The urban process under subordinate financialisation

Rafaella Lima

Chapter 16 in Handbook on Financialisation and Space, 2026, pp 272-292 from Edward Elgar Publishing

Abstract: This chapter explores the urban process under subordinate financialisation. Rooted in earlier theories of uneven development, dependency and world-systems, subordinate financialisation describes a process by which (semi-)peripheral economies are incorporated into global financial markets from positions of subordination. While the term has mainly been used to analyse macroeconomic processes, scholars have begun to link subordinate financialisation with the urban scale. I propose that studying the urban process under subordinate financialisation requires an exploration of how relations of financial subordination are manifested and reproduced through the urban scale. It is thus a relational and interscalar approach. After an overview of the theoretical background and more recent empirical work on subordinate financialisation, a brief case study of Lisbon illustrates how conditions of financial subordination allow global intermediary investors (e.g., institutional investors, asset managers) to more easily build real estate projects according to their criteria, in turn reproducing uneven development at urban and global scales.

Keywords: Subordinate Financialisation; Uneven Development; Housing; Urban Scale; Core–Periphery Relations (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035328628
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