Seeing like an investor: urban development planning,financialisation, and investors’ perceptions of London as an investment space

There is a growing orthodoxy that since the global financial crisis European policy-makers and planning systems have become more dependent on inward investment and the availability of global finance to fund welfare services and projects. This process of financialisation, it is claimed, is driven by the needs of developers and investors, who are focused on maximizing returns and limiting their social and economic liabilities. Planning agencies and traditional territory-based arrangements are viewed with increasing suspicion, as standing in the way of investment and acting as a brake on much needed house-building and regeneration. However, in this paper, drawing on detailed research with investors and developers in London, we argue that there needs to be a stronger focus in academic and policy writing on the multiple, variegated, and diverse calculations and framings that private sector actors take when making investment decisions. Too often their perspectives are caricatured and/or over-simplified. We show that and imaginations of planning and regulation are complex and that many firms have realized that market success results from becoming more deeply embedded in the local political, social, and regulatory environments in which they are investing. A greater understanding of these multiple forms of calculation, in turn, opens up opportunities for the maintenance and/or implementation of more effective forms of territorially-based soft and hard regulation. The paper concludes by outlining a broader research agenda for planning and urban studies.     

Asserting Europe's technological sovereignty amid American platform finance: Countering financial sector dependence on Big Tech?

Spearheaded by major technology companies (Big Tech), digital platforms have rapidly become key infrastructures for accumulation under global financialized capitalism, with consumer convenience and underlying practices of data collection, control and analysis giving rise to platform finance. While financial institutions are partnering with financial technology (FinTech) start-ups to digitally enclose customers, American and Chinese Big Techs increasingly mobilize their platforms to offer payment services, next to expanding their platformed services to financial incumbents. Observing the growing dependence of finance on American Big Tech platforms, this paper investigates how the shift toward platform finance in the European Union (EU) unfolds as a state-mediated and power-laden process between mostly ‘domestic’ (EU) financial incumbents and ‘foreign’ (non-EU) Big Tech firms. The starting point of the analysis is the European Strategy for Data launched by the European Commission in 2020. Through document analysis, we reconstruct the circulation of code words within ‘the Brussels Bubble’ in anticipation of- and in direct response to the proposal. We find that, despite its implication in the global financial crisis, incumbent EU finance presents itself as a fix for non-EU platform domination by Big Tech. The ‘technological sovereignty’ of the EU is marshalled by incumbent finance to defend market share as would-be pan-European digital financial champions. The Big Tech ‘threat’ is thereby transformed into an argument for strategic deregulation and forced data sharing by Big Tech for the sake of maintaining a ‘level playing field’. The outcome of these processes of strategic coupling is an alignment between the interests of EU data protection and the commercial interests of platformizing European banks.     

Global finance and the German model: German corporations, market incentives, and the management of employer-sponsored pension institutions

Where there was a settled political geography of state power and responsibilities, the remarkable growth of global finance has put enormous pressure on national economic, political and social institutions. Furthermore, the looming crisis facing many continental European social security systems has raised many doubts about the long-term viability of the German model compared to its Anglo-American rivals. In this context, large German corporations have sought ways of sustaining their global competitiveness by, in part, restructuring their national and regional commitments. To illustrate, in this paper we concentrate on the nature and organization of German employer-sponsored pension institutions in relation to Anglo-American management practice. Two issues drive the analysis. One has to do with an emerging coalition between corporate management and shareholders with respect to the market value of the firm. The second issue has to do with the allocation of risk and uncertainty between the social partners when negotiating the financing and final value of promised retirement income. The institutional framework of collective decision-making common to many of Germany's largest firms is under pressure; three models of investment decision making relevant to pension assets and liabilities are used to illustrate this point. In doing so, we suggest that the German model is more fragile than commonly realized. We also suggest that Anglo-American management practices have penetrated and affected German corporate (national and regional) institutions and regulations. The social market lauded by advocates of stakeholder capitalism is changing rapidly, at least in the sphere of large firms and global finance.     

Transnational identities and immigrant spaces of Polish professionals in London,UK

It has been estimated that about 700,000 Poles moved to the UK after Poland joined the European Union in 2004, with London receiving a large portion of Polish immigrants. In agreement with the British perception of migrants from Eastern Europe, the majority of Polish immigrants can be generally classified as labor migrants with close cultural and national ties to Poland. However, Polish migration to the UK also includes a growing group of professionals and social and financial elites who are often overlooked by academic research. This paper analyzes the migrant experiences of Polish professionals and elites in London, and the relationships between their transnational identities and immigrant spaces such as ethnic enclaves, private and social spaces. Furthermore, this paper uses Polish elites in London as a foundation to explore concepts of cosmopolitanism and transnationalism, suggesting that global elites can maintain strong national affiliations, and their global ambitions can be fueled by local contexts and standards.     

Italian Industry,Decline or Transformation? A Framework

Debates over Italian growth (or lack thereof) are often conducted without due regard for the facts and statistics on which they are based. For instance, those who see Italy as being in decline lament the static production, the lack of increase in productivity, the loss of share in international markets and the lack of sophistication in industrial goods compared with high-tech products. Some call for greater emphasis on services, others want manufacturing to be abandoned, while others see the future in artisanship. These issues are important, because flawed judgement of Italian performance could lead to deterioration in the results expected at the critical financial market phases, beyond what might be justified by the facts. The purpose of this article is to establish a micro- and macro-framework to interpret the problems correctly, given the inconsistency of statistical data currently used, and to offer some solutions for long-term growth. The latter, in particular, should be seen in the context of a transformation process, induced on the one hand by the crisis in large-scale enterprise, and on the other by the emergence of a new class of medium-sized businesses, dubbed the “fourth capitalism”, with high innovation capabilities. The transformation that the Italian industrial system is experiencing enables the country to maintain its share of global markets. The new production structure originates largely from local production systems, is family-owned and tends to borrow little, operate in networks and retain its local roots, which is precisely why it represents a new and efficient driver of Italian growth.     

Global Media Cities in a World-wide Urban Network

This article examines the link between cities and culture from the point of view of the production of cultural goods, including media products. It focuses on the institutional structure of present-day cultural production and the media industry and on their geographical organization at the local and global levels. The cultural economy is a prime mover for globalization processes in the urban system, in which cultural production clusters act as local nodes in the global networks of the large media groups. The models frequently used to analyse the global city system will be supplemented and partially modified by an empirical analysis of the 'world media cities'. The analysis of the world media cities enables those locations to be identified, from which globalization in the spheres of culture and the media proceeds and is 'produced' in practical terms. Global city research has predominantly emphasized the role of advanced producer services—in contrast this article concludes that for the process of globalization the globally operating media firms are at least as influential as the global providers of corporate services, because they create a cultural market space of global dimensions, on the basis of which the specialized global service providers can ensure the practical management of global production and market networks.     

全球价值链下的文化产业升级:以大芬村为例

全球金融危机以后,大芬村实现了从生产行画的城中村到结合复制与创意的综合性油画生产基地的产业成功转型。本文分析了此案例在全球化背景下,产业链动力机制的演变对产业链与产业结构、雇佣关系与劳动者身份、进而对整个产业转型升级的推动与影响。本文指出,正是这种介于普通手工业与文化创意产业之间身份认同的焦虑,其中所蕴含的劳动者自我价值的认同,终而成为顺应市场需求变动中的实现产业升级的内在动力。最后讨论了大芬村文化产业升级案例之于发展中国家产业发展与转型的意义,以及地方性在此发挥的重要作用。     

18世纪末—20世纪初中国制瓷业的衰落:一个全球的视角

欧洲的扩张一方面促成了全球规模的产品市场,对中国制瓷业形成了需求冲击,进而成就了中国制瓷业近300年的黄金时代;另一方面,欧洲国家还施行了武装贸易和重商主义,这给欧洲制瓷业的发展提供了市场、技术和政策支持,促使欧洲制瓷业迅速发展。也正是藉此欧洲制瓷业在与中国制瓷业的竞争中逐渐取得优势。最终华瓷市场的丧失导致中国制瓷业利润微薄,瓷商相继破产,曾经为中国带来无数利润和荣耀的制瓷业就此衰落。     

"We have a little bit more finesse, as a nation": Constructing the Polish Worker in London's Building Sites

Abstract:  This paper examines how male Polish builders in London construct themselves relationally to English builders as they negotiate their place within the labour hierarchies of the building site and in the London labour market. This is based on semi-structured interviews and participant photographs taken by Polish migrants arriving in the aftermath of the European Union expansion in May 2004, and now working in building sites across London. These buildings sites are mundane elements of a global city which employ transnational labour, and where differences between Polish and English builders become significant discursive tools of survival in a competitive labour market. The paper illustrates how Polish workers mark themselves as "superior" to English builders through the versatility of their embodied skills, work ethic, artistic qualities, and finesse in their social interactions on the building site. This paper thus provides new ways of understanding the meanings of work and the complexity of identity politics within the spaces of low-paid manual work in a global city.     

全球海洋知识枢纽研究——以上海市为例

21世纪被联合国称为"海洋世纪",海洋已成为国际竞争的主要领域。随着实体物流的增加,货流对城市所带来的交通拥堵、环境污染等负面影响也日益显现。因此在上海大力建设国际航运中心过程中,要由以工业经济为基础的实体枢纽港建设向以知识经济为基础的虚体海洋知识枢纽转变。归纳了全球海洋知识枢纽的内涵、特征和服务范围,以伦敦、挪威、新加坡为三种类型,总结了发达国家建设海洋知识枢纽的经验和原则,提出上海建设全球海洋知识枢纽的战略选择,认为要以建设全球海洋知识枢纽为切入点,一方面要发展航运金融、海上保险等高端航运服务业,另一方面也可以利用雄厚的制造业基础和技术创新能力,大力发展海洋研发,鼓励船舶技术转让、技术开发和与之相关的船舶技术咨询、技术服务等。     

上海陆家嘴金融集聚动因的实证研究

本文利用陆家嘴金融创新问卷调查和面对面访谈等实地调研资料,对上海陆家嘴的金融集聚动因进行了较为深入的探讨。研究发现,邻近金融中心市场、共享知名品牌、金融友善型政府、良好的政策法规是促进其金融集聚的主要动因;而我国金融政策环境开放度不高、金融产业水平较低、市场规模不大、中介服务机构不足则正成为影响陆家嘴金融集聚的主要不利因素。     

Branding halal: A photographic essay on global Muslim markets (Respond to this article at http://www.therai.org.uk/at/debate)

In the rapidly expanding global market for halal products, Malaysia and Singapore hold a special position as the only two countries in the world where state bodies certify halal products, spaces (shops, factories and restaurants) as well as work processes. In these two countries and in shops all around the world, consumers can find state halal‐certified products that carry distinctive halal marks. This photographic essay explores the properties of halal marks in Malaysia and Singapore within a framework of visual systems and the conditions of their interpretation, relating the particular systems to the complexities of which they are a part. More specifically, I explore the visual systems of halal marks on products, advertisements, shops as well as restaurants.     

Setting the rules: private power,political underpinnings,and legitimacy in global monetary and financial governance

The role of private market agents in global monetary and financial governance has increased as globalization has proceeded. This shift in both markets and patterns of governance has often been encouraged by states themselves in pursuit of liberalization policies. Much of the literature views these developments in a positive light, yet there are other aspects of these developments that also merit attention. This article supports its central propositions with two cases of emerging global financial governance processes: the Basel II capital adequacy standards for international banking supervision and the International Organization of Securities Commissions‐based transnational regulatory processes underpinning the functioning of cross‐border securities markets. Based on the case findings, the article argues first that private sector self‐regulation and/or public‐private partnership in governance processes can leave public authorities vulnerable to dependence on the information and expertise provided by private agents in a fast‐moving market environment. Policy in the vital domain of financial regulation has been increasingly aligned to private sector preferences to a degree that should raise fears of bureaucratic capture. Second, the article contends that the overall outcome in terms of global financial system efficiency and stability has been mixed, bringing a range of important benefits but also instability and crisis for many societies to a degree that has led to challenges to global governance itself. The case material indicates that the input, output and accountability phases of legitimacy in global monetary and financial governance are highly problematic, and much of the problem relates to the way in which private market agents are integrated into the decision‐making process. Third, the article posits that a better consideration of these three ‘phases’ of legitimacy and their interrelationships is likely to enhance the political underpinnings and legitimacy of global financial and monetary order.     

Conceptualising European Privatisation Processes After the Great Recession

A wave of privatisation is unfolding in Europe in the wake of the financial crisis, but it has yet to receive serious scholarly attention. This paper examines the case of Ireland, where an austerity strategy and European Union International Monetary Fund bailout conditionality have given impetus to the transfer of public assets to the private sector. Theoretically, the paper explains the roots of the phenomenon with reference to a reformulated concept of “accumulation by dispossession” whose usefulness lies in emphasising the politico‐economic drivers of privatisation, which have been neglected in the mainstream literature. A typology is presented that argues that accumulation by dispossession manifests itself, in practice, through four main processes: (1) private repossession of assets nationalised during the financial crisis; (2) restructuring of state‐owned enterprises; (3) commodification of assets and services hitherto located outside the market; and (4) privatised stimulus through public–private partnerships. The paper's framework should be useful to conceptualise ongoing privatisation processes in other European countries.     

Trade Liberalization and Prudential Regulation: The International Framework for Financial Services

This article provides an overview of the issues involved in international efforts to open and restructure markets for financial services and to ensure adequate regulation and supervision of financial firms. It discusses the liberalization in the General Agreement on Trade in Services (GATS), the first global trade agreement to cover financial and other services, and the roles of various international fora in strengthening national regulatory and supervisory systems and enhancing cooperation and coordination between supervisors. The article emphasizes that measures to liberalize trade in financial services and measures to strengthen prudential regulation and supervision are complementary and mutually reinforcing.     

Putting the crisis to work: The real estate sector and London's housing crisis

The idea of ‘crisis’ plays an important role in academic and policy imaginations (Heslop and Ormerod, 2020), particularly since the global financial crisis. Across major western cities, at the same time as policy-makers have had to respond to ‘the (economic) crisis’, many have also experienced intense ‘housing crises’ and the acute divergence of average incomes and house prices. In response, cities such as London have become central sites in debates around housing acquisition by the ultra-wealthy, land value extraction and growing levels of unaffordability. However, much critical geography research on housing crises is state-centred or focused on civil society impacts, with relatively little reflection on the real estate sector and the work that crisis does as a narrative in shaping institutionalised and actor-centred practices. In this paper, we draw on in-depth research with developers, investors, and advisors in London to argue that crisis-driven policy responses have created political risk which is differentially experienced by actors across the sector, with large housebuilders and advisors benefitting whilst smaller niche developers move out. Moreover, we show how consultants, investors and developers have used the crisis situation to create new geographies, products and investor types in the housing market. These, in turn, require regulatory support and demonstrate the inherently political nature of crisis narratives' use. We use the London case to broaden understandings of the impact that conceptualisations of ‘crisis’ have on urban and regional planning practices, and how these influence and shape processes of contemporary urban development.     

Reproduction in transition: cross-border egg donation,biodesirability and new reproductive subjectivities on the European fertility market

Today, there should be little doubt that new reproductive technologies have ‘diversified, globalized, and denaturalized’ human reproduction (Inhorn and Birenbaum-Carmeli 2008). Not only have assisted reproductive technologies developed and spread throughout the world at a rapid pace, but this significant development has also given rise to a global market of cross-border reproductive care (CBRC). This article seeks to investigate CBRC between Sweden and the Baltic states, in which Swedish infertility patients travel to private fertility clinics as recipients of egg donation. This article argues that the restructuring of the European space (occurring in and through both the so-called ‘transition’ of the former Eastern Bloc and the expansion of the European Union) constitutes crucial conditions of emergence for the trans-European market of infertility care, which not only results in new modalities of reproductive mobility but also articulates a new set of interrelated European gendered reproductive subjectivities. Particular attention will be paid to the ways in which such ‘new reproductive subjectivities’ – here exemplified by a sample of cross-border donor egg recipients – are articulated in relation to notions of ‘choice’ and what I call ‘biodesirability’, and how such notions cannot be exempt from its specific post-socialist European context.     

Regulating the global illicit economy: Singapore's role in United States' spatial financial surveillance

Illicit transactions are increasingly integrated to legitimate financial flows between international financial centers (IFCs) and offshore jurisdictions (OJs). The United States (US) is actively engaged in regulating illicit transactions through anti-money laundering and counter-terrorist financing (AML/CFT) regulations backed by economic sanctions statutes. In this paper, I show how US sanctions regulatory capacity has developed by scaling out compliance and enforcement functions to state regulators and advanced business services (ABS) intermediaries in Singapore. Scaling out draws on a relational scale framework that locates the multiscalar surveillance of IFCs and OJs' entangled financial networks as an instrument for governing the illicit global economy. At the same time, Singapore's enrolment in US financial surveillance benefits the financial center by strengthening the city-state's regulatory functions. Using cases of high-profile illicit financial activities as well as interviews with regulatory agents in Singapore and to a lesser extent the US, the paper shows how multiscalar compliance and enforcement practices support US′ extra-jurisdictional discipline of rogue actors and jurisdictions while augmenting Singapore's stature as a clean and trusted financial center.     

Information without frontiers: Financial services,EC regulation and European cities

Using Castells' notion of the informational mode of development, this briefing investigates the changing hierarchy and function of European cities in the light of EC policies. The EC regulatory regime is identified as an integral part of the informational mode of development, setting the parameters within which the corporate sector operates. It is argued that the purpose of information flows is mainly control. A new constellation of European cities is anticipated which depends to a large extent upon the degree to which cities, competing against one another, are able to establish central urban complexes. These are based on the agglomeration economies between corporate headquarters, financial institutions and producer services at the urban level, and information flows at a global level of communications. Among the vast array of EC policies the paper identifies those in support of innovation and telecommunications, the deregulation of financial services, and regional policy as crucial for urban development. Given the requirements of infrastructure, institutions, professional skills and regulatory competence, existing metropolitan centres will capitalize on their comparative advantage and attempt to build on these in the future. These developments are likely to foster further concentration of capital and investment in a few major centres, thus counteracting other EC policies of regional equalization and harmonization. It is argued that these and other contradictions are an amplification of those already afflicting the capitalist state at both national and local levels. The paper also offers an opportunity to reassess aspects of traditional location theory, in particular central place models, in the light of these developments and finds them wanting. The same conclusion is reached regarding the cost‐benefit calculus of the Cecchini Report.