Urban assets and the financialisation fix: land tenure, renewal and path dependency in the city of Birmingham

Abstract

Cities are places of incremental decision-making involving complex negotiations that produce accumulations of urban assets and path dependency. The ownership, control and co-ordination of urban land and its transformation into an investment asset is a key link between economic interests and urban activities that come together in site-based “financialisation fixes”. A financialisation fix combines a development solution for a specific site with a financial model creating a locally embedded asset. This article examines how land tenure (freehold versus leasehold rights) influences the transformation of a city and the role a local authority plays in the financial management of land assets. This includes an analysis of the application of financialisation to urban assets and the first tax increment financing scheme of 1875.

Publication DOI: https://doi.org/10.1093/cjres/rsx013
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
Additional Information: © The Author 2017. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
Publication ISSN: 1752-1386
Full Text Link:
Related URLs: https://academi ... 0/3/455/4161089 (Publisher URL)
PURE Output Type: Article
Published Date: 2017-09-18
Accepted Date: 2017-08-01
Authors: Bryson, John
Mulhall, Rachel
Song, Meng (ORCID Profile 0000-0003-2375-6807)
Kenny, Richard

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