This chapter surveys possible factors explaining cross-country variation in the development and stability of the financial system. Specifically, it distinguishes between the (1) policy view, which focuses on specific policies and institutions to strengthen and deepen the financial sector; (2) the political economy view, which regards the level and structure of financial development and the underlying institutional infrastructure a function of political decision processes; and (3) the historical view, which focuses on exogenous determinants of financial sector development related to geographic endowments and history and the persistence in the level and structure of financial systems.
Matthew R. Cook and Amy E. Potter
Drawing upon Katherine McKittrick’s classic text Demonic Grounds (2006) and other critical race and Black geographies literature, this chapter analyses the powerful ways that women – primarily Black women – shape public memory and historical interpretation of Black History in the United States, challenging the dominant narratives of slavery (typically White and male) through activism, employment and media portrayals. By empirically examining a variety of sources, from women in filmic and media portrayals of slavery, to a high-profile Twitter user and Southern plantation tourism guides, the authors seek to provide insight into one of McKittrick’s major questions: ‘What kinds of new and possible spaces are made available through our past geographic epochs?’ Applying this question to public memory and historical interpretation of the slavery system, this chapter argues that as these women advance counter narratives of chattel slavery, they challenge and call into question normative geographic orders driven by patriarchy, racism and class.
Do efficient financial markets and institutions promote economic growth? Have they done so in the past? In this chapter the author surveys a large and diverse historical literature that explores the connection between finance and growth in US history. The US financial system was important in mobilizing savings, allocating capital, exerting corporate control, and mitigating borrower opportunism. A wide variety of intermediaries characterized US finance – commercial banks, savings banks, building and loan associations, mortgage companies, investment banks and securities markets – which emerged to fill specific financial niches, compete with and complement the activities of existing intermediaries. The weight of the evidence is consistent with the interpretation that finance facilitated and encouraged growth. Despite the breadth and diversity of approaches, there remain many potentially fruitful lines of further inquiry.
Seth Schindler, J. Miguel Kanai and Deusdedit Rwehumbiza
In this chapter we chart the rise and fall of regional planning in the global South, and posit that it is re-emerging as an accepted method of state-led development. The chapter consists of three sections and draws on the three UN Habitat Agendas and other policy documents. First, we narrate the emergence of a consensus surrounding regional planning in the global South in the post-independence period. We introduce a number of empirical examples in which regional planning features prominently in state-led developmental agendas. In the second section we show how this consensus was eroded during the neoliberal period. In the final section we chart the re-emergence in recent years of regional planning, this time more decidedly informed by spatially extensive urbanization processes, which culminates in the adoption of the New Urban Agenda after the UN Habitat III process. We conclude by proposing directions for future research on the emergent regime of regionalism in the global South.
Sociospatiality comprises complex, polymorphic relations. Social agents respond through spatial imaginaries and horizons of social action that focus on just some aspects of these relations, generally or in specific contexts. Critical geographers also incline to selective simplification, disagreeing on the best entry-points for sociospatial investigation. This can be illustrated in debates about territory, place, scale, and networks, where one-sided approaches create theoretical deficits, methodological hazards, and restricted empirical analyses. Named after its systematic demarcation of these four moments and its mapping of their possible relations, the ‘TPSN’ schema was developed to counter these problems. It considers different kinds of sociospatial processes and configurations in these terms, commenting on statehood, different kinds of empire, territorial logics and the space of flows, the relativisation of scales, and the limits of spatiotemporal fixes in displacing or deferring sociospatial crisis-tendencies. It also discusses different approaches to sociospatial governance, illustrating them from the European Union.
Rather than being ‘natural’ entities, territories emerge through a series of social and political practices. Territories can be seen as politicised space, that which is mapped, claimed and bordered. Territorial strategies can be viewed as mechanisms deployed to convey messages of political power, communicated through various means including the creation and securing of borders. Territory is also intimately bound up with identity and can be used to instill and reproduce a sense of loyalty and affiliation. Territories exist across a range of spatial scales and in a wide range of contexts. This chapter explores the concept of territory and the uses of territoriality as a strategy. It focuses on the state, highlighting its territorial practices, foregrounding ongoing debates over the shifting and contingent nature of state sovereignty. Finally, the chapter considers the significance of territory and place in shaping and reproducing a sense of national identity.
Unlike other animals, humans have the capacity to reflect on the meaning of territory and to change it in accordance with the changing circumstances in which they find themselves. The sources of the modern understanding of territory are rooted in ancient mythological and religious understandings of the earth and of human beings' place in it. This, in turn, affected the ways in which they understood the governance of territory. This developed from primitive tribal ideas to great empires such as the Roman Empire. In the West, the Roman Empire was succeeded by feudalism, complex church–state relations, and eventually the arrival of the modern nation-state and the post-war welfare state. Regions became subordinate to national governments, but this changed with the European Union and then with neoliberal globalisation. Regions became, to some extent free from national control, although this is now changing following the 2007/8 financial crisis and the crisis of the European project itself.
Philosophers ask how a territorial right – exclusive control over a vast space full of valuable resources – could ever be justified. This chapter presents a set of universal values: justice in meeting basic needs, desert, efficiency, and autonomy. Because everybody has a reason to value these principles, then everybody has a reason to believe that territorial rights are, in principle, justified, even though they may exclude outsiders from an immense territory. Territorial rights are justified as a system of international rights, when this system creates more political justice than alternatives. Particular territorial rights are justified when self-determining collectives demonstrate the capacity to use the geographical domain and its resources to rule themselves justly. These values are best realized in a system of territorial rights where collectives can exercise political jurisdictional authority over their territory in perpetuity.
Thorsten Beck and W. Scott Frame
This chapter discusses financial innovation fueled by technological change over the past decades in both developing and developed countries. We discuss the positive growth effects but also possible fragility risks from different types of financial innovations. We critically review the experience with different product, process and organizational innovations.