The Iron Triangle of Urban Entrepreneurialism: The Political Economy of Urban Corruption in Spain

Despite a cascade of corruption scandals over the last decade, the role of political corruption has yet to be accounted for in the scholarship on Spanish urban entrepreneurialism. This is an omission that extends to the broader literature on the topic as well. This paper looks at the theoretical causes of this neglect and explores ways of integrating corruption into the study of urban entrepreneurialism. To do so, it offers a systematic analysis of the role of clientelism in the political economy of Spanish inter-urban competition. Contrary to the existing literature, which at best explains away corruption as a logical outgrowth of intensified competition for real estate capital, this paper argues that corruption is rooted in a political structure that precedes the emergence of urban entrepreneurialism. This structure is identified as an “iron triangle”, a complex of colluding interests formed by the state, the real estate industry, and political parties.     

Finance,Home Building,and Urban Residential Structuring

Abstract: The aim of this article is to improve our understanding of finance in home building by introducing an actor perspective in structure‐oriented theories of capital circulation. David Harvey's three‐circuit theory, with fixity‐motion processes and (de‐/re)‐territorialisation, is taken as the starting point. The analysis is based on a case study of Norwegian home‐building finance, outlining the emerging structure of housing and finance under the Norwegian version of neoliberalism; comprising deregulation and re‐regulation phases. The article delineates today's home‐building finance, and identifies large banks, small banks, large investment funds and small investment funds as structural actors operating within actual fixity and motion processes, causing a distinct territorialisation of urban landscapes, as exemplified by gentrification.     

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.     

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.     

Financialization of hotel corporations in Spain

One of the cutting-edge topics being currently debated in social sciences is the impact of financialization on corporations and on different geographical contexts. Surprisingly enough, there have been very few studies that have explicitly dealt with this issue within tourism studies. In this paper, the issue of financialization within tourism is addressed through an analysis of hotel corporations. Taking a case-study approach, it is argued that Spanish hotel chains are increasingly becoming financialized since a minimization of the impact of global financial crisis on these corporations is urgently required. The argument is not that hotel corporations’ financialization is necessarily new, but rather that the impact of the global financial crisis has led to an intensification of this very process. Taking as case studies the three largest Spanish hotel corporations (Meliá Hotels International, NH Hoteles and Grupo Barceló), the current crisis-led hotel financialization is dealt through four interrelated spheres: (1) built environment (hotel buildings property becoming controlled by financial funds), (2) actors (emergence of new agents as a result of hotel corporations intertwining with financial corporations), (3) hotel profit extraction (reliance on the secondary circuit of capital), (4) financial engineering instruments (forms of fictitious capital that are new in the context of hotel corporations). The article shows how the process of financialization of hotel corporations illustrates broad trends of both financialization and capital accumulation. Specifically, the main findings are on one hand, that financialization not only fixes capital on the ground, but also creates liquidity. On the other hand, that the selling of property titles is an increasing profit niche with differentiated geographical locations. The last significant finding is that financialization helps to improve profitability of non-financia corporations such as hotel chains.     

The relationship between neighborhood design and social capital as measured by carpooling

This paper examines whether social capital in a neighborhood is influenced by its design, taking the cul‐de‐sac as a special case. It offers two contributions: using carpooling to school as a proxy for social capital and a precise definition of the neighborhood using geo‐coded survey data from California. Living in a cul‐de‐sac neighborhood is found to increase the probability of carpooling, but the effect loses statistical significance when residential self‐selection is accounted for. The analysis reveals competing insights about the self‐selection behavior that must be resolved before neighborhood design can be considered an effective policy tool for enhancing social capital.     

Cultural shock of high-speed rail: Evidence from social trust

The opening of high-speed rail (HSR), as an exogenous shock, has had a profound and complex effect on social life. This study analyzes the effect of the opening of HSR on social trust. Results show that the opening of HSR promotes social trust. Mechanism analysis showed that although the opening of HSR accelerated population mobility and decreased trust in strangers, economic growth and improvement of local social issues mitigated the negative effects of its opening. In addition, our results also show that individuals turn to trust in their parents, neighbors, and doctors. Considering the potential endogeneity problem, instrumental variable and difference-in-differences estimators consistently indicated the promoting effect of the HSR opening on trust. Heterogeneity analysis showed that the opening of HSR had a greater effect on female, urban residents, younger groups, and married people. Last, cities with larger populations and tourist cities were more vulnerable to shocks.     

Talent,technology and tolerance in Canadian regional development

This article examines the factors that shape economic development in Canadian regions. It employs path analysis and structural equation models to isolate the effects of technology, human capital and/or the creative class, universities, the diversity of service industries and openness to immigrants, minorities and gay and lesbian populations on regional income. It also examines the effects of several broad occupations groups—business and finance, management, science, arts and culture, education and health care—on regional income. The findings indicate that both human capital and the creative class have a direct effect on regional income. Openness and tolerance also have a significant effect on regional development in Canada. Openness towards the gay and lesbian population has a direct effect on both human capital and the creative class, while tolerance towards immigrants and visible minorities is directly associated with higher regional incomes. The university has a relatively weak effect on regional incomes and on technology as well. Management, business and finance and science occupations have a sizeable effect on regional income; arts and culture occupations have a significant effect on technology; health and education occupations have no effect on regional income.     

Valuing the Arts: Theorising and Realising Cultural Capital in an Australian City

For those who make and admire artistic works, there is no question of their value. However, for others interested in economic development, the value of the arts is often more tangential, contested and questionable. While the post‐modern world of consumption and spectacle suggests to some academics and governments that the arts and cultural industries are the way of the future, others remain sceptical about their social and economic value. This is a theoretical as well as a practical issue this paper explores by offering a reconceptualisation of Pierre Bourdieu's concept of cultural capital as a way of re‐assessing the value of the arts. The paper then applies this framework to quantify and qualify the value of the arts in one regional city in Australia – Geelong in Victoria – focusing on the work of two artists. The aim is to describe the interconnected processes by which the arts generate cultural capital in the form of confidence, image, individual well‐being, social cohesion and economic viability. The analysis also highlights the ongoing power relations which prescribe artistic production, circulation and valuation. The implications of such a rethinking and application go well beyond one city and region to other places grappling with the relationship between artistic production and urban well being. By focusing on the broad‐ranging process by which artistic value is created for individuals, groups, professionals, communities and governments, a model becomes available for other places to use in realising their cultural capital.     

国际资本流动研究评述

资本流动研究是90年代以来区域经济地理学前沿的研究热点之一,本文通过经济学与地理学在国际资本流动研究方面的比较,指出了目前经济地理学研究中存在的问题,并建议加强资本流入的负面影响研究,外资流入的适度规模研究,资本流动过程研究和动力机制研究。     

The Contribution of Volunteering, Trust, and Networks to Educational Performance

Social capital can have a beneficial effect on public policy outcomes by helping to solve collective action problems and by providing individuals and communities with efficient social networks. In education, it also assists students' self-confidence, which can foster motivation and academic success. To investigate the social capital-outcome link, this article analyzes a panel survey of 15–16 and 16–17 year olds in 27 English schools, testing whether social capital, both at the individual and at the school levels, tends to increase grades and examination performance. The analysis concludes that individual-level trust and voluntary action improve pupil performance, but that the parental networks of some young people, particularly those from low socioeconomic status families, have negative rather than positive consequences. The findings add to a debate about the differential impact of social capital and the relative importance of its bridging and its bonding elements.     

Capital, State and Space: Contesting the Borderless World

The globalization of economic activities and transnational corporations (TNCs) has led us to think that we are entering a 'borderless' world. Some prophets of globalization argue that it has led to the end of geography. To them, the state has ceased to be an institution capable of exerting influences on the activities of transnational capital, which has also become increasingly 'placeless'. This paper aims to contest the issue of the alleged end-state discourse of a 'borderless' world. It argues that, despite the accelerated processes of globalization, national boundaries still matter in the decision-making and global reach of capital. The notion of a 'borderless' world is more folklore than reality. Based on theoretical and empirical literature in international political economy and business studies, the paper offers a dialectical perspective that examines the changing relationship between capital and the state, and the embedded relationship between capital and space in the organization of the global space-economy. Together, both arguments point to the importance of understanding dynamic transformations of the global economy, before considering its globalization tendencies.     

中国共产党关于官僚资本的内涵及其演变

中国共产党对官僚资本内涵的界定,经历了从当初特指清朝洋务派和北洋军阀时期的官办企业到专指国民党私人官僚资本再到国民党政府国家资本和私人官僚资本的演变。我们党对官僚资本内涵的认识及其演变适应了当时政治斗争发展的需要,但其内涵的模糊性又要求中国共产党对官僚资本特别是私人官僚资本必须进行严格的区分和界定。     

The geographies of UK university halls of residence: examining students' embodiment of social capital

Recent investigations into ‘student geographies’ have recognised the complex ways in which students from different backgrounds go about ‘fitting in’ among their peers within university-managed accommodation. Halls have been characterised in the literature as highly pressurised spaces in which multiple (and potentially conflicting) identities can perpetuate disadvantage through incongruous accessibility to student-centric social activities and behaviours. This paper joins these debates by critically examining universities' ‘Student Accommodation’ web pages alongside qualitative interviews in order to question notions of halls being inclusive and encouraging a cultural mix. Using Bourdieu's reading of social capital this paper suggests that, while these spaces may perpetuate disadvantaged access to social capital, some students may transcend this, drawing on other forms of non-student social capital which legitimises their position among their peers in halls. This adds to previous discussions of ‘difference’ by highlighting the power of social capital in transforming individuals' positions within social groupings.     

Intimate Indulgences: Salvation and Local Religion in Eighteenth-Century Santiago de Guatemala

Most studies of pious foundations in colonial Spanish America examine an elite spiritual economy that was headed primarily by noble patriarchs whose substantial endowments sponsored the ecclesiastical careers of descendants and reinforced ties between elite families and the clergy. This analysis takes a different approach and examines modest perpetual mass foundations funded by a broader array of benefactors. These perpetual mass foundations illuminate an alternative spiritual economy in eighteenth-century Santiago de Guatemala marked by the active participation of sacred images and spaces, priests and monastic communities, and single and widowed laywomen. This analysis offers a new lens onto local religion in a colonial Spanish American urban center and reveals the complex web of relationships that framed death and salvation.     

Entrepreneurship dynamics and economic cycles: an analysis for local systems and industrial districts

ABSTRACT

We propose a research framework that expressly takes into account the moderating and differentiated influence that can be exerted on the dynamics of entrepreneurship capital by both the type of local system and the economic situation. Moreover, we investigate whether industrial districts are a more favourable context for the evolution of the entrepreneurship capital. We apply this framework to data of municipalities, grouped in local labour systems, of three Spanish regions and in two sub-periods of, respectively, crisis (2007–2011) and incipient recovery (2011–2014). Results are consistent with a set of sensible relations that can be extracted from the background literature.     

Cultural Capital and Place: Coles Bay and the Freycinet Peninsula,Tasmania

This paper poses the question: what is the role of cultural capital at the interface of environment, economy and society, and what other factors affect this role? A review of Pierre Bourdieu's concept of cultural capital and later developments of this concept by ecological economists serves to establish the values that comprise cultural capital, and its relationship to natural capital and economic capital. These relationships are investigated through a case study of a small coastal community, Coles Bay and the Freycinet Peninsula, in Tasmania. Three study groups are identified which comprise the communities associated with this place; long‐term residents, repeat visitors and tourists making a single visit. The complexity of the relationships of people with place are revealed through an examination of the different forms of capital (social, cultural and economic) relating to the different study groups. The dynamics of the social, economic and environmental realities of Coles Bay and the Freycinet Peninsula are seen to be complex and interlinked, with the potential to provide a model for action in communities of similar character and location.     

Fixing a Swamp of Cobras: The Clash between Capital and Water in Shaping Urban Vulnerabilities

This paper addresses how capital can refashion landscapes and patterns of risk and vulnerability. Drawing on the emblematic case of the conversion of Thailand’s Cobra Swamp into Suvarnabhumi International Airport we argue that there is a fundamental clash between the internal logic of capital accumulation and the ecology of water that occurs in places in which land is under water for much of the year. Counterintuitively investment in public infrastructure such as airports targets locations that are exposed to flood risks. While the literature on capital fixes tends to treat “land” writ large, this paper adds a dimension that has been overlooked in the theoretical work, by highlighting the significance of the ecology of the land in which such fixes occur as a means of understanding patterns of investment, land use change and vulnerability. Our analysis draws on three separate but related concepts of capital “fixes”—spatial, technological and high/low road fixes. We argue the importance of recognising the specific ecological characteristics of land that capital “fixes”. This perspective has global significance in providing critical insight into the ways in which capital creates and accommodates the kinds of vulnerabilities and risks associated with climate change.     

海外华资对侨乡的投资探讨--以广东侨乡为例

包括港澳台资本及东南亚等地的华人华侨资本在内的海外华资,一直是中国外资引入的主力军,对中国大陆,尤其是广东侨乡的发展起了巨大的推动作用.本文以广东侨乡为例,论述了海外华资对侨乡的投资进程,并从国际直接投资理论出发,试对这一资本流入进程进行理论阐释.而且,通过对广东侨乡的分析,探讨海外华资投资所带来的经济发展效应.     

Nature,Capital and Neighborhoods: “Dispossession without Accumulation”?

Abstract: The ongoing economic crisis, which originated in the USA and has since spread rapidly to capital markets worldwide, is massive, complex, and many times contradictory. One could say the same for responses to the crisis as governments, firms and multi‐national institutions struggle to grasp the full magnitude of the event. This article interrogates the key commodities involved—land, labor and money—and the always‐uneasy relations between spaces of social reproduction and capital. Such ambivalence is critical to understanding how new economic realities are formed in light of retreating neoliberalism as markets become destabilized. The analysis provided suggests the commodities involved in the housing crisis are the basis for a countermovement against dispossession.