Fixing financialization in the credit-constrained city
Bibliographic Data
| ID | 11669606 |
|---|---|
| Authors | Sarah Launius (University of Arizona), Mark Kear (0000-0003-3998-3481, University of Arizona, corresponding author) |
| Year | 2019 |
| Volume | 40 |
| Issue | 9 |
| Pages | 1335-1355 |
| Publication date | 2019-03-07 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Urban Geography (JOURNAL) |
| Journal identifiers | ISSN: 0272-3638 • E-ISSN: 1938-2847 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/02723638.2019.1586220 |
| OpenAlex | W2922192702 |
| Language | EN |
| Citations received | 14 |
| References cited | 42 |
The financialization of urban development occurs even under conditions of credit constraint. The paper demonstrates that credit scarcity is an important and under-examined driver of policy improvisation and institutional development. Using the case of Tucson, Arizona, we show that local and extra-local interests overlap and cross-pollinate to produce unique hybrids – geographically specific and contingent institutional forms cultivated by local growth machines to attract outside financial interests. These dynamics are illustrated with a sales-tax-based tax increment financing district that employs “enhanced financings” to attract extra-local sources of debt and equity. We find that the financialization of urban development in the credit-constrained city is not just a process of abstraction, but also of particularization in which extra-local dollars flow through embedded local networks. We conclude with a call for greater attention to the intersections of finance and urban life in “ordinary cities”
Business · Constraint (computer-aided design · Debt · Economics · Equity (law · Financialization · Political science · Housing Market and Economics · Housing, Finance, and Neoliberalism · Political Economy and Marxism · Finance
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| Citations per year | 2 |
|---|---|
| Citation span | 2019 - 2025 (7) |
| Highly cited | No |