The Secondary Circuit of Capital Reconsidered
Globalization and the U.S. Real Estate Sector
Bibliographic Data
| ID | 7617879 |
|---|---|
| Authors | Kevin Fox Gotham (0000-0003-2571-0300, U.S. National Science Foundation, corresponding author) |
| Year | 2006 |
| Volume | 112 |
| Issue | 1 |
| Pages | 231-275 |
| Publication date | 2006-07-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | American Journal of Sociology (JOURNAL) |
| Journal identifiers | ISSN: 0002-9602 • E-ISSN: 1537-5390 |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/502695 |
| OpenAlex | W2022021124 |
| Language | EN |
| Citations received | 177 |
| References cited | 78 |
The author examines the U.S. real estate sector to show how the state shapes global real estate flows and networks of activity through the creation and control of liquid resources. The analysis focuses on the role of state laws and regulations in the expansion of the mort-gage-backed securities markets and the development of real estate investment trusts (REITs). These institutional developments rep-resent a series of ad hoc state efforts to “delocalize ” residential and commercial property, and embed real estate financing within global capital markets. Rather than viewing globalization as weakening the state, the author argues that the U.S. state’s capacity to influence the degree and development of liquidity is a powerful mechanism of globalization
Business · Capital (architecture) · Capital market · Economic system · Economics · Financial system · Globalization · Investment (military) · Market economy · Market liquidity · Political science · Real estate · Real estate investment trust · State (computer science) · Banking stability, regulation, efficiency · Finance · Global Financial Regulation and Crises · Housing, Finance, and Neoliberalism · Law
From regions to neighborhoods
Housing developers' resilience in a crisis-prone region
Digital mediated short-term rentals in the (post-)pandemic city
Institutionalized Ignorance
Housing Stratification in the European Union
Years After the USSR
What is Political about Consumption
La industria financiera y los fondos inmobiliarios en Brasil
Los «bancos malos» y la resolución de la crisis financiero-inmobiliaria en Europa
Notas sobre la subsunción de lo urbano al capital financiero
Reclaiming neighborhood from the inside out
Free markets and foreclosures
The Securitization of Security
Financer un projet hors-norme
The Politics of Banking in Ireland
Urban Frontier
Cities and the Financial Crisis
Urban Sociology
The Everyday Life of Global Finance
Housing Financialization in the Global South
The Financial Engineering of Infrastructure Privatization
How real estate became ‘just another asset class’
Vivir en la incertidumbre
Assessing and Advancing Research on Tourism Gentrification
Public ownership and private profit in housing
Toward a Dracula urbanism
Jeroen Klink, Metropolis, money and markets
Tourism, financialization, and short-term rentals
Le logement étudiant, l’espace « générationné » et l’urbanisation capitaliste
An empirical approach to urban land monopoly
The Ritual of Homebuying in Desert Cities
Barcelona’s New Chinatown
The political conditions of the rise of real-estate developers in French housing policies
Introducing the Yimbys
Brokering Ties and Inequality
Urban solutions” as the state’s crisis management strategy
The Double Life of Property
A captura do espaço e do território pelas finanças via securitização da habitação no Brasil
The Impact of Single-Family Rental Reits on Regional Housing Markets
The multiplication of the margin
Social protection or mirage? Evictions during Spain’s Covid-19 crisis
US regional income change and migration
The Missing Organizational Dimension in Urban Sociology
The City as a Fiscal Derivative
Political Capitalism and the Rise of Sovereign Wealth Funds
Making a Habit of It
Historicizing Real Estate
How Mortgage-Backed Securities Became Bonds
Localising governance in the African city
Unfolding touristification in retail landscapes
Housing Financialization and the State, in and Beyond Southern Europe
State-Led Actions Reigniting the Financialization of Housing in Spain
Bad banks and the urban political economy of financialization
Speculating on London's housing future
Variegated Finance Capital and the Political Economy of Islamic Banking in the Gulf
Tools to tame the financialisation of housing
High and Dry
Urban Speculation, Economic Openness, and Market Experiments in Phnom Penh
The de-contextualisation of land use planning through financialisation
Emerging financialization in Brussels
Financial geography II
Landlords of the internet
The McMansionization of America? Income stratification and the standard of living in housing, 1960–2000
Financial market actors as urban policy-makers
Cities Destroyed (Again) For Cash
The Rent Gap at the Metropolitan Scale
The risky business of real estate developers
Wholesale funding and the increase in construction bank-owned real estate in the US financial crisis
Cities on the global real estate marketplace
The restless urban landscape of housing financialization
Fiscal geographies
Where to put the spare cash?” Subprime urbanization and the geographies of the financial crisis in the Global South
La financiarisation de l’immobilier résidentiel aux États-Unis
A response to “Reflections on a global financial crisis”
Wrong assumptions in the financial crisis
Institutions, urban space, and residential markets in globalizing Shanghai
Foreclosure Stories
Capitalizing on the State
Layers of finance
Reasserting state power by remaking markets? The introduction of real estate investment trusts in France and its implications for state-finance relations in the Greater Paris region
A finance- and real estate-driven regime in the United Kingdom
From Kerala to Dubai and back again
Real estate oligarchs
When the “investor state” sees like an asset manager
The Social and Institutional Contexts Underlying Landlords’ Eviction Practices
Replacing the services sector and three-sector theory
The financialization of real estate in Japan
Filtering Risk Away
International Office Investment in Global Cities
People, Place, and System
Build-to-Rent and the financialization of rental housing
Embryonic financialization
Real estate crisis resolution regimes and residential Reits
State regulation of land financialisation
Housing and land financialization under the state ownership of land in China
The financialization of rental housing in China
Universities as financing vehicles of (sub)urbanisation
The financialization of rental housing in Tokyo
Evictions for unpaid rent in the judicial district of Palma (Majorca, Spain)
Global finance and the land grab
Freer markets, more rules
The city builders
Governing Globalization
The Social Production of Urban Space
Forging Industrial Policy
Contemporary Capitalism
Global Business Regulation
Embedded Autonomy
Urban Fortunes
Global transformations
The long twentieth century
The rise of neoliberalism and institutional analysis
Global Shift
The Retreat of the State
Architecture of Markets
Business cycles
Markets as Politics
The Rise of the Network Society
A Theory of Global Capitalism
The Global City
Capitalism, Socialism and Democracy
Markets as Politics
Convergence in European mortgage systems before and after EMU
Secondary Mortgage Markets and Federal Housing Policy
Locational Preferences of Japanese Real Estate Investors in North America
Recent Trends in Institutional Political Economy
Big Business and the State
Extracting Value from the City
Obsolescence and the Process of Creative Reconstruction
Globalisation as Reterritorialisation
Appraisal Smoothing and Price Discovery in Real Estate Markets
Globalisation and Housing Finance Systems in Advanced and Transition Economies
Is Republican Regulatory Law the Answer to Globalization
Black Abortion Demand
The Impact of Secondary Mortgage Market Guidelines on Affordable and Fair Lending
Globalization of a commercial property market
Local dimensions of global investment
How to Make a Market
Constructing Polities and Markets
The condition of postmodernity
The Architecture of Markets
Obduracy and Urban Sociotechnical Change
Materials for an exploratory theory of the network society1
Four Types of Investment in Land and Property
Capital Switching and the Built Environment
Property Rights and the Organization of Economic Activity by the State
The Rise of Mortgage-Backed Securities
Trade Globalization since 1795
Socialism and Democracy
Making the global economy run
The political economy of financial deregulation and the reorganization of housing finance in the United States
The urban process under capitalism
Three Dimensions of Capital Switching within the Real Estate Sector
Housing in US Fordism
The financialization of the American economy
The Integration of Property and Financial Markets
The Nation-State and Violence
The Condition of Postmodernity
Gambling on Real Estate
Territory and Territoriality in the Global Economy
The Theoretical Core of the New Institutionalism
Is Globalization Civilizing, Destructive or Feeble? A Critique of Five Key Debates in the Social Science Literature
States and Markets in an Era of Globalization
Primitive Globalization? State and Locale in Neoliberal Global Engagement
Capitalist Development, the Labor Process, and the Law
The Rebirth of the Liberal Creed
Global Microstructures
The City as a Growth Machine
Materials for an exploratory theory of the network society
Social theory and globalization
Beyond state-centrism? Space, territoriality, and geographical scale in globalization studies
The social structure of liquidity
| Unique citing works | 177 |
|---|---|
| Citations per year | 9,32 |
| Citation span | 2007 - 2026 (20) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 164 |