Clark University

ECONOMIC GEOGRAPHY ISSUE: Vol. 92 No. 3 July 2016

 

 

 

Design of new Economic Geography JournalEconomic Geography is an internationally peer-reviewed journal, committed to publishing cutting-edge research that makes theoretical advances to the discipline. Our long-standing specialization is to publish the best theoretically-based empirical articles that deepen the understanding of significant economic geography issues around the world. Owned by Clark University since 1925, Economic Geography actively supports scholarly activities of economic geographers. Economic Geography is published quarterly in January, April, July, and October.

CONTENTS

 

 

Editorial

Journal Articl

 

 

Financializing Detroit

Jamie Peck and Heather Whiteside, Pages 235–268
Abstract |Complete Article | Enhanced Article

 

Sociospatial Culture and Entrepreneurship: Some Theoretical and Empirical Observations

Robert Huggins and Piers Thompson, Pages 269–300
Abstract | Complete Article | Enhanced Article

 

Crowdfunding in the United Kingdom: A Cultural Economy

Paul Langley, Pages 301–321
Abstract |Complete Article | Enhanced Article

 

Out of Sight, Out of Mind: When Proximities Matter for Mutual Fund Flows

Stéphanie Lavigne and Dalila Nicet-Chenaf, Pages 322–344
Abstract | Complete Article | Enhanced Article

 

 

 

 

 

BOOK REVIE

 

Handbook of Manufacturing Industries in the World Economy,edited by John R. Bryson, Jennifer Clark, and Vida Vanchan
Douglas R. Gress, pages 345-347
Read Book Review

Innovation Spaces in Asia: Entrepreneurs, Multinational Enterprises and Policy, edited by Maureen McKelvey and Sharmistha Bagchi-Sen
Cassandra C. Wang, pages 348-349
Read Book Review

Global Perspectives on Gender and Space: Engaging Feminism and Development, edited by Ann M. Oberhauser and Ibipo Johnston-Anumonwo
Beth A. Bee, pages 350-351
Read Book Review

 

Political Ecologies of Meat, edited by Jody Emel and Harvey Neo
Kathryn Gillespie, pages 352-353
Read Book Review

 

 

 

 

 

 

 

 

 

 

 

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ABSTRACTS

Financializing Detroit

Jamie Peck and Heather Whiteside

Abstract: Taking as its focus the not-so-special case of Detroit, which recently experienced the largest municipal bankruptcy in US history, this article explores the financialization of American urban governance in both conceptual and concrete terms. The financially mediated restructuring of Detroit, through the imposition of emergency management by the state of Michigan and subsequently through the federal bankruptcy code, has been portrayed as an extreme event, with deep roots in histories of deindustrialization, racial exclusion, and suburban flight. It is not to downplay the significance of this experience to suggest, however, that the Detroit case also represents an ordinary crisis of a faltering regime of financialized urbanism. Compounding a shift toward entrepreneurial urban governance, cities now find themselves in an operating environment that has been constitutively financialized. Bondholder-value disciplines have become systemic in reach, along with an amplified role for financial gatekeepers like credit rating agencies; technocratic forms of financial management have been spreading and deepening, both in supposedly normal times and under externally imposed emergency measures; and in some cities the routinized play of growth-machine politics is being eclipsed by a new generation of debt-machine dynamics. While the ultimate focus of this article is on Detroit, its chief concern is with the framing of the city’s storied financial crisis—theoretically and then institutionally..

 

Key words: financialization, entrepreneurial governance, neoliberal urbanism, technocracy, credit rating, bond markets, Detroit


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Sociospatial Culture and Entrepreneurship: Some Theoretical and Empirical Observations

Robert Huggins and Piers Thompson

 

Abstract: Entrepreneurship is increasingly acknowledged as an important factor underlying uneven economic geographies. Similarly, spatial patterns of entrepreneurship are increasingly considered to relate to the nature of the culture present within particular places. However, the nature of these relationships remains relatively unexplored, and this study addresses some of the gaps through both a theoretical and an empirical examination of the association between sociospatial culture and entrepreneurship. It develops the notion of community culture, and drawing on an analysis of data from localities in Great Britain, it finds that a range of dimensions of sociospatial community culture relating to social cohesion, collective action, and social rules are significantly associated with local entrepreneurial activity. Generally, localities in more economically developed regions are found to display more individualistic and diverse cultures. It is concluded that the findings represent a significant challenge for policy making in less developed localities and regions, which generally have sociospatial cultures high in communal and collective values but low rates of entrepreneurship.

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Key words: sociospatial culture, community culture, institutions, entrepreneurship, localities, regions

 


Complete Article | Enhanced Article

 

Crowdfunding in the United Kingdom: A Cultural Economy

 

Paul Langley

Abstract: Crowdfunding is a digital economy in which funds provided by large numbers of individuals (the crowd) are aggregated and distributed through online platforms to a range of actors and institutions. In the United Kingdom, crowdfunding is a particularly diverse and dynamic economy: the forms taken by funding now range from donations to business loans and the issue of equities by start-up enterprises, and recent rapid growth is concentrated in the financial market circuits of crowdfunding. This article analyzes the changing composition of the crowdfunding economy in the United Kingdom as a process of financial marketization and develops a sympathetic critical engagement with cultural economy scholarship on the geographies of money and finance. Consistent with previous cultural economy research into sociotechnical processes, the financial market circuits of crowdfunding are shown to be produced through the mobilization of economic theory and the enrollment of calculative market devices. When calling for a broadening of the existing analytical remit of cultural economy scholarship, however, emphasis is also placed on both regulation and governance and monetary valuations as constitutive and relational forces in the assembly of markets in the making. Regulation and governance are shown to deploy sovereign powers and techniques to territorialize, legitimize, and bolster the financial market circuits of crowdfunding. Money, meanwhile, is shown to play a dual role. While it certainly enables calculative and marketized valuations, money simultaneously creates scope for a multiplicity of values to be inscribed into its circulations such that the diversity of the crowdfunding economy persists and proliferates amidst financial marketization.


Key words: crowdfunding, peer-to-peer lending, finance, marketization, money


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Out of Sight, Out of Mind: When Proximities Matter for Mutual Fund Flows

Stéphanie Lavigne and Dalila Nicet-Chenaf

Abstract: We analyze the aggregate investment of 22,900 worldwide mutual funds and question factors that promote accessibility to foreign stock markets for these investors when they allocate their assets outside their domestic market. A gravity model is proposed to test the influence of geographical, institutional and cognitive proximity in explaining asset trading by mutual funds. While mutual funds invest primarily in large stock markets and in countries with similar legal systems and the same language or culture, we find robust evidence of a geographical pattern in the distribution of their assets. Investments are located primarily in countries close to home, attesting that despite the globalization of stock markets and the high mobility of capital, geography is still relevant for understanding transactions of mutual funds. Results depending on which geographical, institutional and cognitive proximity promotes accessibility to foreign markets remain robust when introducing the issue of time horizons of investors.



Key words: geography of finance, accessibility, proximity, mutual funds, gravity model


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UPCOMING ARTICLES

October 2016

Universities, Public Research, and Evolutionary Economic Geography

Paul Vallance

 

The Importance of Housing for Self-Employment

Darja Reuschke

 

Resource-sensitive Global Production Networks: Reconfigured Geographies of Timber and Acoustic Guitar Manufacturing

Chris Gibson and Andrew Warren

 

Economic Institutions and the Location Strategies of European Multinationals in Their Geographic Neighborhood

Andrea Ascani, Riccardo Crescenzi, and Simona Iammarino

 

 

 

FUTURE ISSUES

 

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From Futures Markets to the Farm Gate: A Study of Price Formation along Tanzania’s Coffee Commodity Chain

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Infrastructure Alliances: Supply-Chain Expansion and Multi-City Growth Coalitions

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Knowledge Base Combinations and Innovation Performance in Swedish Regions

Markus Grillitsch, Roman Martin and Martin Srholec

 

Exogenously Led and Policy-Supported New Path Development in Peripheral Regions: Analytical and Synthetic Routes

Arne Isaksen and Michaela Trippl

 

 

UPCOMING BOOK REVIEWS

 

 

The Geographical Transformation of China  Edited by Michael Dunford and Weidong Liu

George C. S. Lin

 

Dynamics of Economic Spaces in the Global Knowledge-Based Economy: Theory and East Asian Cases By Sam Ock Park

Neil Reid

 

 

Unexpected Outcomes: How Emerging Economies Survived the Global Financial Crisis Edited by Carol Wise, Leslie Elliott Armijo, and Saori N. Katada

Jun Ho Jeong

 

 

Global Clusters of Innovation: Entrepreneurial Engines of
Economic Growth around the World

Edited by Jerome S. Engel

Charlie Karlsson

 

 

 

 







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