Commentary: From capital landing to urban anchoring: The negotiated city
Nelson Vera-BÃ¼chel and
Olivier Crevoisier ()
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Nelson Vera-BÃ¼chel: University of NeuchÃ¢tel, Switzerland
Urban Studies, 2016, vol. 53, issue 7, 1509-1518
This commentary article proposes three ideal types of â€˜anchoring of finance capital into the cityâ€™, i.e. the way in which capital, as it is valued in financial markets, is transformed into real capital and vice versa. Some contexts will allow market finance s visions of the city to become reality without great alteration, and this produces the â€˜financialised cityâ€™. In this case, the value of the city corresponds to trading on the financial markets and largely depends on the financial operatorsâ€™ comparative and mimetic criteria. Second, the â€˜entrepreneurial cityâ€™ corresponds to a tangible and localised vision of the city, outside the trading rooms. This requires interactions between intermediary and allied actors so that urban value can be translated into real profits and tangible urban objectives while mobilising market finance. Third, some contexts may promote debate, the creation of interdependencies and the genesis of multiple externalities, particularly around major urban development projects. This is what we call the â€˜negotiated cityâ€™. Here, urban value depends much more directly, and more exclusively, on more or less complementary interactions between local and non-local actors, users, consumers, public actors, tourists, etc.
Keywords: anchoring of capital; financialisation; negotiated city; urban value; valuation (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:53:y:2016:i:7:p:1509-1518
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