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Financialisation, financial chains and uneven geographical development: Towards a research agenda

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  • Sokol, Martin

Abstract

This paper examines a critical relationship between finance and uneven geographical development, using Europe as a point of reference. It argues that the existing economic geography literature fails to fully address the implications of financialisation for uneven geographical development. In particular, and despite recent renewed interest in geographies of finance, there does not seem to be a coherent theory of debt and its spatialities. The paper argues that the lack of a coherent theoretical framework on spatialities of credit–debt is a major shortcoming and highlights the need for a geographically-informed view of financialisation and its implications for uneven development. As a way forward, the paper proposes a new approach based on the concept of ‘financial chains’ understood both as channels of value transfer and as social relations that shape socio-economic processes over space and time.

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  • Sokol, Martin, 2017. "Financialisation, financial chains and uneven geographical development: Towards a research agenda," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 678-685.
    • Handle: RePEc:eee:riibaf:v:39:y:2017:i:pb:p:678-685
    DOI: 10.1016/j.ribaf.2015.11.007
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    References listed on IDEAS

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    1. Andy Pike & Jane Pollard, 2010. "Economic Geographies of Financialization," Economic Geography, Taylor & Francis Journals, vol. 86(1), pages 29-51, January.
    2. Martin Sokol, 2013. "Towards a ‘newer’ economic geography? Injecting finance and financialisation into economic geographies," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 6(3), pages 501-515.
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    8. Christian Marazzi, 2011. "The Violence of Financial Capitalism," MIT Press Books, The MIT Press, edition 2, volume 1, number 1584351020, December.
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    10. Streeck, Wolfgang, 2013. "The politics of public debt: Neoliberalism, capitalist development, and the restructuring of the state," MPIfG Discussion Paper 13/7, Max Planck Institute for the Study of Societies.
    11. Roger Lee & Gordon L. Clark & Jane Pollard & Andrew Leyshon, 2009. "The remit of financial geography--before and after the crisis -super-1," Journal of Economic Geography, Oxford University Press, vol. 9(5), pages 723-747, September.
    12. Manuel B. Aalbers, 2015. "The Great Moderation, the Great Excess and the global housing crisis," International Journal of Housing Policy, Taylor & Francis Journals, vol. 15(1), pages 43-60, January.
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    Cited by:

    1. Pablo G. Bortz & Annina Kaltenbrunner, 2018. "The International Dimension of Financialization in Developing and Emerging Economies," Development and Change, International Institute of Social Studies, vol. 49(2), pages 375-393, March.
    2. Bruno Bonizzi & Annina Kaltenbrunner, 2019. "Liability-driven investment and pension fund exposure to emerging markets: A Minskyan analysis," Environment and Planning A, , vol. 51(2), pages 420-439, March.
    3. Callum Ward, 2021. "Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 249-265, March.
    4. Martin Sokol & Leonardo Pataccini, 2022. "Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy? [The financialization of home and the mortgage market crisis]," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 15(1), pages 75-92.
    5. Heather Whiteside, 2019. "Foreign in a domestic sense: Puerto Rico’s debt crisis and paradoxes in critical urban studies," Urban Studies, Urban Studies Journal Limited, vol. 56(1), pages 147-166, January.

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