The geography of venture capital investments in the UK

The role of venture capital in economic development increasingly is recognized as central to the development of an entrepreneurial economy. However, the supply of venture capital is not distributed evenly across the space economy. In the UK, evidence for the 1980s demonstrated that venture capital investments were highly concentrated in Greater London and the South East, reinforcing the existing patterns of regional concentration of economic activity. This paper reviews the regional distribution of venture capital investments in the UK in the 1990s, a period of massive growth in venture capital investment activity. It concludes that the regional concentration of venture capital investment has been considerably reduced since the 1980s. However, more detailed analysis of the data demonstrates that this shift towards a less unequal regional distribution has been driven by so–called 'merchant' venture capital – investments in large–scale management buy–outs and buy–ins which facilitate corporate restructuring through ownership change and often have adverse consequences for employment. 'Classic' venture capital – investments in young entrepreneurial companies with high growth potential – remains highly concentrated in London and the South East, and also in Scotland. This reflects both supply– and demand–side factors. The Government's new regional venture capital funds are unlikely to be effective in closing this regional finance gap. An alternative approach to intervention, in the context of the increasing globalization of venture capital investments, is to seek to attract venture capital money and expertise from elsewhere.     

Melting the Cold War Permafrost: Restructuring Military Industry in Scotland

Military industry stands at the confluence of local, national and global processes. This paper examines the restructuring of this peculiar industry in one region, Scotland, from a perspective that takes the geography of production to be a joint, though contradictory, creation. Following the work of Lovering for the UK as a whole, the case of Scotland—often imagined as "militantly proletarian"—allows a specific study of the accumulation strategies of state and capital and the role of organized labor in mediating the spatial fix. Until the early 1990s accumulation was premised on additive "capital widening" strategies. Since then, both "capital narrowing" rationalization strategies and "capital deepening" intensification strategies have been pursued. Through restructuring, the UK military industry attempts to utilize the abstract spaces of the social economy to expediently and opportunistically reconstitute the concrete spaces of production and renegotiate its dependency on the refractory material of proximate living labor. Yet spatial shifts have not uniformly benefited the southern core of the UK military industry. One reason for thecontinuing salience of military industry in Scotland has been the role of a pan-class alliance, "the Scottish lobby," in campaigning against closures and for the allocation of defense contracts. Trade unions have attempted to mediate the contradictions of restructuring by supporting external strategies to retain firm survival in their present localities, even as internally workforce numbers are cut in half and management regimes become more abrasive.     

Private rental investment and socio-spatial disadvantage in Sydney,Australia

This article unpacks the connection between a growing cohort of small-scale but purposive property investors and urban socio-spatial restructuring. We analyse private rental housing as a tenure share to demonstrate its spatial correlation with the suburbanisation of socio-economic disadvantage in Sydney, Australia, between 1991 and 2016. Then, we show how investors drive this emerging pattern by reference to the geography of property owners’ stated investment objectives—low capital outlay, rental yields, and capital growth prospects. We contend that the link between their small-scale activities and the city’s changing socio-spatial structure is an overlooked consequence of private rental sector (PRS) housing financialisation. Importantly, our focus on behaviours exhibited by small-scale rental property owners in PRS financialisation transcends existing analyses that have concentrated on corporate entity activity in this space. That focus also contrasts with framings of private rental growth as a residual outcome of developments elsewhere in the housing market. Such work is significant because it demonstrates the impacts of real estate investment on urban form.     

互联网技术应用对零售业空间组织影响研究进展

互联网技术应用对零售业空间组织的影响已成为当今学术界研究热点。本文利用文献资料法和对比分析法,梳理了国内外互联网技术应用对零售业空间组织结构、零售企业区位选择与布局、市场空间等方面的影响研究,并提出了未来人文地理学须进一步强化的研究内容。结果表明：20世纪90年代中期以来,互联网技术应用对零售业空间组织影响的研究成果日益丰富,且涉及到经济地理学和商业学等学科,研究方法主要以定性为主,且定量研究日益增多,但对互联网技术应用对传统零售业区位选择和销售腹地的影响、中小网络零售企业空间组织、运输距离对网络零售企业销售空间影响以及出口跨境网络零售企业销售空间格局等方面研究还需完善,未来研究应注重吸收其他学科理论和方法,强化实证研究结论的科学性。     

The big box, the flagship, and beyond: impacts and trends in the Greater Toronto Area

The recent introduction of big box retailers into Canadian cities has altered dramatically the competitive retail landscape. This rapid restructuring of the urban retail economy have occurred since the introduction of the big box/power centre phenomenon in the early 1990s. The analysis integrates the extensive databases that reside at the Centre for the Study of Commercial Activity with insights gained from the popular press. These two sources of information were used to interpret the spatial and structural impacts of big box retailing on the traditional urban retail structure in the Greater Toronto Area. The growth of the big boxes illustrates the form of retail development that results from more permissive retail land use policies. A period where the development policies and processes of the past that controlled shopping centre development has been replaced by a more laissez-faire approach.     

NEW PATRIARCHAL ECONOMIES IN THE AUSTRALIAN TEXTILE INDUSTRY

Analyses seriously considering the importance of gender in the process of restructuring have been scarce, yet altered gender relations have been integral to these changes at all geographical scales. Vital interconnections exist between a restructuring capitalism and a reconstituting patriarchy. Initially, I clarify the concepts and the feminist politics which inform the analysis, and then I situate the Australian textile industry in a global context of new divisions of labour and capital. Connecting these global changes to a particular national economy provides the necessary background to understanding the transformations which have occurred in one textile plant in Geelong, Victoria over the last twenty years. At all scales, patriarchy and capitalism have interconnected in such a way as to ensure that renewed profitability and reasserted male authority are linked during restructuring. Restoration of capital accumulation in the Australian textile industry has thus been built on a redefined but also reaffirmed patriarchal economy.     

STATE, CLASS AND INTERNATIONAL CAPITAL 2: THE DEVELOPMENT OF THE BRASILIAN STEEL INDUSTRY

This paper examines the forces underlying the development and form of the Brasilian steel industry since the 1930s. Foreign direct investment has been limited by Brasilian nationalist policies and by higher costs of steel production, but large scale, integrated plants could not be built by private capital due to insufficient resources. Thus the Brasilian steel industry combines large scale state owned plants (financed by foreign capital) and smaller scale privately owned plants. The operations of the plants are coordinated to reduce market uncertainty, permit the steel sector to advocate its own expansion plans, and delimit the spheres of public and private capital while excluding foreign commodity and productive capital. Even so, in the 1980s the steel industry in Brasil has faced a crisis of declining local demand, prompting a rapid expansion of exports.     

新国家空间理论的内涵与评价

新国家空间理论是对国家空间重构的系统性描述,它将国家空间看作动态的"过程",而非预定的、固定的"容器"。其核心观点为：①以社会建构的国家空间为研究对象,并关注其多维重构,尤其是尺度重组过程;②关注资本积累方式的转变、国家管制模式转型和行动者的社会政治斗争等多重动因;③关注国家空间选择性及其演变趋势,以及国家空间重构的分层特征。不过,该理论也存在若干不足,如缺乏对行动者的详细探讨、缺乏对尺度和领域以外的空间维度的分析、重构趋势仍有待验证等。尽管如此,新国家空间理论有效整合了人文地理学关于国家治理与空间关系的相关理论,对于全球化研究、城市和区域治理研究以及行政结构重组研究等仍具有重要的借鉴意义。     

Beyond the Modern Supermarket: Geographical Approaches to the Analysis of Contemporary Australian Retail Restructuring

The recent development of new supermarket forms in Australia (Woolworths Metro and Coles Express) provides important insights into the changing geographical forms of grocery retailing and consumption in Australia. Using a multi‐layered approach designed to integrate three overlapping geographical processes relevant to this issue: urban socio‐economic restructuring, shifting spatial arenas of consumption and the corporate geographies of major retailers, the paper identifies the ways that these developments decentre traditionally dominant supermarket discourses. These new supermarket forms are important because they provide a vehicle for the nation’s two pre‐eminent supermarket chains to extend their retail reach, and effect a blurring of taken‐for‐granted retail categories. Although these developments are new and tentative, they presage wider changes in the emerging geographical structures of Australian grocery retailing, and the linkages between urban spaces and modes of consumption.     

Convergence and Divergence in the Australian Space Economy

Australia's space economy has changed rapidly since the 1970s through processes of globalisation, economic restructuring and demographic change. Trends in population distribution and patterns of employment and investment in economic activity highlight both spatial diffusion and concentration. Migration to ‘sun belt’ regions and suburban growth in the mega metro regions is creating population-led demand for production and services, thus creating investment growth and new employment in some consumer-oriented economic activities. However many internationally linked and national market serving economic functions are increasingly concentrated in the two largest cities at strategically located old and new nodes of agglomeration. No longer can population growth be equated directly with increased economic activity, and there are significant spatial mismatches between the outcomes of demographic and economic processes across the nation's cities and regions.     

Regulating Investment Abroad: The Political Economy of the Regionalization of Singaporean Firms

This paper attempts to understand the regionalization of national firms from Singapore within the methodological construct of the regulationist perspective. It aims to demonstrate the usefulness of some concepts in the regulationist perspective for explaining restructuring processes in developing countries, and to evaluate critically the role of some of these concepts—such as regimes of accumulation and modes of social regulation—in illuminating the internationalization of capital through transnational corporations and their associated foreign direct investment. In particular, the paper argues that Singapore's export-led regime of accumulation manifests inherent contradictions in its dependence on foreign capital, the domination of the domestic economy by state-owned enterprises, and the relative underdevelopment of indigenous entrepreneurship. While this accumulation process was embedded in an earlier set of social and institutional mechanisms, its contradictions and tensions were not appropriately regulated and contained. When Singapore experienced two major external economic crises in the mid-1970s and 1985, these shocks and their internal tensions triggered a continuous process of economic restructuring regulated by a distinct combination of social and institutional mechanisms, or "fixes." One such institutional fix in recent years has been the promotion of the regionalization of Singaporean firms through the social regulation of local labor markets and the state-led establishment of institutions to facilitate the regionalization drive.     

Real Estate FDI in Chinese Cities: Local Market Conditions and Regional Institutions

Two China-based geographers test the importance of market conditions and local institutions in determining the locational pattern of foreign direct investment in real estate development (FDIRE), a major component of China's urban growth since the 1980s. Using data from 35 major Chinese cities, they trace the diffusion of FDIRE from a concentration in China's major coastal cities in the late 1990s to a more dispersed pattern including large inland cities in 2008. In addition to investigating the general association between FDIRE, local market opportunities, and liberalized economies/more developed land markets, the authors assess differences in the locational behaviors of developers from Hong Kong-Taiwan-Macao and foreign countries. A concluding section explores the implications of FDIRE activity for the restructuring of China's urban system. Journal of Economic Literature, Classification Numbers: F210, L850, O180, R330. 3 figures, 7 tables, 35 references.     

IMPACT OF RIGIONAL FACTORS ON PRODUCTIVITY IN CHINA*

ABSTRACT. The regional production environment in China is decomposed into five regional factors: education endowment, foreign direct investment, agglomeration, producer's market accessibility, and consumer's market accessibility. The impacts of these regional factors on the Chinese machinery building industry and food manufacture industry are estimated across 30 regions. The estimates are highly significant and show that these regional factors substantially affect regional productivity. Across regions and over time, the capital return rate is positively related to the ratio of the total regional factor impact to the wage rate.     

Problematizing Labour's Agency: Rescaling Collective Bargaining in British Columbia Pulp and Paper Mills

Abstract: This paper focuses on the contradictory nature and sometimes unintended consequences of workers’ efforts to defend particular communities against the ravages of capital restructuring. In the past decade, pattern collective bargaining in the highly unionized British Columbia pulp and paper industry has faced enormous strains due to intense industry restructuring. Our analysis focuses on the repercussions of actions taken by union locals in two British Columbia towns—Port Alice and Port Alberni—to try to secure the survival of their pulp and paper mills and, even in the case of Port Alice, the continued existence of the community. Our analysis resonates with recent debates surrounding worker agency as well as writing in the 1980s which addressed the often contradictory and problematic nature of workers’ struggles to “defend place”; writing largely neglected in more recent work in labour geography.     

Foreign Direct Investment and State Export Performance

Since the early 1980s, there has been widespread debate over the impacts of rising levels of inward foreign direct investment (FDI) on the U.S. economy. A frequently noted, but little studied, issue within the debate is the impact of FDI on U.S. foreign trade, and particularly, on the foreign trade of U.S. regions. This study assesses the effects of FDI on the manufacturing export performance of U.S. states during the period from 1980 to 1991. Results indicate that increased levels of FDI are positively related to future improvements in state manufacturing export performance.     

Shifting Environmental Governance in a Neoliberal World: US AID for Conservation

Abstract: By exploring the shifting and uneven power relations among state, market and civil society organizations in US environmental foreign aid policy‐making, this article forges new ground in conversations about conservation and neoliberalism. Since the 1970s, an evolving group of non‐governmental organizations (NGOs) has lobbied the US Congress to support environmental foreign assistance. However, the 1980s and 1990s rise of neoliberalism laid the conditions for the formation of a dynamic alliance among representatives of the US Congress, the US Agency for International Development, environmental NGOs and the private sector around biodiversity conservation. In this alliance, idealized visions of NGOs as civil society and a countering force to corporations have underpinned their influence, despite their contemporary corporate partnerships. Furthermore, by focusing on international biodiversity conservation, the group has attracted a broad spectrum of political and corporate support to shape public policy and in the process create new spaces for capital expansion.     

STATE, CLASS AND INTERNATIONAL CAPITAL 1: BACKGROUND TO THE BRASILIAN STEEL INDUSTRY

By 1980, the Brasilian steel industry had grown to be the eighth largest among the market economies. It is a largely state-owned industry, much of the expansion of which has been funded by international capital. The pattern of development has not been externally imposed, however, but rather reflects the changing balance of class forces within Brasil as policies oscillate between nationalist, populist limits on foreign investment and open, pro-development strategies that rely on foreign investment. Both policies develop their own contradictions, that are reflected in frequent military interventions.     

内蒙古利用日资滞后的原因与对策

日本是内蒙古传统的经贸合作伙伴,在20世纪80年代初,日本曾经是内蒙古最大的投资国,而自80年代末期开始,日本对内蒙古的投资骤减,进入90年代以后,内蒙古吸引日资数额起伏较大,总体说来,日本在内蒙古利用外资中的地位是呈下降趋势的。本文在分析内蒙古利用日资的发展历程基础上,着重从日本和内蒙古两方面探讨日本对内蒙古投资下降的原因,并提出解决的对策。     

Re‐Politicising the Analysis of “New State Spaces” in Hungary and Beyond: Towards an Effective Engagement with “Actually Existing Neoliberalism”

Abstract: Recent scholarship grounded in strategic‐relational state theory has offered a compelling approach to state spatial restructuring under neoliberal capitalism. By drawing on Hungary's post‐1990 state spatial reforms, this paper discusses a major limitation of state theoretical frameworks. In particular, the paper seeks to challenge state theorists’ generally subtle but persistent bias to capitalist economic structures, and argues that the above bias impedes an adequate and effectively critical account of state spatial regulation. Finally, it makes a case for a perspective on new state spaces that acknowledges the wider socio‐historical embeddedness of state space production, as well as its inherently political nature.     

Capital,Labour and State Relations in the Analysis of Enterprises and Restructuring: An Australasian Debate

The paper arises out of the debate of a group of Australian and New Zealand geographers who attended a workshop in ‘Enterprises and Restructuring’ held in Canberra in September 1988. The paper outlines a framework for a political economy analysis of processes at the heart of economic restructuring and examines the units of analysis, concepts and approaches used by geographers bringing different philosophic positions to the investigation of economic restructuring. It explores how the three threads of production, accumulation and social relations are intertwined in the study of enterprise and restructuring and how an understanding of these dimensions provides a basis for reinterpreting the utility of many analytical categories. The discussion of the meaning, relevance and content of terms such as enterprise, industry, capital and the state confirms the validity and value of concepts derived from different theoretical positions and goes some way towards demonstrating that researchers from opposing positions can meaningfully communicate and cooperate.