Speaker
Description
Over the past two decades, the concept of ‘financialization’ has gained prominence in urban studies, reflecting the growing influence of financial actors, practices, and instruments in shaping urban markets.
This phenomenon, as explored by scholars such as Epstein (2005), Leyshon and Thrift (2007), Krippner (2011), Gotham (2012), Christophers (2015), Raco et al. (2019), and Aalbers (2019), underscores the pivotal role of real estate investments and financial strategies for the management of built environment and urban development. Despite extensive global research, the financialization of urban markets in Milano requires deeper investigation, given the mounting pressures exerted by real estate dynamics on the city’s spatial planning frameworks.
Building on solid research (Pasqui, 2019; Anselmi & Vicari, 2020; Conte & Anselmi, 2022) and empirical analysis, this study aims to unveil the multifaceted financialization processes influencing Milano’s urban market by addressing the patterns and impacts of property investments in urban development and real estate management; the regulatory, programming, and planning instruments that enable real estate finance; and (the roles and strategies of the key actors operating in Milano’s urban market.
By focusing on Milano, a city emblematic of contemporary urban transformation in Southern Europe, this research seeks to uncover the intricate connections between predatory financial mechanisms and urban development related to capital accumulation liberated by Milanese households and enterprises. It will explore how especially global and continental financial actors, motives and instruments shape spatial configurations, intensify real estate pressures, and influence urban policy and governance.
The findings are intended to contribute to broader discussions on the implications of financialization for urban sustainability, equity, and resilience, while offering practical insights into navigating these challenges in Milano and similar urban contexts worldwide.
Also, this contribution tackles the specificity of Milano in being a gateway city (Bolocan Goldstein, 2017) despite its medium-size dimension and its political status as a non-capital city. In this sense, its geopolitical configuration in the middle between Continental and Mediterranean Europe makes this city an important catalyst for institutional financial investment, which enormously renovated the city in comparison to the rest of the country.
In conclusion, this research project adopts an interdisciplinary approach, drawing from urban planning, geo-economics, and real estate studies, to provide a comprehensive framework for understanding the financialization complex in Milano. The insights gained aim to inform both scholarly debates and policymaking, emphasizing the need for strategies that balance financial imperatives with inclusive urban development.
References
Aalbers, M. B. (2019). Financial Geography I: Geographies of Financialization. Progress in Human Geography, 43(2), 391–399.
Anselmi, G., & Vicari, S. (2020). Urban Transformations in Milan: Financial Flows and Real Estate Practices. Urban Geography, 41(7), 1014–1030.
Bolocan Goldstein, M. (2017). Milano globale: Il ruolo della città nella rete economica internazionale. FrancoAngeli.
Christophers, B. (2015). The New Logics of Urban Land Markets: A Political Economy of Land Value Capture in the Twenty-First Century. Urban Studies, 54(1), 144–165.
Conte, C., & Anselmi, G. (2022). Mapping the Financialization of Urban Markets in Italy. Geoforum, 133, 38–49.
Epstein, G. A. (Ed.). (2005). Financialization and the World Economy. Edward Elgar Publishing.
Gotham, K. F. (2012). Crisis Cities: Disaster and Redevelopment in New York and New Orleans. Oxford University Press.
Krippner, G. R. (2011). Capitalizing on Crisis: The Political Origins of the Rise of Finance. Harvard University Press.
Leyshon, A., & Thrift, N. (2007). The Capitalization of Almost Everything: The Future of Finance and Capitalism. Theory, Culture & Society, 24(7–8), 97–115.
Pasqui, G. (2019). La città, il territorio, i piani: Governo e politiche urbanistiche. Donzelli Editore.
| Keywords | financializaiton, urban market, Milano |
|---|---|
| Best Congress Paper Award | Yes |
