The financialisation of urban development: Tax Increment Financing in Newcastle upon Tyne

Tom Strickland

Local Economy, 2013, vol. 28, issue 4, 384-398

Abstract: In wake of the global economic crisis, there is a growing pressure on cities to engage in new entrepreneurial strategies for development. Financialised development mechanisms, such as Tax Increment Financing, could enable cities to re-ignite growth and stimulate development. This article highlights the opportunities of engaging in the process of financialisation, as well as the risky nature of financialised funding mechanisms. Using Newcastle upon Tyne as an example, it is argued that the opportunities and risks of adopting Tax Increment Financing vary geographically. The dilemma for policy makers – embrace a high-risk development strategy or become less competitive – is more apparent in underperforming and peripheral urban areas. In response to these geographically uneven tendencies, this article presents some policy recommendations for mitigating risk and maximising Tax Increment Financing's potential for successful urban development.

Keywords: financialisation; geographies of risk; Tax Increment Financing; uneven development (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/0269094213475857 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:loceco:v:28:y:2013:i:4:p:384-398

DOI: 10.1177/0269094213475857

Access Statistics for this article

More articles in Local Economy from London South Bank University
Bibliographic data for series maintained by SAGE Publications ().