Open Sessions

SOU 29 - Financialization and urban value capture

22 Nov

22 November

14:30 to 17:30

Venue: El Jadida

LEAD ORGANIZER

International Urban Development Association

Tel: +33 1 58 30 34 52

Email: intainfo@inta-net.org

Web: https://inta-aivn.org/en/

PRESENTATION OF THE SESSION

Financialization describes the growing power of finance capital over economic, social and political processes. From an urban point of view, financialization can also be understood as a form of accumulation characterized by the capturing of value and wealth through the provision of credit, insurance and forms of financial intermediation. The role of finance and financial actors in shaping the city is increasingly key to understanding some contemporary urban problems. Why are rents rising? Why is office space being built during a homelessness crisis and a desperately need to increase the supply of affordable housing? How and where is profit being produced from urban space and what are the likely outcomes of this type of model? All of these questions in some way relate to how finance shapes the city. Profiting without producing. Much of the expansion of finance in this regard has occurred in the spaces left open by welfare retrenchment. The privatization of social housing, transport, education and healthcare has been instrumental to the emergence of new financial markets. This draws attention to shift from ‘welfare to debtfare’ and thus to the ways in which finance "install" itself into the social reproduction previously sustained by public services.   What are the effects of the financialization of the economy on social and spatial developments in African cities? Debate and discussion on instruments and policies:
  1. How local authorities could regulate financialization to foster their public policies, especially on social and spatial issues?
  2. What capacities to face and drive the urban development in developing countries in the context of financialization of the global economy?
  3. How to mitigate the negative urban externalities of financialization?
  4. How to limit the risk for investors of real estate bubbles generated by financialization?
  5. How far urban planning and urban development control and land management can regulate the urban development in the present context of high investments?
  6. How local authorities can take initiatives to mobilize State governments and International organizations to implement a framework for better regulate the effect on urbanization of financialization of the global economy?

PANEL

Programme

Summary

Keynote / introduction: What are the effects of the financialization of the economy on the social and spatial development of African cities?

Debate and discussion on instruments and policies: (interventions and presentations of experiences around the following questions)

– How could local authorities regulate financialization to promote their public policies, particularly on social and spatial issues?

– What are the capacities to confront and drive urban development in developing countries in the context of the financialization of the global economy?

– How to mitigate the negative urban externalities of financialization?

– How can the risk of real estate bubbles generated by financialization be limited for investors?

– To what extent can planning, urban development control and land management regulate urban development in the current context of high investment?

– How can local authorities take initiatives to mobilize States and international organizations to put in place a framework to better regulate the effects of urbanization on the financialization of the global economy?

Round tables/working groups on the tools to be invented or implemented: planning, land, housing, digital, taxation, etc.

Conclusions and statement

Speakers

Parallel Sessions