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The financialising local growth machine in Chicago

Author

Listed:
  • Stephanie Farmer

    (Department of Sociology, Roosevelt University, USA)

  • Chris D Poulos

    (Department of Sociology, University of Illinois at Chicago, USA)

Abstract

In this article, we explore how global infrastructure investment funds and actors are financialising the local growth machine in Chicago, and how Chicago’s transforming growth machine uses its influence to financialise urban governance policy goals and institutional arrangements. We view global infrastructure investors through the lens of place entrepreneurs seeking to extract monopoly rents from urban infrastructure. As place entrepreneurs, global infrastructure investors have an interest in forming alliances with other place entrepreneurs to generate political and institutional capacity for infrastructure financialisation. Our case study examines the concrete and specific ways in which global financial firms and actors work in partnership with Chicago’s business civic organisation, World Business Chicago, to shape the City of Chicago’s planning processes and orchestrate a more mature institutional-regulatory infrastructure investment environment through the formation of the Chicago Infrastructure Trust, the city’s public–private partnership infrastructure bank.

Suggested Citation

  • Stephanie Farmer & Chris D Poulos, 2019. "The financialising local growth machine in Chicago," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1404-1425, May.
    • Handle: RePEc:sae:urbstu:v:56:y:2019:i:7:p:1404-1425
    DOI: 10.1177/0042098018801564
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    References listed on IDEAS

    as
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    Cited by:

    1. Heather Whiteside, 2019. "Advanced perspectives on financialised urban infrastructures," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1477-1484, May.
    2. Peter O’Brien & Phil O’Neill & Andy Pike, 2019. "Funding, financing and governing urban infrastructures," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1291-1303, May.
    3. Agustin Leon-Moreta & Vittoria Totaro, 2023. "Interlocal interactions, municipal boundaries and water and wastewater expenditure in city-regions," Urban Studies, Urban Studies Journal Limited, vol. 60(1), pages 46-66, January.
    4. Kevin Ward & Andrew Wood, 2021. "“We just need the developer to develop†: Entrepreneurialism, financialization and urban redevelopment in Lexington, Kentucky," Environment and Planning C, , vol. 39(7), pages 1471-1491, November.

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