By Swapna Banerjee-Guha
This booklet is a suite of essays written by means of well-known theoreticians and teachers within the quarter of city reports at the transformation means of towns and its socio-economic ramifications. those essays learn the symptoms of spatial challenge in metropolises, revealing the contradictory techniques of integration and segmentation that symbolize the severe nature of worldwide urban house. This quantity explores and exposes a divided framework within which globalization operates in the direction of fragmentation and polarization; debunking the parable of homogenization. The essays demonstrate that towns and areas internationally get integrated into the program, showing features which are extra various and intricate than ever sooner than particularly as a result of the more and more contradictory courting with their neighborhood source and cultural base.
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Additional resources for Accumulation by Dispossession: Transformative Cities in the New Global Order
What has been the role of urbanisation in the stabilisation of this situation? In the United States it is accepted wisdom that the housing market has been an important stabiliser of the economy, particularly since 2000 or so (after the high-tech crash of the late 1990s). It has absorbed a great deal of the surplus capital directly through new construction (both inner city and suburban) while the rapid inflation of housing asset prices backed by a profligate wave of mortgage refinancing at historically low rates of interest boosted the US internal market for consumer goods and services.
Is the urbanisation of China the primary stabiliser of global capitalism? The answer has to be a partial yes. But China is only the epicentre for an urbanisation process that has now become genuinely global in part through the astonishing global integration of financial markets that use their flexibility to debt-finance urban projects from Dubai to São Paulo and from Mumbai to Hong Kong and London. The Chinese central bank, for example, has been active in the secondary mortgage market in the US while Goldman Sachs has been heavily involved in the surging property market in Mumbai, and Hong Kong capital has invested in Baltimore.
The breeding places of disease, the infamous holes and cellars in which the capitalist mode of production confines our workers night after night, are not abolished; they are merely shifted elsewhere! 11 Actually, it took more than a 100 years to complete the embourgeoisment of central Paris with the consequences that we have seen in recent years of uprisings and mayhem in those isolated suburbs within which the marginalised immigrants and the unemployed workers and youth are increasingly trapped.
Accumulation by Dispossession: Transformative Cities in the New Global Order by Swapna Banerjee-Guha