Pub Date : 2023-11-06DOI: 10.1177/0308518x231202914
Ilias Alami
How does the circulation of capital in the form of money and finance mobilize different constructions of “Blackness” across historical-geographical contexts, and how does this produce uneven development? This contribution offers theoretical and methodological provocations to think about this question, drawing on two cases of raced finance: race-based bank lending in the United States, and international investment to sub-Saharan countries. I argue that the impersonal character of social domination under capitalism, expressed in and by the movement of abstract categories (such as the commodity, value, money, the state) requires that we carefully mobilize the notion of abstraction in theorizing the co-production of racialized difference and uneven development. I develop this conceptual argument by way of a sympathetic yet critical engagement with recent scholarship on racial capitalism, and by bringing the critique of political economy into conversation with the Black radical tradition. The key question is not the extent to which cases of raced finance exhibit a paradigmatic “anti-Blackness.” Rather, it is about how the abstractive powers of race and the social forms of capital refract each other in violent configurations, and contribute to giving the capitalist production of space a raced imprint. The co-production of racialized and spatial difference thus enhances processes of capitalist discipline and extraction mediated by money, while the totalizing operations of money reproduce racialized power relations and uneven development. I then turn to the work of Bhandar and Toscano to reflect methodologically on how to mobilize various levels and modalities of abstraction in concrete research.
{"title":"Racial capitalism, uneven development, and the abstractive powers of race and money","authors":"Ilias Alami","doi":"10.1177/0308518x231202914","DOIUrl":"https://doi.org/10.1177/0308518x231202914","url":null,"abstract":"How does the circulation of capital in the form of money and finance mobilize different constructions of “Blackness” across historical-geographical contexts, and how does this produce uneven development? This contribution offers theoretical and methodological provocations to think about this question, drawing on two cases of raced finance: race-based bank lending in the United States, and international investment to sub-Saharan countries. I argue that the impersonal character of social domination under capitalism, expressed in and by the movement of abstract categories (such as the commodity, value, money, the state) requires that we carefully mobilize the notion of abstraction in theorizing the co-production of racialized difference and uneven development. I develop this conceptual argument by way of a sympathetic yet critical engagement with recent scholarship on racial capitalism, and by bringing the critique of political economy into conversation with the Black radical tradition. The key question is not the extent to which cases of raced finance exhibit a paradigmatic “anti-Blackness.” Rather, it is about how the abstractive powers of race and the social forms of capital refract each other in violent configurations, and contribute to giving the capitalist production of space a raced imprint. The co-production of racialized and spatial difference thus enhances processes of capitalist discipline and extraction mediated by money, while the totalizing operations of money reproduce racialized power relations and uneven development. I then turn to the work of Bhandar and Toscano to reflect methodologically on how to mobilize various levels and modalities of abstraction in concrete research.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"27 19","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135681676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1177/0308518x231198153
Anitra Baliga
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.
{"title":"Chasing land, chasing crisis: Interrogating speculative urban development through developers’ pursuit of land commodification in Mumbai","authors":"Anitra Baliga","doi":"10.1177/0308518x231198153","DOIUrl":"https://doi.org/10.1177/0308518x231198153","url":null,"abstract":"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.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"62 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135273064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1177/0308518x231203484
Edward Shepherd, Matthew Wargent
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.
{"title":"Embedding the land market: Polanyi, urban planning and regulation","authors":"Edward Shepherd, Matthew Wargent","doi":"10.1177/0308518x231203484","DOIUrl":"https://doi.org/10.1177/0308518x231203484","url":null,"abstract":"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.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135274225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1177/0308518x231199701
Aretousa Bloom
The capture of value from public land has emerged as a central concern in recent scholarship on urban financialization. Drawing on the case of local authority housing companies in London, this paper explores why and how the local state is engaging in an increasingly speculative mode of land development, and with what effects. By conceptualizing state-led value capture as a political technology of risk management that operates across scales, I develop two key arguments. First, I argue that struggles over the allocation of the risks and costs of public debt have shaped local authorities’ speculative engagement with land. Unlike the case of US municipalities that are structurally reliant on private bond markets, I show how local authorities’ growth politics have been underwritten by the central state and accelerated by budgetary austerity. Second, I argue that this translocation of risk at the scale of the local gives rise to a form of state power organized around the allocation, production, and constant monitoring of financial and political risks. The politics of risk that underpin municipal experiments in state-led value capture combine an embrace of uncertainty and value expansion, with the principles of austerity budgeting, downscaling, and retrenchment. Ultimately, the effects of this form of state intervention are a heightening of uneven development, an exacerbation of local fiscal crisis, and a weakening of democratic governance.
{"title":"Public land, value capture, and the rise of speculative urban governance in post-crisis London","authors":"Aretousa Bloom","doi":"10.1177/0308518x231199701","DOIUrl":"https://doi.org/10.1177/0308518x231199701","url":null,"abstract":"The capture of value from public land has emerged as a central concern in recent scholarship on urban financialization. Drawing on the case of local authority housing companies in London, this paper explores why and how the local state is engaging in an increasingly speculative mode of land development, and with what effects. By conceptualizing state-led value capture as a political technology of risk management that operates across scales, I develop two key arguments. First, I argue that struggles over the allocation of the risks and costs of public debt have shaped local authorities’ speculative engagement with land. Unlike the case of US municipalities that are structurally reliant on private bond markets, I show how local authorities’ growth politics have been underwritten by the central state and accelerated by budgetary austerity. Second, I argue that this translocation of risk at the scale of the local gives rise to a form of state power organized around the allocation, production, and constant monitoring of financial and political risks. The politics of risk that underpin municipal experiments in state-led value capture combine an embrace of uncertainty and value expansion, with the principles of austerity budgeting, downscaling, and retrenchment. Ultimately, the effects of this form of state intervention are a heightening of uneven development, an exacerbation of local fiscal crisis, and a weakening of democratic governance.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135274028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-19DOI: 10.1177/0308518x231201467
Jens Christiansen
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.
{"title":"State capacity and the ‘value’ of sustainable finance: Understanding the state-mediated rent and value production through the Seychelles Blue Bonds","authors":"Jens Christiansen","doi":"10.1177/0308518x231201467","DOIUrl":"https://doi.org/10.1177/0308518x231201467","url":null,"abstract":"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.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135778770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-12DOI: 10.1177/0308518x231195890
Albina Gibadullina
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.
{"title":"Who owns and controls global capital? Uneven geographies of asset manager capitalism","authors":"Albina Gibadullina","doi":"10.1177/0308518x231195890","DOIUrl":"https://doi.org/10.1177/0308518x231195890","url":null,"abstract":"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.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136013447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-04DOI: 10.1177/0308518x231203083
Marc Doussard
During the covid-19 pandemic, basic income pilot programs spread across U.S. cities like the novel coronavirus itself. The policy of no-strings-attached cash transfers marks a potentially significant change in the development of post-austerity politics, but only if basic income programs can endure beyond their trial phase. This paper centers the phenomenon of viral cash—cash transfer programs that mutate and multiply like the coronavirus to which they respond—as a means of assessing the possible pathways from trial programs to standing policy. Drawing on case studies of pilot programs in Minneapolis, St. Paul, and Denver, I argue that basic income pilots extend beyond their end-date by creating individual and institutional constituencies invested in unconditional cash transfers. Focusing on these constituencies draws attention to basic income’s role in popularizing child tax credits, program cash stipends and other policy reforms recently enacted by cities and states. Seen this way, basic income’s virus-like susceptibility to mutation plays a key role in seeding support for urban policies and politics that counter prior austerity by centering investment in human capacity.
{"title":"Viral cash: Basic income trials, policy mutation, and post-austerity politics in U.S. cities","authors":"Marc Doussard","doi":"10.1177/0308518x231203083","DOIUrl":"https://doi.org/10.1177/0308518x231203083","url":null,"abstract":"During the covid-19 pandemic, basic income pilot programs spread across U.S. cities like the novel coronavirus itself. The policy of no-strings-attached cash transfers marks a potentially significant change in the development of post-austerity politics, but only if basic income programs can endure beyond their trial phase. This paper centers the phenomenon of viral cash—cash transfer programs that mutate and multiply like the coronavirus to which they respond—as a means of assessing the possible pathways from trial programs to standing policy. Drawing on case studies of pilot programs in Minneapolis, St. Paul, and Denver, I argue that basic income pilots extend beyond their end-date by creating individual and institutional constituencies invested in unconditional cash transfers. Focusing on these constituencies draws attention to basic income’s role in popularizing child tax credits, program cash stipends and other policy reforms recently enacted by cities and states. Seen this way, basic income’s virus-like susceptibility to mutation plays a key role in seeding support for urban policies and politics that counter prior austerity by centering investment in human capacity.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135591442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-03DOI: 10.1177/0308518x231197967
{"title":"Winners of the Ashby prizes","authors":"","doi":"10.1177/0308518x231197967","DOIUrl":"https://doi.org/10.1177/0308518x231197967","url":null,"abstract":"","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135739349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-01DOI: 10.1177/0308518x231202918
Isabella M Weber
This paper responds to the contributions to the review symposium on How China Escaped Shock Therapy. I discuss the strategy of economic system reform that started from the non-essential parts of the industrial system in order to eventually transform the commanding heights; the spatial dimension of reform in relation to “dual circulation” and the coastal development strategy; the nature and meaning of Chinese gradualism; and China’s price stabilization strategies of the 1980s in relation to later inflationary challenges. Finally, I reflect on the symposium as a dialogue between economic geography and a history of ideas in action that I pursued in my book.
{"title":"Response to the book forum on <i>How China Escaped Shock Therapy</i>","authors":"Isabella M Weber","doi":"10.1177/0308518x231202918","DOIUrl":"https://doi.org/10.1177/0308518x231202918","url":null,"abstract":"This paper responds to the contributions to the review symposium on How China Escaped Shock Therapy. I discuss the strategy of economic system reform that started from the non-essential parts of the industrial system in order to eventually transform the commanding heights; the spatial dimension of reform in relation to “dual circulation” and the coastal development strategy; the nature and meaning of Chinese gradualism; and China’s price stabilization strategies of the 1980s in relation to later inflationary challenges. Finally, I reflect on the symposium as a dialogue between economic geography and a history of ideas in action that I pursued in my book.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136056108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-01DOI: 10.1177/0308518x231202910
Kean Fan Lim
This paper offers a critical engagement with Isabella Weber’s fascinating new book, How China Escaped Shock Therapy. It foregrounds the book’s contributions to knowledge on a hitherto under-explored topic – why shock therapy advocates were unsuccessful in launching all-out price liberalisation across China during the 1980s – and introduces new questions through assessing Weber’s analysis vis-à-vis three geographical aspects of Chinese political-economic evolution: (a) the role of landownership control and redistribution in stabilising the Chinese economy following the Communist Party of China’s (CPC) revolutionary victory in 1949; (b) the path-dependent effects of Mao-era (1949-1976) landownership institutions on economic reforms during the 1980s; and (c) Deng Xiaoping’s approach to the multi-dimensional emergence of coastal-oriented industrialisation. These three aspects collectively accentuate how the territorial configuration and regulation of the Chinese political economy, so fundamental for producing and sustaining CPC regime durability, undermined the neoclassical bias towards price liberalisation. Understanding the geographical preconditions that underpin post-1949 Chinese political-economic evolution is therefore crucial for understanding why shock therapy was ultimately deemed incongruent with CPC rule.
{"title":"The geographical preconditions of radical price reforms in post-Mao China: Critical reflections on <i>How China Escaped Shock Therapy</i>","authors":"Kean Fan Lim","doi":"10.1177/0308518x231202910","DOIUrl":"https://doi.org/10.1177/0308518x231202910","url":null,"abstract":"This paper offers a critical engagement with Isabella Weber’s fascinating new book, How China Escaped Shock Therapy. It foregrounds the book’s contributions to knowledge on a hitherto under-explored topic – why shock therapy advocates were unsuccessful in launching all-out price liberalisation across China during the 1980s – and introduces new questions through assessing Weber’s analysis vis-à-vis three geographical aspects of Chinese political-economic evolution: (a) the role of landownership control and redistribution in stabilising the Chinese economy following the Communist Party of China’s (CPC) revolutionary victory in 1949; (b) the path-dependent effects of Mao-era (1949-1976) landownership institutions on economic reforms during the 1980s; and (c) Deng Xiaoping’s approach to the multi-dimensional emergence of coastal-oriented industrialisation. These three aspects collectively accentuate how the territorial configuration and regulation of the Chinese political economy, so fundamental for producing and sustaining CPC regime durability, undermined the neoclassical bias towards price liberalisation. Understanding the geographical preconditions that underpin post-1949 Chinese political-economic evolution is therefore crucial for understanding why shock therapy was ultimately deemed incongruent with CPC rule.","PeriodicalId":11906,"journal":{"name":"Environment and Planning A","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136129266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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