Pub Date : 2023-03-02DOI: 10.1080/00130095.2023.2174514
Tasos Kitsos, S. Grabner, André Carrascal-Incera
Abstract We study the role of local industrial embeddedness (the share of regional interindustry economic activity that is anchored to a region) on regional resistance (the difference between pre- and postcrisis employment) to the 2008 Great Recession (GR) in EU and UK NUTS-2 regions. The recession had profound effects in regional economies, which showed diverse performance based on their capacity to absorb the shock. The concept of economic resilience has been brought to the center of attention with several contributions exploring its determinants. However, the impact of the embeddedness of local economic systems in terms of sales and supplies has been largely unexplored. We use regional input–output tables to approximate the embeddedness of local economies, and we use fixed-effects and quantile regressions to test its relationship to regional resistance between 2008 and 2011. We find that during the GR, regional industries opted to change input rather than output markets. Additionally, embeddedness has a curvilinear relationship to regional resistance that varies across the distribution of regional resistance performance. Finally, at the industry level, we find regional embeddedness to be important to the resistance of manufacturing and financial and business services, and sectoral embeddedness to matter more for the resistance of construction and wholesale, retail, and information technology. Our findings highlight nuances that policy makers should be aware of in planning for resilience.
{"title":"Industrial Embeddedness and Regional Economic Resistance in Europe","authors":"Tasos Kitsos, S. Grabner, André Carrascal-Incera","doi":"10.1080/00130095.2023.2174514","DOIUrl":"https://doi.org/10.1080/00130095.2023.2174514","url":null,"abstract":"Abstract We study the role of local industrial embeddedness (the share of regional interindustry economic activity that is anchored to a region) on regional resistance (the difference between pre- and postcrisis employment) to the 2008 Great Recession (GR) in EU and UK NUTS-2 regions. The recession had profound effects in regional economies, which showed diverse performance based on their capacity to absorb the shock. The concept of economic resilience has been brought to the center of attention with several contributions exploring its determinants. However, the impact of the embeddedness of local economic systems in terms of sales and supplies has been largely unexplored. We use regional input–output tables to approximate the embeddedness of local economies, and we use fixed-effects and quantile regressions to test its relationship to regional resistance between 2008 and 2011. We find that during the GR, regional industries opted to change input rather than output markets. Additionally, embeddedness has a curvilinear relationship to regional resistance that varies across the distribution of regional resistance performance. Finally, at the industry level, we find regional embeddedness to be important to the resistance of manufacturing and financial and business services, and sectoral embeddedness to matter more for the resistance of construction and wholesale, retail, and information technology. Our findings highlight nuances that policy makers should be aware of in planning for resilience.","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"227 - 252"},"PeriodicalIF":7.0,"publicationDate":"2023-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42875703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Homes in High Flats","authors":"G. Rowles, P. Jephcott, Hilary Robinson","doi":"10.2307/142752","DOIUrl":"https://doi.org/10.2307/142752","url":null,"abstract":"","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"49 1","pages":"84"},"PeriodicalIF":7.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2307/142752","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44475489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-06DOI: 10.1080/00130095.2023.2168391
Denise Braz, Caroline V. Faria
ed language, his erasure of real places, and his silence on the racial-gendered foundations of capitalism. Santos wrote much of the book from exile, and it was subject to the censorship of the Brazilian state on his return. Thismay explainwhy somany opportunities Vol. 99 No. 4 2023
{"title":"For a New Geography","authors":"Denise Braz, Caroline V. Faria","doi":"10.1080/00130095.2023.2168391","DOIUrl":"https://doi.org/10.1080/00130095.2023.2168391","url":null,"abstract":"ed language, his erasure of real places, and his silence on the racial-gendered foundations of capitalism. Santos wrote much of the book from exile, and it was subject to the censorship of the Brazilian state on his return. Thismay explainwhy somany opportunities Vol. 99 No. 4 2023","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"434 - 437"},"PeriodicalIF":7.0,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42107339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-31DOI: 10.1080/00130095.2023.2168393
C. Schulz
At first glance—and despite the uncontested reputation of its author—the title of this book sounded overambitious if not presumptuous to me. At second glance, which is after a careful and fascinating read of the book, it sounds more ambivalent though. The title is simultaneously understated and overstated. It is understated, since the book provides far more than an agenda for action because only the three last out of nine chapters deal with aims and actions. It builds on a very substantial historic and cross-sectoral analysis of political–economic trajectories that led to the current cumulation of crises. At the same time, it might be perceived as overstated, because the subtitle may raise expectations going beyond what the author suggests in terms of concrete actions and strategies (see further below). The first six chapters not only provide a thoroughly substantiated basis for the author’s argument toward paradigmatic change, this section is also an unedited and compelling synthesis, bringing together interdisciplinary scientific views on nature, societies, and the prevalent economic system. Targeting a wider audience, the author succeeds in combining a readable language with a dense and differentiated account. These introductory chapters present an intriguing and sharp analysis of the driving forces of the mass production system, resulting in rapidly growing inequalities, a ruling plutocracy of powerful corporate actors and lobby groups, and an acceleration of resource depletion, biodiversity loss, climate change, and other negative environmental impacts. Amongst others, he reveals the consequences of planned obsolescence of consumer goods, and challenges the dematerialization hypothesis that he deconstructs as—at best—a mere relative decoupling of resource use and economic growth. Considering mass production as a phasing out paradigm according to Freeman and Perez’s Techno-Economic Paradigm (TEC) nomenclature, he identifies information and communication technologies (ICT) as the prevalent agent of economic change. Only its transformative potential for a more sustainable transition seems undervalued. Whether one adheres or not to the concept of TEC and the idea of an ICT paradigm succeeding industrial mass production, it comes most timely to critically discuss a possible reconciliation of electronic technologies and sustainability imperatives. Undoubtedly, ICT bear a high potential of facilitating more resource efficient ways of production and consumption. However, and although the author repeatedly declines the notion of sole technological fix–oriented approaches, his understanding of ICT reads overly optimistic at times or tends to be superficial at least. This is the case, for example, when praising Uber and similar services as sustainable sharing solutions or when emphasizing robot-based precision farming as the most promising way to make agriculture more environmentally friendly (i.e., through a more efficient use of fertilizers and pesti
乍一看，尽管作者的声誉毋庸置疑，但这本书的标题对我来说，如果不是冒昧的话，听起来过于雄心勃勃。然而，在仔细而迷人地阅读了这本书之后，再看一眼，它听起来更矛盾。这个标题同时被低估和夸大了。这是轻描淡写的，因为这本书提供的远不止行动议程，因为九章中只有最后三章涉及目标和行动。它建立在对导致当前危机累积的政治-经济轨迹进行大量历史和跨部门分析的基础上。同时，它可能被认为是夸大其词，因为副标题可能会在具体行动和战略方面超出作者的建议（见下文）。前六章不仅为作者关于范式变革的论点提供了一个充分的证据基础，本节也是一篇未经编辑且引人注目的综合文章，汇集了关于自然、社会和普遍经济体系的跨学科科学观点。针对更广泛的受众，作者成功地将可读的语言与密集而有区别的叙述相结合。这些介绍性章节对大规模生产系统的驱动力进行了有趣而尖锐的分析，这些驱动力导致了快速增长的不平等、强大的企业行为者和游说团体的统治财阀，以及资源枯竭、生物多样性丧失、气候变化和其他负面环境影响的加速。除其他外，他揭示了消费品计划过时的后果，并挑战了非物质化假说，他将其解构为——充其量——资源使用和经济增长的相对脱钩。根据弗里曼和佩雷斯的技术经济范式（TEC）命名法，他认为大规模生产是一种逐步淘汰的范式，他认为信息和通信技术是经济变革的主要推动者。只有其更可持续转型的变革潜力似乎被低估了。无论人们是否坚持TEC的概念和继工业大规模生产之后的ICT范式的想法，批判性地讨论电子技术与可持续性需求之间的可能协调都是最及时的。毫无疑问，信息和通信技术在促进资源效率更高的生产和消费方式方面具有很大潜力。然而，尽管作者一再拒绝以技术修复为导向的唯一方法的概念，但他对信息和通信技术的理解有时过于乐观，或者至少是肤浅的。例如，当称赞优步和类似服务是可持续的共享解决方案时，或者当强调基于机器人的精准农业是使农业更环保的最有前途的方式时（即，通过更有效地使用化肥和农药），情况就是这样。诚然，选择变革实践来说明第7章BO O K R EV EW
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Pub Date : 2023-01-30DOI: 10.1080/00130095.2023.2169670
R. Huggins
The spatial unevenness of rates of entrepreneurship and innovation are an enduring theme within the fi eld of economic geography. More recently, a lack of entrepreneurial and innovative capacity and capability have been identi fi ed as a cause for many cities and regions becoming what are considered by some as left behind places both economically and socially. Although this is rightly the case, the fi eld is still seeking to grapple with establishing plausible and realistic solutions to tackling the long-term problems these cities and regions face. An emerging and potentially powerful stream of research has started to emerge indicating that some so-called left behind places have begun a journey of new path creation based on entrepreneurial endeavor, which has led to the development of new innovative fi rms in growing industries. Nevertheless, much of the literature takes a relatively downbeat approach, suggesting that a small band of winning cities and regions will continue to develop and advance at the expense of the laggards. The Rise of the Rest represents an engaging and enlightening account as to how this zero-sum theory does not necessarily need to be the case and provides a somewhat different philosophical counterweight to some streams of scholarly work. Indeed, The Rise of the Rest is not written by an academic, but rather by Steve Case, the founder of America Online (AOL) and now a leading venture capitalist. The book tells his story as to how he initiated a major venture fi nance program — also called the Rise of the Rest — that has sought to trigger new entrepreneurship and innovation in cities and regions in the US outside the traditional hotspots on the nation ’ s east and west coasts.
{"title":"The Rise of the Rest: How Entrepreneurs in Surprising Places Are Building the New American Dream","authors":"R. Huggins","doi":"10.1080/00130095.2023.2169670","DOIUrl":"https://doi.org/10.1080/00130095.2023.2169670","url":null,"abstract":"The spatial unevenness of rates of entrepreneurship and innovation are an enduring theme within the fi eld of economic geography. More recently, a lack of entrepreneurial and innovative capacity and capability have been identi fi ed as a cause for many cities and regions becoming what are considered by some as left behind places both economically and socially. Although this is rightly the case, the fi eld is still seeking to grapple with establishing plausible and realistic solutions to tackling the long-term problems these cities and regions face. An emerging and potentially powerful stream of research has started to emerge indicating that some so-called left behind places have begun a journey of new path creation based on entrepreneurial endeavor, which has led to the development of new innovative fi rms in growing industries. Nevertheless, much of the literature takes a relatively downbeat approach, suggesting that a small band of winning cities and regions will continue to develop and advance at the expense of the laggards. The Rise of the Rest represents an engaging and enlightening account as to how this zero-sum theory does not necessarily need to be the case and provides a somewhat different philosophical counterweight to some streams of scholarly work. Indeed, The Rise of the Rest is not written by an academic, but rather by Steve Case, the founder of America Online (AOL) and now a leading venture capitalist. The book tells his story as to how he initiated a major venture fi nance program — also called the Rise of the Rest — that has sought to trigger new entrepreneurship and innovation in cities and regions in the US outside the traditional hotspots on the nation ’ s east and west coasts.","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"438 - 440"},"PeriodicalIF":7.0,"publicationDate":"2023-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49140360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-20DOI: 10.1080/00130095.2022.2149487
Maira Magnani, D. Sanfelici
Abstract Over the past few decades, pension funds have emerged as major players in global financial markets as the reserves they manage have grown steadily. In this context, trustees are confronted with acute dilemmas regarding how best to generate investment returns to beneficiaries. This involves crucial decisions regarding the diversification of investment portfolios as well as decisions on whether, when, and to whom to outsource investment functions and tasks. The literature in economic geography has frequently treated outsourcing decisions as taken by the asset owners based on criteria such as costs of coordination, availability of information, governance structure, and internal expertise. Focusing on the outsourcing of property investment by Brazil’s largest pension funds and drawing on a relational approach, this article investigates the actions taken by the real estate investment trust (REIT) industry to attract and retain pension fund money into their investment vehicles. It is claimed that REIT managers have acted on three dimensions to capture pension fund money: (1) by influencing the regulatory framework affecting pension funds, (2) by building networks of trust with pension fund managers and trustees, (3) by adapting internal procedures to the expectations and needs of institutional investors. Putting the spotlight on the evolving, power-laden relationships connecting key actors in finance, we were able to demonstrate how the pooling of money by financial institutions is politically and socially constructed and how it changes the geography of money flows.
{"title":"The Financial Industry Sets Sights on Institutional Investors: A Relational Approach to Property Investment Outsourcing","authors":"Maira Magnani, D. Sanfelici","doi":"10.1080/00130095.2022.2149487","DOIUrl":"https://doi.org/10.1080/00130095.2022.2149487","url":null,"abstract":"Abstract Over the past few decades, pension funds have emerged as major players in global financial markets as the reserves they manage have grown steadily. In this context, trustees are confronted with acute dilemmas regarding how best to generate investment returns to beneficiaries. This involves crucial decisions regarding the diversification of investment portfolios as well as decisions on whether, when, and to whom to outsource investment functions and tasks. The literature in economic geography has frequently treated outsourcing decisions as taken by the asset owners based on criteria such as costs of coordination, availability of information, governance structure, and internal expertise. Focusing on the outsourcing of property investment by Brazil’s largest pension funds and drawing on a relational approach, this article investigates the actions taken by the real estate investment trust (REIT) industry to attract and retain pension fund money into their investment vehicles. It is claimed that REIT managers have acted on three dimensions to capture pension fund money: (1) by influencing the regulatory framework affecting pension funds, (2) by building networks of trust with pension fund managers and trustees, (3) by adapting internal procedures to the expectations and needs of institutional investors. Putting the spotlight on the evolving, power-laden relationships connecting key actors in finance, we were able to demonstrate how the pooling of money by financial institutions is politically and socially constructed and how it changes the geography of money flows.","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"285 - 311"},"PeriodicalIF":7.0,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49520751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-20DOI: 10.1080/00130095.2022.2155134
M. Aalbers, Zac J. Taylor, Tobias J. Klinge, Rodrigo Fernandez
Abstract Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused on the real estate/state axis of this relationship, we explore the underexamined connections between the real estate/finance axis and the finance/state axis of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the trust in real estate investment trusts, and it thus is what generates the investment in real estate investment trusts.
{"title":"In Real Estate Investment We Trust: State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts","authors":"M. Aalbers, Zac J. Taylor, Tobias J. Klinge, Rodrigo Fernandez","doi":"10.1080/00130095.2022.2155134","DOIUrl":"https://doi.org/10.1080/00130095.2022.2155134","url":null,"abstract":"Abstract Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused on the real estate/state axis of this relationship, we explore the underexamined connections between the real estate/finance axis and the finance/state axis of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the trust in real estate investment trusts, and it thus is what generates the investment in real estate investment trusts.","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"312 - 335"},"PeriodicalIF":7.0,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49095564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.1080/00130095.2022.2130749
Marco Di Cataldo, L. Ferranna, Margherita Gerolimetto, S. Magrini
Abstract This article analyzes institutional changes in local governance structures as determinants of wage premium and innovation capacity of urban areas. By combining individual and metropolitan area data for the US, we study the role of institutional fragmentation, related to the number of local governments operating in an area, and institutional coordination, stemming from the creation of authorities fostering the collaboration of local governments. Our findings suggest that more fragmented institutional landmarks do not benefit the wage competitiveness and innovativeness of urban areas. If anything, they harm them. Conversely, stronger coordination among local governments boosts the productivity of functional regions by increasing their wage premium and improving their capacity to innovate. Coordination agreements between different counties or municipalities are especially relevant in the case of urban areas modifying their functional borders over time. These findings provide key insights into the economic effects of reforming the governance structure of metropolitan areas.
{"title":"Splitting Up or Dancing Together? Local Institutional Structure and the Performance of Urban Areas","authors":"Marco Di Cataldo, L. Ferranna, Margherita Gerolimetto, S. Magrini","doi":"10.1080/00130095.2022.2130749","DOIUrl":"https://doi.org/10.1080/00130095.2022.2130749","url":null,"abstract":"Abstract This article analyzes institutional changes in local governance structures as determinants of wage premium and innovation capacity of urban areas. By combining individual and metropolitan area data for the US, we study the role of institutional fragmentation, related to the number of local governments operating in an area, and institutional coordination, stemming from the creation of authorities fostering the collaboration of local governments. Our findings suggest that more fragmented institutional landmarks do not benefit the wage competitiveness and innovativeness of urban areas. If anything, they harm them. Conversely, stronger coordination among local governments boosts the productivity of functional regions by increasing their wage premium and improving their capacity to innovate. Coordination agreements between different counties or municipalities are especially relevant in the case of urban areas modifying their functional borders over time. These findings provide key insights into the economic effects of reforming the governance structure of metropolitan areas.","PeriodicalId":48225,"journal":{"name":"Economic Geography","volume":"99 1","pages":"81 - 110"},"PeriodicalIF":7.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44382364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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