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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. 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.
    2. Andy Pike & Jane Pollard, 2010. "Economic Geographies of Financialization," Economic Geography, Clark University, vol. 86(1), pages 29-51, January.
    3. 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.
    4. Shaun French & Andrew Leyshon & Nigel Thrift, 2009. "A very geographical crisis: the making and breaking of the 2007--2008 financial crisis," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 2(2), pages 287-302.
    5. Lagoarde-Segot, Thomas, 2015. "Diversifying finance research: From financialization to sustainability," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 1-6.
    6. Clark, Gordon L. & Wojcik, Dariusz, 2007. "The Geography of Finance: Corporate Governance in the Global Marketplace," OUP Catalogue, Oxford University Press, number 9780199213368.
    7. Ron Martin, 2011. "The local geographies of the financial crisis: from the housing bubble to economic recession and beyond," Journal of Economic Geography, Oxford University Press, vol. 11(4), pages 587-618, July.
    8. 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, March.
    9. Christian Marazzi, 2011. "The Violence of Financial Capitalism," MIT Press Books, The MIT Press, edition 2, volume 1, number 1584351020, January.
    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. Nigel Dodd, 2014. "The Social Life of Money," Economics Books, Princeton University Press, edition 1, number 10319.
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