2/1/2024 0 Comments Alpha-level global cities 2016For those without access to this increasingly valuable property, the new urban economy is becoming a landscape of exclusion. Increasingly linked to the sites of greatest economic opportunity, changes in housing prices have a powerful impact on the distribution of life chances. Yet rising housing prices have profound indirect effects on the transmission of inequality as well. Those living there – especially young, white, working-class men – are facing social decline and a sense of loss. Working-class manufacturing cities are dying, along with their hinterlands. These spatial transformations are central to the creation of new inequalities, as evidenced by the decline of older, once prosperous industrial centers, major cities and small towns alike, from Detroit and Milwaukee in the American Rust Belt, to Northern England, Coventry, Liege, Lille Roubaix Tourcoing, Leipzig, large chunks of Southern Italy, and the nonmetropolitan parts of Eastern Europe. Mobile capital is reinvested in new places, cities, or states offering the highest rates of return. 2 Some cities and regions – their institutions, culture, economy, and political organizations – are made obsolete and marginalized. The Marxist geographer David Harvey described “the spatial fix” of capitalism and the increasing use of land and property as financial assets to be traded like any commodity. The economic processes of creative destruction, long ago defined (and celebrated) by political economist Joseph Schumpeter, have a pronounced spatial dimension.
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