure planning: market consultation, early design contest, market reconnaissance and unsolicited proposal. We conclude that in order to unlock the potential of early private involvement government needs to incorporate incentives for creativity, reward private involvement and strike a balance in the setup of the investigated models between conceptual freedom for private solutions and transparent public guidance in preconditions and regulations. Early private involvement could, thus, provide opportunities for conceptual creativity and innovation and opportunities for public–private collaboration, which can strengthen plan development.     

Mega-projects: Dealing with Pitfalls

This paper is about the many pitfalls in the decision-making process on mega-projects, and how to deal with them. I present first a summary of the pitfalls, derived from hands-on experience and recent publications on large-scale projects in transport infrastructure. Then I explain how experts and the author of this contribution think these pitfalls should be tackled. Finally, I formulate some conclusions and recommendations. The basic idea behind the recommendations is that the decision-making process on mega-projects could be defined as a learning process, in which many stakeholders are involved. As early as possible alternatives have to be considered and options have to be maintained to guarantee flexibility, which enables the initiators to cope with changing markets, a changing political landscape, new technologies and new insights. Although not an exhaustive picture of all potential pitfalls and remedies is presented, I expect that the presentation adds to the knowledge on mega-projects and will assist an adaptive decision-making processes.     

Rethinking on Sustainable Rural Development

Abstract

In many countries, rural areas have shown a new spatial-economic dynamics that have meant a contrast with the traditional urban-rural dichotomy. In particular, the need to use economic-ecological sustainability as a guiding principle for new rural development is a prominent feature. But how will rural areas, sometimes suffering from lack of economic development, peripheral positions and relatively low social well-being be able to face new challenges? Can they be attractive, innovative and developed (“hot spots”) while maintaining their sustainability and continuity? This question was the background in conducting our research. Hence, this study aims to answer this question in three steps, namely (i) offering a contemporary overview, (ii) identifying the critical factors for and (iii) developing a set of sustainable development scenarios. In order to reach our aims, we applied the so-called pentagon model and used multi-criteria analysis, namely regime analysis. The data and information deployed in this study were obtained from field surveys conducted in 60 European and 17 Turkish rural areas. The results show that future choices are different among rural users and between European and Turkish villages. European users seem more consistent about their future and their will while the will of Turkish villages are still more concentrated on economic development rather than sustainable development itself.     

“一带一路”重大项目地缘风险研究

“一带一路”机遇和前景无限,但同时遭遇着严峻的地缘风险。重大项目地缘风险是由地缘因素引起的导致重大项目产生不利后果的可能性,具有客观性、主观性、主体间性、不确定性、后果严重性、纯风险性特点。论文基于全球、区域、国家、项目四个尺度,从“地缘”视角深入探讨了重大项目地缘风险影响机理,在多尺度、多主体、多因素的综合研究框架下构建了重大项目地缘风险评估指标体系,以中国面向东南亚、南亚重大项目地缘风险为例进行研究,并对缅甸密松水电项目进行地缘风险微观剖析。     

THE IMPACT OF REMITTANCES ON REGIONAL CONSUMPTION AND INVESTMENT

This paper examines the effects of international remittances on regional economic development using spatial data from an original household survey carried out in the Republic of Moldova. I analyze remittance flows with a model that estimates regional (urban and rural) budget shares of consumption and investment expenditure categories for rural and urban households. An important contribution of the paper is that it analyzes the effect of remittances in the regions where spending takes place, which is not necessarily the same as the region where the households originating this spending reside. Using the multinomial logit approach, I control for potential selectivity and endogeneity biases of remittances. The results show that remittances lead to significantly increasing marginal productive investments in urban regions at the expense of rural regions. The fundamental finding of the study is that remittances influence the flight of productive capital out of rural areas into urban regions (a pattern similar to the crowding‐out effect of the Dutch Disease). The analysis carried out in this paper can be applied to other temporary income transfers and exogenous spending injected in the region that affect households' regional expenditure patterns.     

Contested Spaces? The Use of Place Concepts to Communicate Visions for Peri-Urban Areas

In Dutch planning, there has always been an important role for spatial concepts. Their role has arguably changed with the recent decentralization of planning to the regional and local level. At the national level, guiding concepts of a more procedural nature have replaced the more substantive and place-based spatial concepts, leaving more room for regional and local interpretation. At the regional and local level, spatial concepts are still in use, but this seems to be in a more communicative, negotiating and developing role than before. In this paper, we analyse how place concepts are used to exercise power, mobilize recourses and frame meaning over the use of the peri-urban areas, in the changing Dutch planning context. This paper focuses on two competing place concepts for overlapping green urban fringe areas in The Hague Region, which have been promoted by different actor constellations and which represent different visions about the meaning of these peri-urban areas. The case study allows conclusions about the changing role of spatial concepts in Dutch spatial planning.     

Price Variation in Spatial Oligopolies

The “geography of price” is being given renewed attention by geographers and economists. This paper examines spatial price variation in both unbounded (circular) and bounded (linear) one-dimensional markets. Firms compete for consumers in the short run by adjusting price until the Bertrand equilibrium is reached in the market. While firms act as spatial oligopolists in specific market segments, the profit-maximizing price of any given firm depends directly and indirectly upon the spatial-economic properties (locations, marginal costs) of all other firms in the market.     

Environmental zoning: The Dutch struggle towards integration

A major problem confronting effective urban development is posed by conflicts which often emerge between environmental policy and land use planning. Environmental control seeks to reduce pollution and limit its intrusion on other activities, often separating pollution sources from environmentally sensitive areas. Land use planning commonly seeks to combine multiple uses in the same area to minimizg travel distances, often favouring compact urban development. When those two sets of objectives clash, working out a balance between them is important although difficult. This paper is about the Dutch experience with mapping several kinds of pollution spillover from manufacturing activity, and where these effects cause hindrance or are detrimental to health, acquiring housing and moving residents if it is not possible to mitigate these effects at source. The experience is of international importance, because it is based on an integration between environmental policy and spatial planning. Referred to as integral environmental zoning (IEZ), this programme is announced by the internationally well‐known Dutch National Environmental Policy Plan. The IEZ programme is being tested in several pilot projects. The aim is to fill in Chapter 6 of the Dutch Environmental Management Act, called ‘Environmental Zoning’, based on the results of the IEZ programme. Up to the present the results are shocking!