 Financialisation of urban infrastructure: state and the politics of risksÇağrı Çarıkçı Chapter 18 in Handbook on Financialisation and Space, 2026, pp 312-333 from Edward Elgar Publishing Abstract: This chapter examines the financialisation of urban infrastructure in Turkey as an illustration of broader transformations in the Global South. Building on the literature on Public–Private Partnerships (PPPs) and the Critical Macro Finance (CMF) perspective, it explores how the Turkish state has assumed a central role in de-risking infrastructure investments for private and transnational capital. Mega-projects – including airports, bridges, and hospitals – reveal how state-backed guarantees shift financial risks onto taxpayers while embedding national infrastructure into global circuits of capital. Furthermore, the chapter argues that financialisation extends beyond the adoption of PPPs and involves, inter alia, the creation of new asset classes, sovereign guarantees, and institutional innovations such as a Sovereign Wealth Fund. This case reveals the dual character of financialisation: as a strategy of economic growth and political legitimation for the Justice and Development Party (AKP), and as a mechanism deepening fiscal vulnerabilities and inequalities in urban development. Keywords: Critical Macro Finance; Financialisation; Infrastructure; Political Economy; Public–Private Partnerships; Turkey; Infrastructural Power (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:23133_18 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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