Title: <scp>THROUGH THE OPTICS OF FINANCE</scp>: Speculative Urbanism and the Transformation of Markets
Abstract: International Journal of Urban and Regional ResearchVolume 45, Issue 2 p. 209-231 Article Through the Optics of Finance: Speculative Urbanism and the Transformation of Markets Michael Goldman, Corresponding Author [email protected] Search for more papers by this authorDevika Narayan, [email protected] Search for more papers by this author Michael Goldman, Corresponding Author [email protected] Search for more papers by this authorDevika Narayan, [email protected] Search for more papers by this author First published: 05 March 2021 https://doi.org/10.1111/1468-2427.13012 This research project started in 2007, with funding and collegial support from the American Institute of Indian Studies (AIIS), University of Minnesota's Global Programs and Strategy Alliance (GPS), the V.K.R.V. Rao Professor Chair at the Institute of Social and Economic Change (ISEC) Bangalore, the National Institute of Advanced Studies (NIAS) within IISc-Bangalore, and the National Science Foundation award # BCS-1636437. In 2018, an early draft of this article was presented at the American Association of Geographers (AAG) conference. We are very grateful to Sanjiv Aundhe and Amay Narayan for sharing their insights and providing the financial data and analysis included here. We are also very much indebted to Rachel Schurman for her editorial input on multiple drafts and her intellectual contribution. Special thanks go to our generous colleagues and interlocutors, to name just a few: Carol Upadhya, Leo Saldanha, Bhargavi Rao, Hemangini Gupta, Kaveri Medappa, Vinay Baindur, Manjunath, Vinay Gidwani, Helga Leitner and Eric Sheppard. Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinked InRedditWechat Abstract This article contributes to debates on the financialization of global South economies by looking closely at how India's real estate markets became entwined with global financial networks. We offer an analytical frame that centers on the strategies of global finance and its ability to transform its form and mode of operation when faced with a supposed 'limit', both spatially and temporally. Finance capital, we argue, derives its power from working with state actors and ambitious borrowers—across borders, sectors and conditions—to spawn new investment opportunities and, over time, a financialized type of urban transformation. In 2005, India deregulated foreign investment into land and real estate, a watershed moment that radically altered the financial and urban speculative logics of the sector. Private equity firms made vast investments into urban projects, anticipating massive returns, and even though the bubble quickly burst, India continues to attract finance capital. We explain this conundrum by tracking the new techniques and investment tools of private equity ('following the financial strategy'), arguing for an analytical approach attuned to the relentless dynamism and hyper-mobility of finance capital (an 'inter-scalar and conjunctural dynamics approach'). Volume45, Issue2March 2021Pages 209-231 RelatedInformation
Publication Year: 2021
Publication Date: 2021-03-05
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 6
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