Hidden Empire of Finance follows the rise of new global cities, tracing their roots back to the 1970s global proliferation of neoliberalism and following their fate in the wake of the 2008 financial collapse. As India, China, and other nations sought to develop urban infrastructures that could compete with western hubs like New York, Paris, and London, large-scale flows of capital intruded into national economies to speculate on the growing real estate market. A web of opaque financial products, such as collateralized debt and real estate investment trusts, became alternative vehicles for the speculators' investments, resulting in vast networks of public goods and services that are now owned and controlled by major financial firms located oceans away. Michael Goldman shows that speculative urbanism relies on dispossession and the racialization of institutional practices to fuel finance's insatiable appetite for capital, determining the ways cities across the global South and North are governed.
Michael Goldman is Professor of Sociology and Director of the Institute for Global Studies at the University of Minnesota Twin Cities. He is the author of Imperial Nature and the co-editor of The Social Lives of Land and Chronicles of a Global City, among others.
Acknowledgments ix Introduction. Through the Looking Glass of Global City Making 1 Part I Preface to Part I 49 1. The Making of the Global Urban Turn: Transnational Policy Networks Redefine the City 51 2. The Gathering Storm: Urban Transformation Across Three Continents 73 3. "The Bubble on a Whirlpool of Speculation": Afterlives of the Financial Crisis and the New Urban Imaginary 103 Part II Preface to Part II 137 4. "A Picture of the Future": Urbanization and the Challenges to Democracy in Bangalore 139 5. The Making of an Urban Land Market: Dispossession, Financialization, and the Emergence of Bengaluru as a Global City 169 6. Remaking Real Estate, Capital Markets, and City Life: Private Equity and the New Logics of Finance 203 Conclusion. The Turn to a Postspeculative Future 231 Notes 249 References 261 Index
"Michael Goldman is one of our leading scholars of global capital. In Hidden Empire of Finance, he provides crucial analysis of how Wall Street reshapes our cities through speculative logics that permeate every aspect of life, from the state to ecology."-Ananya Roy, Founding Director of the UCLA Luskin Institute on Inequality and Democracy "Taking us inside the hidden abodes of global finance, Michael Goldman shows how cities have been turned into an asset class, and how the private-equity industry enacts and profits from 'speculative urbanism'. Working the intersections of urbanization and global finance through India, Spain, and the United States, Hidden Empire of Finance presents a radical and revelatory take on this new modality of financialized rule. A pathbreaking intervention."-Jamie Peck, author of, Variegated Economies
