Ward, C;
(2021)
Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization.
International Journal of Urban and Regional Research
, 45
(2)
pp. 249-265.
10.1111/1468-2427.12878.
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Abstract
David Harvey argued there to be an animating tension at the heart of the geographical dynamics of capital: a simultaneous need for both spatial fixity and perpetual motion. I adapt this frame for an era of financial globalization, arguing that fixity has been overcome through a ‘quaternary circuit’ of credit‐mediated capital switching which undermines the distinct roles of the three circuits Harvey identified. However, rather than resolving the fixity/motion contradiction, this has instead given it intensified form as capital liquidity versus spatial fixity. I explore this through the Port of Liverpool's innovative ‘whole business securitization’, tracing out the logic of leverage underpinning financial capital switching and how such practices transform the spatiotemporality of circulation while fostering the conditions for greater crises. By theorizing financial globalization from a capital switching perspective, this article combines Minskian and micro‐founded approaches to understanding investment chains in a way that reprises geographical political economy's critique of the territoriality of capitalist crisis.
| Type: | Article |
|---|---|
| Title: | Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/1468-2427.12878 |
| Publisher version: | https://doi.org/10.1111/1468-2427.12878 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | financialization, infrastructure, securitization, Port of Liverpool, Peel Ports, whole business securitization, financial crisis, corporate leverage, capital switching, Brexit |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10097019 |
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