Competition and Change

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Financialization and housing: Between globalization and Varieties of Capitalism
Competition and Change - Tập 20 Số 2 - Trang 71-88 - 2016
Rodrigo Fernandez, Manuel B. Aalbers
In the literature, one finds various explanations for the rise of financialized capitalism. In the different strands of financialization literature, housing either plays a minor role or is simply seen as one of the bearers of financialization. The relations between housing and financialization are under-researched and under-theorized. This article, first, looks at the rise of housing finance as an integral part of macro-economic policy, and second, at the role of financial globalization in the rise of housing finance. Housing is seen as an absorber of a ‘wall of money’, but the absorption of finance by housing is a very uneven process. Four trajectories of national institutional structures are suggested, and it is discussed how capital flows are absorbed in each of these trajectories. Finally, it is discussed what this tells about the geographies of financialized capitalism, and its relations to debt, housing, mortgage markets and the spatial fix.
Global Capitalism and Commodity Chains: Looking Back, Going Forward
Competition and Change - Tập 9 Số 2 - Trang 153-180 - 2005
Jennifer Bair
This paper assesses the achievements and limitations of commodity chain research as it has evolved over the last decade. The primary objectives are two-fold. First, I highlight an important but generally unacknowledged break between the original world-systems-inspired tradition of commodity chain research and two subsequent chain approaches, the global commodity chain (GCC) and global value chain (GVC) frameworks. Second, I argue that contra the macro and holistic perspective of the world-systems approach, much of the recent chains literature, and particularly the more economistic GVC variant, is increasingly oriented in its analytical approach towards the meso level of sectoral logics and the micro level objective of industrial upgrading. I conclude that closer attention to the larger institutional and structural environments in which commodity chains are embedded is needed in order to more fully inform our understanding of the uneven social and developmental dynamics of contemporary capitalism at the global-local nexus.
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