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This commentary offers some observations on and around aspects of the Financialisation Theme Issue Papers. [ABSTRACT FROM AUTHOR]

Presents a study on the impact both of production and transportation from changes in taxation or costs of inputs in the United States paper industry. Background of paper production; Analysis of possible variations in tax policies; Comparison of results from scenario analysis; Discussion and conclusions.

The editors of the journal Environment & Planning A: Economy and Space have announced the winners of the Ashby prizes for the most innovative papers published in the journal in 2023. The winners are Renee Tapp and Richard Peiser for their paper 'An Antitrust Framework for Housing' and Vinay Gidwani and Carol Upadhya for their paper 'Articulation work: Value chains of land assembly and real estate development on a peri-urban frontier'. The papers have been made free to access for one year. The winning papers explore topics such as monopolies in the housing market and the inter-scalar value chains of land assembly and real estate development. [Extracted from the article]

The introduction to this theme issue discusses a series of papers examining the increasing marketisation of social reproduction and its effects on systems that sustain human and social life. This is done by examining the frontiers, framings, and frictions that arise when market systems are constructed to enable capital accumulation in the realm of social reproduction. Frontiers identify the expansion of market logic into new areas, framings explore how financial actors attempt to bring the logic of social reproduction within the purview of market competition, and frictions highlight the various tensions that generate resistance to the roll out of market logics. Through establishing these three areas, we argue that both market structures and systems of social reproduction should be understood as geographically variegated and, at times, uncertain. This variegation necessitates an understanding of marketised social reproduction as forged through complex articulations of market and non-market logics. Using cases from surrogacy to smart electricity meters, the papers in this theme issue illustrate that while these articulations may generate benefits for some individuals, households and communities, such processes of marketisation can introduce new layers of inequity and undermine the ethical relations and social commitments that sustain life—in the service of enabling accumulation. [ABSTRACT FROM AUTHOR]

This article discusses the recent resurgence of interest in capitalism in social sciences and humanities fields. Scholars are reexamining capitalism and its relationship to uneven development and social difference. The article brings together papers from various disciplines, including geography, sociology, anthropology, and global political economy, to explore how these concepts intersect. The papers highlight the importance of understanding capitalism as an overdetermined whole and emphasize the role of spatial and social difference in its development. The authors also emphasize the importance of struggle and concrete social interventions in shaping the geographies and temporalities of uneven development. [Extracted from the article]

The article announces researchers Shaina Potts and Freyja L Knapp as winners of the Ashby Prizes for their papers published in 2016.

The critical platform studies literature has built a compelling picture of how techniques like worker (mis)classification, algorithmic management and workforce atomisation lie at the heart of how 'work on-demand via apps' actively restructure labour. Much of this emerging scholarship identifies that platform workforces are predominantly comprised of migrant and racially minoritised workers. However, few studies theorise migration and race as structuring logics of the platform model and the precarity it engenders. This paper addresses this gap by exploring how the platform economy – specifically work on-demand via apps – both shapes and is shaped by historically contingent contexts of racialisation, and their constitutive processes such as embodiment and immigration policy/rhetoric. Beyond identifying the over-representation of racial minorities in the platform economy, it argues that processes of racialisation have been crucial at every stage of the platform economy's rise to dominance, and therefore constitutes a key organising principle of platform capitalism – hence the term 'racial platform capitalism'. In doing so, this paper draws on the racial capitalism literature, to situate key platform techniques such as worker (mis)classification and algorithmic management as forms of racial practice, deployed to (re-)organise surplus urban labour-power following the 2008 financial crisis. This framework will be explored through an ethnographic study of Uber's rise in London. Through this, the paper demonstrates a co-constitutive relationship, where the conditions of minoritised workers in a global city like London post-2008, and the political economy of platform companies can be said to have co-produced one another. [ABSTRACT FROM AUTHOR]

Considering China's 'isolated' digital ecosystem, this paper examines China's 'check-in' activities to understand how the wanghong economy is driving China's new rounds of urban development, with the purpose of supplementing existing research on digital economies from the Chinese context. Focusing on a representative case study area called Dongshankou in Guangzhou, which is regarded as one of the most popular wanghong places and an emerging commercial centre, I sought to enrich existing studies about digital economies and extend scholarship on platform urbanism from the cultural economy perspective. First, I argue that Chinese consumers' check-in activities function as the data accumulation process, structuring Dongshankou's digital capital through the assemblage of online posts and geotags. Therefore, Dongshankou's urban development challenges the conventional view of creativity as the key factor in the cultural economy for urban development, given that digital capital is now the key driver for urban development in the digital age. Second, the growth of wanghong stores in Dongshankou reveals how the wanghong economy is materialised into urban cultural objects. Emotional value – a crucial selling point that these wanghong stores aim to provide to facilitate consumers' check-in activities – illustrates how China's highly participatory digital ecosystem extracts users' emotions and bodily experiences into the process of capital accumulation, which structures the 'platform urbanism' through our daily lives. This paper broadens the horizon for an alternative theoretical agenda in platform urbanism: beyond focusing solely on platform algorithms, how digital platforms and emotions become inextricably linked in economic production should be further explored. [ABSTRACT FROM AUTHOR]

How land markets should be regulated is a fraught political question. This paper argues that the heterodox political economy of Karl Polanyi – underutilised in urban studies and planning scholarship – provides a useful language to analyse the role of urban planning in development land markets. We ground our analysis in the concept of embeddedness, building on Polanyi's core contention that economic behaviour is not, and cannot be, distinct from social, political and cultural relations. We juxtapose an account of the institutionalisation of urban planning in England during the mid-20th century with contemporary neoliberal reforms, analysing the dynamic reconfigurations in how development land markets have been differently embedded via the planning system in relation to a shifting political, ideological and economic environment. The paper foregrounds the co-constitutive nature of state regulation and markets, moving past the simplistic regulation-deregulation dichotomy frequently adopted to frame government intervention via the planning system. [ABSTRACT FROM AUTHOR]

Highlights the published proposals for the Great Britain census of population to be conducted on April 29, 2001. Background regarding a white paper on the issue; Topics to be discussed of households as a whole; Topics to be asked of individuals; Concepts, imputation and processing of census; Outputs.

Examines the impact of regions on the evolution and development of technology. Case study of the twin-wire technology in paper-making field; Relationship between regional characteristics and technological change.

The editors of EPA: Economy and Space have announced the winners of the Ashby prizes for the most innovative papers published in the journal in 2022. Kun Wang, Junxi Qian, and Shenjing He were awarded for their paper on global destruction networks and hybrid e-waste economies in Guiyu, China. Andrea Ricci was awarded for his paper on global locational inequality. The papers have been made free to access for one year. The authors express their gratitude for the recognition and discuss the importance of their research in addressing cultural and economic issues in the Global South. [Extracted from the article]

This paper serves as an introduction to the themed issue on "Post-Crisis Fiscal Geographies." In it, we review the growing body of work on fiscal policy and geography, with particular emphasis on taxation and tax policy. We argue that geographers and other scholars of political economy should pay greater attention to the state's active capacities, particularly during the long troughs between the crises which tend to receive the bulk of scholarly and popular attention. We situate the three papers that comprise the special issue within the broader literature, closing by suggesting the need to broaden fiscal geographies scholarship beyond tax, as well as raising the possibilities for justice that could arise from closer engagement with fiscal policy. [ABSTRACT FROM AUTHOR]

Financial capital is currently being heralded for its potential to provide social and environmental transformations. This paper provides an in-depth case study of the Seychelles Blue Bond, highlighting the state's (fiscal and planning) capacities as central in mediating the future rents and value production when channelling thematic bond proceeds. Even as the Blue Bonds tapped into private capital markets and bond proceeds were intended to provide leverage for private businesses, this operation was contingent on complex economic and environmental planning by the state. Using literature on fictitious capital, rent and the role of the state in governing natural resources, this paper shows how the state needed to govern investment flows and its environmental conditions simultaneously in the case of the Seychelles Blue Bonds. By examining how the state tries to govern environments and finance in tandem, this paper contributes to geographical research on public fiscal policy, financialisation and environmental governance. [ABSTRACT FROM AUTHOR]

Mumbai, along with a few other metropolitan cities in India, witnessed an unprecedented flow of finance capital toward the development of new real estate soon after efforts to liberalize the country's real estate sector took force in 2005. Fifteen years later, however, the reality on the ground looks bleak. Not only does the demand for housing remain as high as ever before in Mumbai, but hundreds of real estate projects lie unfinished, abandoned, and/or unsold. In its attempt to make sense of the city's real estate crisis, this paper brings to the fore important insights about the organizing logics of urban land markets. Drawing on an exhaustive database of real estate indicators combined with ethnographic fieldwork, the paper reveals a tendency among Mumbai developers to fight competition by chasing land irrespective of long-term financial prudency, which in turn hinders the development and sale of new real estate. The paper therefore proposes that the reproduction of capitalistic arrangements within Mumbai's land market is precarious because the very lands that are to be turned into commodities inevitably become entangled in new socio-legal encumbrances, just as the separation of "land from man" begins to seem plausible. By demonstrating how real estate activity is nevertheless, centered problematically, around this unceasing yet always incomplete pursuit of commodified land, the paper contributes to the scholarly project of developing a heterodox conceptualization of land. [ABSTRACT FROM AUTHOR]

Since the 1980s, U.S. finance has grown disproportionately in power and influence as American investment funds have become the largest shareholders of U.S. corporations, managing tens of trillions of dollars in investments. This paper provides a novel empirical analysis of the ascent of asset manager capitalism in the United States and explores the extent of its global spread by examining the SEC Form 13F filings of U.S. institutional investors along with an extensive global corporate ownership dataset provided by Orbis. This paper finds that U.S. finance owns approximately 60% of U.S. listed companies (an increase from 3% in 1945) and 28% of the equity of all globally listed firms. As the largest global shareholders and the exemplars of U.S. asset managers, the Big Three hold investments in 81% of U.S. listed companies and own 17% of the U.S. equity market, while also appearing as a shareholder in 20% of non-U.S. listed companies and owning 4% of the non-U.S. equity market. This paper illustrates that the ascent of the age of passive investment and universal ownership, exemplified by the activities of the Big Three, has produced a sectorally and geographically uneven landscape of capital flows, exacerbating the existing divides between the heartlands and hinterlands of global financial markets. With the ownership of listed companies being increasingly concentrated in the hands of a small number of increasingly powerful funds, this paper ultimately argues that it is in the ownership of the majority of global capital that the power of modern finance lies. [ABSTRACT FROM AUTHOR]

Platform labour scholars have noted the prevalence of migrant workers in the gig economy. This paper builds on this research but interrogates the broad concept of 'migrant labour'. The study draws on biographical interviews with platform workers in grocery delivery and domestic work platforms in Berlin, Germany as well as expert interviews with union representatives, migrant organisations and white-collar platform company employees. Through an examination of the mobility strategies of platform workers in this subset of the platform economy, the study reveals a stratification of migrant trajectories and of skills needed to engage in platform work across different types of labour platforms. The study finds that platform companies draw on a workforce that consists of recently arrived young migrants with comparatively high education, language skills and digital literacy. Through close analysis of an understudied section of the gig economy, the paper contributes to the ongoing theorisation of the nexus of migration regimes and platform-mediated labour regimes. The findings complicate the notion of 'accessibility' of platform work and call for the inclusion of visa regimes, immigration categories and particular skill sets in future research on platform labour. [ABSTRACT FROM AUTHOR]

An enduring legacy of the 2007–2009 financial crisis is the growth of "social" and "impact" investing, markets dedicated to the use of financial capital to achieve social good. This paper examines one key manifestation of these markets: the social impact bond, a financial device which uses private capital to fund social programs. While social impact bond (SIBs) have been viewed as a testament to the power of finance and the "financialization" of the social sector, the paper instead highlights the struggles and limits of the SIB enterprise. Informed by a multi-year study of SIBs in Canada, the USA, and UK, and the theoretical lens of the social studies of assetization combined with an ecological approach, these struggles are conceived in terms of the challenge of operationalizing SIBs' financial imaginary and managing the gaps between finance and the social sector as distinct ecologies. Particular emphasis is placed on three valuation devices—liquidity, risk, and rigor—which are central to this effort. Rather than "hinges" connecting these worlds, these devices have emerged as points of conflict, revealing a distinctly spatial politics which helps to explain the limits not only of SIBs but also other forms of financialization at the frontiers of (social) finance. [ABSTRACT FROM AUTHOR]

Campaigns for personal health expenses make up the largest and fastest-growing segment of donation-based crowdfunding. Set against the backdrop of retrenchment and disinvestment in public healthcare systems across the global North, health-related crowdfunding is a way to navigate increasingly marketised systems of social reproduction. Despite high profile success stories, campaigns vary significantly in their ability to capture the hearts, and ultimately wallets, of donors. While existing analyses of online campaign pages offer some insight into the marketing of healthcare needs, far less is known about practices and experiences of crowdfunding platform users, including campaigners. Bringing literature on crowdfunding together with accounts of the marketisation of care, our paper asks: how do campaigners work to secure crowdfunded healthcare? Through the accounts of 15 people campaigning on behalf of family or friends in Aotearoa New Zealand, we show how attempts to appeal to donors depend on campaigners' abilities to 'market' illness and need in ways that resonate with the crowd. We have two main foci. First, we examine the responsibility and responsibilisation of campaigners to engage and perform accountability to crowdfunders. Second, we show how campaigners mobilise recipients' traits of deservingness and other culturally favoured personal qualities to appeal to the crowd's perceived predilections. In sum, the paper demonstrates how the use of crowdfunding is both necessitated by the marketisation of healthcare while simultaneously exerting its own form of market discipline. [ABSTRACT FROM AUTHOR]

This paper shows how the capture and circulation of data about social lives are enabled through digitalisation and market logics and practices. Drawing on Australia's new Consumer Data Right, a state-led initiative that creates access rights to personal data, we distinguish between market promises and the translation of market models in actually existing markets and regulatory frameworks. 'Life's work' is brought to market through promises to fix the problems of essential service markets by harnessing data. We argue that the Consumer Data Right is underpinned by a more ambitious vision to create future markets that transcend individual sectors through aggregation across the economy. These visions are silent on how the data, which cannot be owned and therefore cannot be commoditised, is capitalised. We show the Consumer Data Right's discursive, administrative, regulatory and technical aspects through which the previously hard-to-penetrate spaces of the home and everyday life become enrolled in circuits of value, both present and future. This involves technical standard setting by state agencies for accreditation, consent and approval processes; discourses of trust and calculative devices to promote consumer control; and weak de-identification and deletion requirements that grant data an afterlife beyond the original agreed use. This paper calls for greater attention to the enabling role of the state in digital markets as a counterbalance to the focus on the state's regulatory and constraining role. We argue for a more staged approach to market-making analysis to show how the state lays the market foundations that can then be deepened through practices of intermediation and capitalisation by private firms. [ABSTRACT FROM AUTHOR]

Agglomeration offers both static, cost-based advantages and dynamic, innovation-related benefits to participating firms. These ideas have informed regional development policy from the growth poles/centres of the 1950/1960s to the contemporary focus on clusters. Although such policies imply the theoretical prospect of regional diversification by exploiting supply-chain and information-based/knowledge-based relationships, in practice they tend to promote regional specialisation. The experiences of many old industrial areas emphasise the risks of specialisation as advantages mutate into liabilities (territorial lock-in). These experiences are ignored in much of the clusters discourse which often lacks historical perspective. This paper provides such perspective by reflecting upon the relationships between the dynamics of industry evolution, agglomeration, and regional development policy with reference to the chemical industry on Teesside in North East England. [ABSTRACT FROM AUTHOR]

The agency of casualized and spatially isolated workers has recently received increased research attention. This paper extends this line of research to seafarers, a traditional but also casualized and spatially isolated workforce. More specifically, it examines cases of collective action by Chinese seafarers on WeChat, a social media platform, in response to problems and grievances caused by COVID-19 control measures during the pandemic. It shows that seafarers, building on the WeChat platform and together with other maritime stakeholders, have established a socio-technological infrastructure that enables them to mobilize their peers to take action when they experience injustice at work. Their mobilization is morally charged, involving a frame of injustice that evokes moral sentiments in the participants and compels them to act to provide moral support to the distressed seafarers and to exert moral pressure on the authorities. These agency practices on WeChat thus highlight the moral dimension of collective action and reflect what can be called moral mobilization. [ABSTRACT FROM AUTHOR]

In the context of the developed economies, recent political economy scholarship has highlighted the growing role of intangible assets (brand equity, software, business processes, patents etc.) in corporate portfolios. Much of this literature has emphasized how intangible assets erect barriers to entry, produce artificial scarcity of key inputs, enhance the pricing power of firms and thus lead to greater and greater levels of concentration. Being as they are monopoly rights and privileges, intangible assets represent the relational power of their owner vis-à-vis those excluded from their ownership. While much of this literature has focused on the developed world, this paper turns its gaze to the case of a developing country and analyzes the patterns and trends of intangible assets for a sample of Indian firms for the period 2000–2022. The analysis reveals a substantial acceleration in the weight of net intangible assets relative to net physical assets, especially after 2008. It also suggests that the largest and most powerful corporations are the ones that have contributed to this spike. Ranked by assets, sales and ownership category, the results show that intangible asset accumulation has been the strongest in the highest echelons of the corporate hierarchy. Moreover, the patterns of intangible asset accumulation have been such that they have not been restricted to the traditional "rentier" sectors in the sense that their presence in the "productive" sectors has been as important if not more so. By focusing on firm-level patterns of intangible asset accumulation, the results show the internal and necessary connections between accumulation and value capture that undergirds modern day capitalism in the Southern peripheries. [ABSTRACT FROM AUTHOR]

Cryptocurrencies, such as Bitcoin, have garnered significant attention in scholarship and beyond. Geographical work on cryptocurrencies has focussed on how their energy demand interacts with local communities and economies. Less is said about the organization of cryptoasset firms and their associated demands. This paper illuminates the complex geographies of one such firm, Bitfury Group, to investigate the global and national forms and structures such companies take and the factors encouraging them to concentrate operations in certain areas. To investigate the latter, we adopt the case study of Bitfury's operations in Georgia, a South-Caucasian country where its presence is significant. We adapt Haberly et al.'s analytical framework to explore Bitfury's geographical dimensions. We highlight how cheap electricity, regulatory and taxation regimes, personal encounters and personalities, and the materialities of hardware and energy-saving technology define these geographies and illuminate how Bitfury actively curates advantageous regulatory spaces. We encourage future work exploring Blockchain and Bitcoin technologies to understand the companies involved as simultaneously material and virtual, and as centrepieces in global networks interweaving production and finance. [ABSTRACT FROM AUTHOR]

Despite the large evidence of the recent globalization phenomenon at national level, very little is known about the involvement of regional economies in Global Value Chains (GVCs). Instead, the regional dimension of GVCs is of primary importance since regions require an absolute advantage to be part of an international production chain. It can in fact be easily the case that within the same country both the participation and the gains from GVCs strongly differ among regions. In going to the territorial roots of GVCs, the paper aims to conceptualize a taxonomy of different modes in which regions can be involved in GVCs, based on different intensity of participation and rewarding conditions. Based on regional trade in value added matrices, the taxonomy is applied to the manufacturing sector at NUTS2 regions in Europe, combining two indicators of regional participation and 'terms of trade' imposed in the chain. Although national patterns are visible, and a clear divide between Eastern and Western Europe emerges, the modes of involvement are highly diversified within countries. Moreover, through a multinomial logit model, the local characteristics associated with the different roles that regions can have within GVCs are looked for. Their identification has far-reaching normative consequences that intervene in the capacity of regions to gain from participation in GVCs, and to mitigate the interregional income distribution effects that this involvement may cause. [ABSTRACT FROM AUTHOR]

Since 2013, Permitted Development Rights (PDR) in England have allowed commercial-to-residential conversions in locations once deemed suitable only for non-residential land-use. This deregulation of planning control has been justified as a way of encouraging more home-building in areas experiencing 'housing crisis', but its overall consequences remain unclear. This paper hence compiles quantitative evidence on a city-wide scale on the price, size, build and location of these conversions in London 2013–2021. It finds that homes produced through this route are generally smaller than the London average and are over-concentrated in neighbourhoods with fewer accessible green spaces and higher-than-average levels of air pollution. Here, larger conversion schemes (of more than 10 units) appear particularly problematic, potentially subjecting residents to forms of 'slow violence' that could have long-term consequences for their physical and mental health. The paper also finds that, on average, PDR conversions are marginally more affordable than other new developments in the capital, but are also more expensive per square metre, suggesting deregulation is allowing developers to 'extract' maximum value from these schemes rather than providing affordable homes per se. The implications of this are discussed in relation to the politics of housing in London and the wider forms of planning deregulation allowing developers to accrue increased profits from housing in an era of intense financialisation. [ABSTRACT FROM AUTHOR]

The benefits of community-based, grassroots food practices, such as community gardens or kitchens, are widely acknowledged. However, they have also been shown to support neoliberal and exclusionary dynamics. This paper examines this contradiction on the ground by unpacking the processes and mechanisms through which these initiatives reproduce, reinforce or challenge social inequities and injustices in the city. It suggests the concept of community food space to look at the articulation of practices and intentions within these groups, and highlight emancipatory practices situated around food rather than simply about food. The paper draws upon an ongoing militant ethnography into community food spaces in Berlin, Germany. Exploring the complex and diverse landscape of Berlin food activism, it illuminates the ways in which food may be used to perpetuate unjust social configurations or, on the contrary, to advance social justice at both local and structural levels. [ABSTRACT FROM AUTHOR]

Spectacle, once a key term for critical theories, has had limited theoretical development in recent decades. To make sure the concept remains relevant today, this paper turns to actor-network theory (ANT) and assemblage theories to reconceptualize what the spectacle is and how it operates today. Working with a case study of a controversial urban spectacle in southern Chile – a new shopping mall, the "Mall Paseo Chiloé" – this paper explores a set of findings that illustrate what these approaches have to offer. First, in viewing the spectacle as a hybrid entity, we uncover vital forces inside what might at first appear to be irrelevant features of the building's architectural design. At the same time, this approach includes the forces of ambivalent desire and fluidity that reveal the dynamics of resistance inside that same design. As such, this paper focuses on a specific aspect of this building that makes it a unique form of counter-spectacle. [ABSTRACT FROM AUTHOR]

Focuses on the threats to suspend foreign aid by legislators in the United States Congress. When was this policy announced; What President Clinton did when he assumed office in 1993; Reference to the omission of the United States aid for reproductive services overseas.

The papers and commentaries constituting this special issue offer new insights into speculative urbanism from the perspective of two southern metropolises. Based on an international and interdisciplinary collaboration comparing speculative urbanism in central and peri-urban Jakarta (Indonesia) and Bengaluru (India), and interrogating the literature triggered by a seminal 2011 paper by Michal Goldman, this issue extends existing speculative urbanism scholarship in four ways. First, the papers in this special issue take a multi-scalar approach, placing speculative urban practices within the broader spatio-temporal conjunctural contexts shaping their emergence. Second, extending currently economistic framings, they show how speculation also is socio-cultural. The diverse actors engaged in speculative urbanism do not simply seek to accumulate wealth; they do so with aspirations in mind for differentially imagined, but yet-to-be-realized, urban/peri-urban futures. Third, they highlight how speculative urbanism involves a broader range of actors than the usual suspects (developers and financial institutions), including land brokers, individual landlords, the state and its actors, and residents displaced from informal settlements. Fourth, they draw attention to diverse objects of urban speculation; not only land and property, but also more-than-human phenomena such as urban socio-ecologies and socio-technical networks. [ABSTRACT FROM AUTHOR]

The theme issue 'Making Space for the New State Capitalism' brings together insights from critical economic geography and heterodox political economy through a series of papers to be published in three installments, each accompanied by an introductory essay written by the guest editors. In this, the first of these introductory commentaries, we highlight some of the potentially productive ambiguities that accompany the new state capitalism rubric. Subsequent introductory commentaries will consider the consequences of embracing relationality, spatiotemporality and uneven development (along with the second group of papers); and the challenges and opportunities of thinking conjuncturally (with the third group of papers). [ABSTRACT FROM AUTHOR]

The article announces that Jinn-yuh Hsu, Dong-Wan Gimm, and Jim Glassman have won Ashby prizes for paper a geopolitical economy of differential development in Ulsan, South Korea, and Kaohsiung, Taiwan," and Carolin Schurr and Elisabeth Militz for their paper on transnational surrogacy.

The theme issue "Making Space for the New State Capitalism" brings together insights from critical economic geography and heterodox political economy through a series papers published in three installments, each accompanied with an introductory essay written by the guest editors. In this, the third of these introductory commentaries, we explore the challenges and opportunities associated with thinking conjuncturally, followed by a final collection of papers. [ABSTRACT FROM AUTHOR]

Monetary policies are not usually considered as part of the repertoire of 'state capitalism'. However, unconventional monetary operations performed by central banks in recent years make this exclusion increasingly problematic. This paper thus explores whether recent central bank interventions should be considered manifestations of 'new' state capitalism. Analysis focuses on the actions of three central banks from the advanced capitalist core in the West – the US Federal Reserve, the European Central Bank and the Bank of England. By mobilising the 'financial chains' perspective, this paper highlights the fact that, under financialisation, contemporary central banks have assumed a pivotal role in shaping Western capitalism and its uneven geographies. Through these recent unconventional interventions, central banks have in effect become 'creators' or 'generators' of (financial) capital. As such, their role in shaping uneven economic geographies across space (well beyond their official territorial boundaries) has expanded. Spatial ramifications of central banks' capital-generating operations could thus fit easily within the framework of 'uneven and combined state capitalism'. The possibility of considering the unconventional operations of central banks as state capitalist could also go hand in hand with a modified definition of state capitalism. Indeed, the rubric of state capitalism could potentially be enlarged to include configurations of capitalism where the state plays a particularly strong role not only as promoter, supervisor and owner of capital but also as a 'generator' of capital. This capital-generating role appears to be essential for the survival of contemporary capitalism. [ABSTRACT FROM AUTHOR]

This paper is concerned with the socio-spatial and ethical politics of redistribution, specifically the allocation of natural resources rents from political and economic cores to the economic and geographical peripheries whence the resource originated. Based on a case study of the coal seam gas sector in Queensland's Surat Basin, this paper focuses on the operation of the Queensland State Government's regional development fund for mining and energy extraction-affected regions. Employing an environmental justice framework, we critically explore the operation of these funds in ostensibly helping constituent communities in becoming resilient to the worst effects of the 'staples trap'. Drawing on secondary demographic and housing data for the region, as well as primary information collected from key respondents from mid-2018 to early 2019, we show that funds were distributed across all of the local government areas, and allocated to projects and places primarily on a perceived economic needs basis. However, concerns were raised with the probity of the funds' administration. In terms of recognition justice, the participation of smaller and more remote towns and local Indigenous communities was hampered by their structural marginalisation. Procedurally, the funds were criticised for the lack of local consultation taken in the development and approval of projects. While spatially concentrated expenditure may be the most cost-effective use of public monies, we argue that grant application processes should be open, transparent and inclusive, and the outcomes cognisant of the developmental needs of smaller communities, together with the need to foster regional solidarity and coherence. [ABSTRACT FROM AUTHOR]

The rise of asset managers as key nodes of financial intermediation has been one of the most fundamental changes in the global economy over recent years. An emerging literature on asset manager capitalism (AMC) discusses these changes and its implications, though largely in the context of corporate governance in advanced capitalist economies. This paper expands the remit of the AMC literature to spaces outside the global capitalist core, and assesses its implications, based on quantitative data on asset manager allocations and flows, and qualitative data from semi-structured interviews. We find that despite the growth of asset managers' investments into emerging markets, their presence remains limited and that the threat of exit remains present but increasingly tied with global conditions and the composition of benchmark indices. We also find that asset managers' investments are increasingly focussing on bonds, and are heavily concentrated in a few companies and sectors, revealing a marginal rather than broad-based presence. Finally, we find very limited evidence that asset managers use their voice to influence corporate governance and macroeconomic policy. Overall, asset managers do not seem to fundamentally reshape the characteristics of financial subordination of emerging markets, and the characteristics of AMCs remain, for now, specific to advanced economies. [ABSTRACT FROM AUTHOR]

Drawing from neo-Gramscian theory, the paper explores how urban austerity governance mediates crises of neoliberal hegemony. Focusing on the decade after the Global Economic Crisis of 2008–2009, it compares four European cities disclosing five intersecting characteristics of urban political economy that contributed to sustaining and disrupting austere neoliberalism. Austere neoliberalism was sustained through three characteristics: economic rationalism, state revanchism and weak counter-hegemony, but undermined by both weakening hegemony and the combustibility and generativity of urban struggles. Hence, although state revanchism is a prominent feature of urban politics, and novel counter-hegemonic forms are elusive, struggles for equality and solidarity remain contagious, tenacious and vibrant. Urban governance is a crucial arena for studying the interregnum, signposting multiple ways in which neoliberalism survives, mutates and dies. [ABSTRACT FROM AUTHOR]

State labour inspection has been relatively underresearched in economic and labour geography, despite its prospective role in tackling worker exploitation as part of national state regulatory strategies. This paper seeks to address this gap by critically examining state labour inspection as a government function capable of upholding labour standards within and across economic space. A key contribution of the paper is to make stronger connections between workers' spatial strategies and their ability to shape how labour inspection and standards enforcement is carried out. Focusing upon the UK and Ireland, we examine different ways in which some labour-friendly groups have sought to contest but also to support state labour inspection efforts with a view to protecting workers. [ABSTRACT FROM AUTHOR]

This paper examines profit-seeking investments that US financial industry actors have made in the name of racial justice since the summer of 2020. This trend, which builds on the proposition of "sustainable" finance that private profits and social benefits can coexist, is known in the industry as racial justice investing. To understand how the industry frames racial justice as an object of financial intervention, I draw from theories of social reproduction, racial capitalism, and social finance to analyze the historical and contemporary processes through which racial in justice is conceived in economic terms as a "gap" between the wealth of white and racialized households. Then, I analyze the political economy of these investments, focusing on how solutions to the wealth gap are oriented around extending credit and economic inclusion to racialized households and business owners. Ultimately I illustrate how the financial industry's investments in closing the racial wealth gap largely sidestep questions of power and, paradoxically, justice that animate many contemporary racial justice movements. [ABSTRACT FROM AUTHOR]

State entrepreneurialism in response to external market stimuli has a state intrapreneurialism counterpart – the entrepreneurialism found within public institutions. In moving beyond the case of Singapore from which the idea was proposed, this paper develops the concept of state intrapreneurialism by injecting a greater sense of the political and territorial heterogeneity of, and competition within, national states that fracture the identification of needs, the crafting of policy narratives, and the forging of domestic and international networks. With reference to the case of South Korea, this paper illustrates how state intrapreneurialism has generated domestic and international markets and reputation in the ICT-assisted city management domain despite elements of competition among public agencies. The case raises broader questions for future research on the relational geographies of politics and bureaucracy in stimulating or stifling state intrapreneurialism. [ABSTRACT FROM AUTHOR]

Processes of outsourcing and offshoring have driven the changing spatial divisions of labour through foreign investment and development of peripheral regions into key offshore destinations for business services. This paper focuses on the role of elites, transnational and domestic, in the transformation of Romania into a major business services offshoring location in Central Eastern Europe (CEE) over the last two decades. The paper reveals the role of elite agency in connecting domestic resources to business services global production networks (GPNs) in order to drive domestic institutional transformation. A lot has been written about the agency of labour; yet there is a gap in our understanding of the agency of elites, specifically how transnational elites articulate with other elites at the national-, meso- and micro-level and produce institutional changes. Drawing on literature on enclave creation and dual economies, the paper illustrates how the alliance between domestic and transnational elites shaped transformation across the sector by implementing labour market flexibilisation and by crafting a 'sound' business environment in terms of infrastructure, investment incentives and bureaucratic framework to emulate institutional conditions of the home country. The development of the Romanian business services sector into an 'enclave economy' has become dependent on collaborative networks with domestic universities and intermediary organisations, which played a key role in facilitating foreign investment attraction and linking domestic resources to the needs of multinational firms. [ABSTRACT FROM AUTHOR]

The home is an ever-changing assemblage of technologies that shapes the organisation and division of housework and supports certain models of what that work entails, who does it and for what purposes. This paper analyses core tensions arising through the ways smart homes are embedding logics of digital capitalism into home life and labour. As a critical way of understanding these techno-political shifts in the means of social reproduction, we advance the concept of Big Mother – a system that, under the guise of maternal care, seeks to manage, monitor and marketise domestic spaces and practices. We identify three tensions arising in the relationships between care and control as they are mediated through the Big Mother system: (a) outsourcing autonomy through enhanced control and choice, (b) increased monitoring for efficient management and (c) revaluation of care through optimisation of housework. For each area, we explore how emerging technological capacities promise to enhance our abilities to care for our homes, families and selves. Yet, at the same time, these innovations also empower Big Mother to enrol people into new techniques of surveillance, new forms of automation and new markets of data. Our purpose in this paper is to push back against the influential ideas of smart homes based on luxury surveillance and caring systems by showing that they exist in constant relation with a supposedly antithetical version of the smart home represented by Big Mother. [ABSTRACT FROM AUTHOR]

Commercial surrogacy marketizes life's work. In the era of neo-liberalism, women's work, which is often intimately performed within a heterosexual marriage in exchange of support, now remains a principal avenue to earn money. This form of feminization of labor has led to the emergence of markets for women's reproductive capacities. The present study stems from my ethnographic journey into the lives of the women who work as surrogate mothers in India. The narratives presented in the paper emerge from my prolonged fieldwork in Anand, Gujarat. It engages with the experiences, understandings, and the voices of these women, who I term reproductive laborers, in order to examine the notion of putting one's reproductive capacities in this intimate market for money. [ABSTRACT FROM AUTHOR]

Tanzania led the wave of land reform in sub-Saharan Africa, promoting 'institutional fixes' of property rights to stimulate urban development and poverty alleviation. Since 2005, the Residential Licence programme has offered short-term leases to around 180,000 households in the unplanned settlements of Dar es Salaam. However, the rate of title acquisition has been moderate to low, as in much of urban Africa. To understand the demand for land titles, this paper adopts an institutional approach and a novel analytic framework examining social expectations around the Residential Licence and their effects on choices of formalisation. Primary data was collected through a two-round survey with 1363 and 243 respondents, respectively. The paper finds that landholders have conditional preferences for formalisation based on the behaviour of their neighbours and the advice of other landholders, local leaders and higher-level government. Interactions between state and non-state actors generate social expectations that compliance with the programme is low and the government is not committed to enforcing interim property rights. These beliefs discourage choices of formalisation and transform the Residential Licence into an 'empty' institution, which fails to embed in social practice. The study contributes to the literature on land tenure formalisation by examining the interaction of state and social forces in the implementation of land reform and by proposing a complex understanding of the demand for tenure formalisation, underpinned by collective choice considerations. Additionally, the paper offers a methodological contribution by adopting a novel method for institutional analysis with further potential applications in urban studies and geographic research. [ABSTRACT FROM AUTHOR]

Gentrification and territorial stigma are understood to be closely linked, yet the workings of the governance networks which underlay this relationship have seldom been explored in depth. This paper seeks to develop understandings of this relationship by showing how the interactions which occur in decision-making processes at the local level culminate in particular strategies for regeneration. It draws on interviews and document analysis to map out and examine networks of governance in Middlehaven, a territorially stigmatised area of Middlesbrough, UK, which has been targeted for regeneration, and indicates the methodology used for tracing the emergence of regeneration strategies in order to reveal how gentrification emerges as a policy response to territorial stigma. In doing so, this paper highlights the relationship between institutional arrangements, governance networks, and approaches to urban change in the context of a territorially stigmatised space in a post-industrial town, and indicates how neoliberal governance occurs in practice at the local level. By highlighting how particular strategies of gentrification which gain traction are embedded in local governance configurations, the paper challenges policy approaches to territorially stigmatised spaces which frame gentrification as an inevitable outcome. [ABSTRACT FROM AUTHOR]

This paper examines the territorial development reforms in the federal state of Bavaria, Germany between 2008 and 2018 in light of the rise of austerity policies, introducing the concept of 'austere federalism' as a new state spatial process in the aftermath of the global financial crisis. Methodologically, the paper draws on the historical-materialist policy analysis and identifies three processes – municipalisation, competitisation, and responsibilisation – as key elements of a new hegemonic project. Our findings suggest that the years following the crisis saw a paradigm shift in spatial planning taking place, characterised by a carrot-and-stick policy of planning deregulation and austerity discipline. Rather than diminishing disparities, however, this shift runs the risk of exacerbating spatial inequality. [ABSTRACT FROM AUTHOR]

This paper examines Sino-UK financial relations in the fintech sector. Through an empirical focus on fintech payments systems, the analysis locates fintech within broader research on the internationalisation of Chinese finance. Conceptually, the paper responds to calls for more attention to be paid to state actors in fintech development. By examining the relationship between the UK and China in fintech, as part of the UK's wider role in Chinese financial internationalisation, I argue that such a focus on the state needs to be expanded beyond the current focus on domestic policy to include wider questions regarding how fintech sits alongside overseas and international policy concerns. I suggest that one productive way of doing this is to understand fintech as a monetary infrastructure. In so doing, the paper argues that fintech needs to be understood as much as a monetary geography as it is a financial geography. [ABSTRACT FROM AUTHOR]

This paper introduces the concept of a Luxury Freeport to describe a novel form of offshore where art and other high-end goods can be stored indefinitely without tax and duty-payments being made. The paper makes three key contributions to our understanding of these new actors in the global political economy. First, it conceptualizes Luxury Freeports as part of what has been called the 'offshore world', showing that over the course of the last decade these previously understudied sites have become part of an evolving global ecosystem of tax avoidance. Second, the paper attributes the rise of this new form of offshore to meso-level spillover effects within the offshore world itself: this new model of offshore was born from a combination of the competitive 'push' of the rapid spread of Open Customs Warehouses at the turn of the century and the investment 'pull' of large pools of money needing new investment outlets in the wake of the recent multilateral effort to clamp down on banking secrecy. Third, it examines how the development and diffusion of the Luxury Freeport model has been shaped and constrained by this clampdown. Navigating the regulatory push against offshore and in an effort to mainstream and legitimize their activities, newer Luxury Freeports have aligned themselves both with the exclusive and high cultural capital environment of the art world and the ecosystem of specialized services offered by the wealth management industry. [ABSTRACT FROM AUTHOR]

The portrayals of "new state capitalism" in both the popular media and policy-making circles have become a potent geopolitical category. This politically realist categorization is understandably popular because of its simplicity—states proactively participating in capital accumulation are construed as threats to institutions underpinning the "free market". This paper complicates this portrayal by framing what appears to be a "rise" of state capitalistic maneuvers from China as a dynamic sovereignty–accumulation nexus. Specifically, Chinese state capitalism—and arguably state capitalism in general—constitutes the reproduction of sovereign rule. Underpinning this tension-filled process is territoriality: the use of territory for political, economic, and social ends. This dynamic relationship will be illustrated through an examination of how and why Yunnan, a southwestern Chinese province that was economically marginalized for several decades, emerged as a geostrategic platform for facilitating new rounds of capital accumulation. Through large-scale infrastructural investments in Yunnan, the Chinese state generated new territorial configurations that (a) enabled the positioning of Yunnan as a "bridgehead" of Chinese economic statecraft and (b) encouraged investments aimed at capturing new growth opportunities. While this state-led developmental process partially resolves tensions generated by previous rounds of capital accumulation, it also generates new tensions. Building on this case study, the paper demonstrates how Chinese state capitalism more accurately exemplifies a state-building process that is embedded in and is constituted by a central contradiction between the territorial and capitalistic logics of power. It concludes by presenting two directions for future research on Chinese state capitalism. [ABSTRACT FROM AUTHOR]

The article announces Ashby prizes for the most innovative papers published in the journal in the calendar year 2020 given to Madhumita Dutta and Stefan Ouma.