Unhousing peripheral monopoly capital: class power and the struggle for (urban) de-financialization in Chile

Michael Lukas and David Kornbluth

Chapter 5 in Resisting the Financialization of Housing, 2026, pp 58-72 from Edward Elgar Publishing

Abstract: This chapter examines the financialization and potential de-financialization of housing in Chile by combining Marxist urban political economy with Latin American dependency theory. Unlike dominant approaches that emphasize global capital flows or regulatory shifts, we foreground the role of domestic business groups as institutional vehicles of class power and monopoly capital within Chile's financialized urban regime. Drawing on the concepts of peripheral monopoly capital and dependent-associated financialization, we trace the formation of Chile's urban financialization model, analyse the current landscape of housing financialization—focusing on Santiago—and examine how interlocked economic groups drive accumulation through the orchestration of finance, real estate, and infrastructure. The final section explores the emergence of alternatives to housing financialization, ranging from grassroots struggles and policy reforms to recent calls for antitrust interventions aimed at dismantling concentrated economic power. In doing so, the chapter contributes to reframing debates on housing (de-)financialization and urban transformation in the Global South.

Keywords: Housing financialization; Peripheral monopoly capital; Dependency theory; Business groups; De-financialization; Class power (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035379637
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