The Financial Geography of Resilience
A Case Study of Goldman Sachs
Bibliographic Data
| ID | 3201786 |
|---|---|
| Authors | Michael A Urban (0000-0001-9305-1568, University of Oxford), Vladimír Pažitka (0000-0001-9097-4375, University of Leeds), Stella Ioannou (0000-0003-2042-302X, University of Oxford), Daniel Wojcik (0000-0003-2158-284X, University of Oxford) |
| Year | 2022 |
| Volume | 112 |
| Issue | 6 |
| Pages | 1593-1613 |
| Publication date | 2022-08-18 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Annals of the American Association of Geographers (JOURNAL) |
| Journal identifiers | ISSN: 2469-4452 • E-ISSN: 2469-4460 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/24694452.2021.1994849 |
| OpenAlex | W3205703528 |
| Language | EN |
| Citations received | 6 |
| References cited | 33 |
For all of its iconic character and controversial influence, Goldman Sachs has received rather shallow scrutiny in social sciences. This article combines an in-depth case study of Goldman Sachs with a theoretical contribution at the nexus of financial geography and evolutionary economic geography. We contend that spatial arbitrage and regulatory capture are fundamental to the organizational resilience of financial firms. Using empirical evidence, we further argue that financial centers' adaptive resilience is a product of their strategic positioning in financial firms' value chains. We formalize this contribution with a framework describing a set of paper, cyber, relational, and technical dimensions of financial centers' resilience and emphasizing regulatory capture in firms' response and adaptation to shocks. We deploy our framework in a case study of the evolution of Goldman Sachs between 1999 and 2017, focusing on how it contributed and adapted to the financial crisis of 2008-2009. Using original quantitative data and interviews, we shed light on how, as a product of the crisis, the firm unbundled its New York metro operations toward Salt Lake City and how the latter evolved from a brass-plate center to the bank's second largest U.S. office
Adaptation (eye · Arbitrage · Economic geography · Economics · Financial crisis · Financial market · Macroeconomics · Nexus (standard · Political science · Product (mathematics · Psychological resilience · Resilience (materials science · Scrutiny · Sociology · Engineering · Regional Economics and Spatial Analysis · Regional resilience and development · Finance
Capitals of Capital
The Status Quo Crisis
Financial Centers Between Centralization and Virtualization
Crisis response, choice and resilience
The economic resilience of regions
The local geographies of the financial crisis
The remit of financial geography--before and after the crisis
On the notion of regional economic resilience
Too-Big-To-Fail
Geographies of finance III
Bounce back or move on
Differentiated Markets
Towards an Evolutionary Perspective on Regional Resilience
Regional Employment Growth, Shocks and Regional Industrial Resilience
Conceptualizing Cluster Evolution
Integrating Finance into Global Production Networks
Producing investment returns at the margin of finance
Resilience of the US securities industry to the global financial crisis
Asset Management as a Digital Platform Industry
Frontier Finance
How Regions React to Recessions
Regional Resilience
The Dark Side of NY-LON
Gendering capital
The Geographies of Industrialised Finance
The Politics of Social-ecological Resilience and Sustainable Socio-technical Transitions
Economic shock and regional resilience
| Citations per year | 1.5 |
|---|---|
| Citation span | 2022 - 2026 (5) |
| Highly cited | No |