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Financialising City Statecraft and Infrastructure

Andy Pike, Peter O’Brien, Tom Strickland, Graham Thrower and John Tomaney

Financialising City Statecraft and Infrastructure addresses the struggles of national and local states to fund, finance and govern urban infrastructure. It develops fresh thinking on financialisation and city statecraft to explain the socially and spatially uneven mixing of managerial, entrepreneurial and financialised city governance in austerity and limited decentralisation across England. As urban infrastructure fixes for the London global city-region risk undermining national ‘rebalancing’ efforts in the UK, city statecraft in the rest of the country is having uneasily to combine speculation, risk-taking and prospective venturing with co-ordination, planning and regulation.
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Index

Andy Pike, Peter O’Brien, Tom Strickland, Graham Thrower and John Tomaney

Aberdeen/Aberdeen City Council 1879, 194
Accelerated Development Zone (ADZ) 1845, 186
accountabilities, reconfiguration of 2845
actor-focus 99, 2723
actors, financial see financial actors
Adonis, Lord 263, 264
advisers, payments to 49
African Development Bank 14
agency 9091, 99
Alves, Bruno 287
American Society of Civil Engineers 21
Anderson, Joe 225
Armitt, Sir John 260
Aschauer, David 13
Asian Development Bank 20
assets see city infrastructure assets
austerity 6, 14, 23, 567, 205, 256, 257
and city infrastructure assets 21516, 218, 2234
financialising city statecraft and infrastructure in 13445, 18090, 279
see also City Deals, austerity and decentralisation
‘austerity urbanism’ 68
autonomy of actors 84
Ayres, Sarah 85
bankruptcy, local governments 279
Benefit–Cost Ratios (BCRs) 245
Bessis, Hugo 2089
Bogdanor, Vernon 202
bond issues, local government 1379, 187, 1889
borrowing, local government 1313, 134, 13641, 144, 1845, 1867, 1889, 191, 208, 219, 223, 2257, 229, 2845, 287
Boylan, Eamonn 21314
Bradbury, Jonathan 83, 84
Brexit 115, 125, 234, 2634
Bristol 1923
Brookings Institution 1011
brownfield sites 261
Buckley, J. 220
Buller, Jim 82, 83
Bulpitt, Jim 78, 79, 8085, 86, 88, 90, 93
Burnham, Andy 159, 161, 255
business rates 141, 142, 1845, 186, 190, 25051, 263
Cambridge–Oxford corridor 260
Canada Life 220
Canary Wharf 249
Capita 219
capital cities 231
capital switching 36
capitalisation of infrastructure 478
capitalism 7, 36, 89
Cardiff 1934
Carr, Richard 204, 205, 208, 20910, 213, 218, 2223
Carr, Tom 51
cartoons, political 12
Centre for Cities 162, 2645
China 14
Cities and Local Growth Unit 191
City Deals, austerity and decentralisation 1648, 1946
aims of City Deals 122
City Deals in motion 17580
financialising city statecraft and infrastructure 18090
governing financialising city statecraft and infrastructure1914
origins, anatomy and roll-out of City Deals 16875
City Growth Commission 160
city infrastructure
contribution to growth and development 13
costs of 17, 47, 261
‘crisis’ of 67, 1623, 11518, 270, 287
current transitions 41
financialising 256, 31, 4564, 735, 2745, 277, 27982, 2867
geography and geographical nature of 367, 435
growing interest in 26971
historical development of 7, 3741, 1049
issues 23
quality of 17, 19, 20, 116
rise of 816
role of 8, 13, 40
as search engine term 9, 10
‘splintering urbanism’ 39, 69, 11213
as topic for academic research 9, 11
as tradable asset 478, 51, 524, 69, 199, 200, 219, 221
see also city infrastructure provision and geographical inequalities,UK
city infrastructure assets 1978, 22930
asset types 214
buying 2239
commercialising and financialising city statecraft and public infrastructure assets 2049
and financial actors 197, 199200, 2067, 208
holding 2213
infrastructure as tradable asset 478, 51, 524, 69, 199, 200, 219, 221
local government total assets perhead 217
public–private collaboration 21415, 216, 21819
selling 21521
selling, holding or buying 199203
strategies, instruments and governance 20915
total expenditure on fixed assets 224
see also investment in city infrastructure
city infrastructure provision and geographical inequalities, UK 1034, 1623
financialising city statecraft and infrastructure in austerity 13445
funding, financing and governing 12934
geographies of infrastructure investment 14562
liberalisation, privatisation,financialisation and fragmentation 10914
return of national state and ascendance of city-region 11828
rise and ‘crisis’ of city infrastructure from 2000s 11518
spatial Keynesianism and moderninfrastructural ideal 1049
see also geographical inequalities
City of London Corporation 241
city-regions 11516, 1213
and City Deals 168, 170, 1725, 176, 17780, 181, 187, 1914
see also London and London city-region
city statecraft 24, 25, 789, 2723
and City Deals 1657, 16972, 1767, 17996
and city infrastructure assets 1978, 2023, 2056, 207, 20810, 21618, 221, 222, 226, 228
evolution of 1046
financialising 2736, 277, 27882
financialising city statecraft and infrastructure in austerity 13445, 18090, 279
geographical political economy of city statecraft and its financialisation 8894
and London city-region 2334, 237, 238, 240, 2416, 24951, 25366, 27980
and privatisation 113
recovering 8084
statecraft in local, regional and urban studies 858
civil service employment 118, 119
Clark, Greg 169, 171, 189, 192
Clegg, Nick 165
commercial property market 2267
commuting 234, 236
congestion 116, 117
construction costs 261
Core Cities 161, 170
costs of city infrastructure 17, 47, 261
Court 80, 81, 83
Coyle, Diana 237, 245, 257
credit ratings, local government 1378, 188, 2067
Crewe, Tom 104, 1067
Crossrail 1378, 152, 159, 245, 2513, 262
Crouch, Colin 231
Dawson, Richard 43
de-financialisation 28990
deal-making 1689, 1712, 180, 196, 242, 284, 286
decentralisation see City Deals,austerity and decentralisation
democracy 2867, 289
Detter, Dag 200201, 202, 203
development
and growth, economic 13, 23, 35, 37, 40
urban and regional 56, 57, 223
devolution 85, 122, 135, 167, 170
fiscal 1412, 145, 240, 244, 2623
rail 2545
economic and political elites 80, 81, 82, 85, 231, 234
economic growth and development 13, 23, 35, 37, 40
economic infrastructure 32, 33, 36
‘economic statecraft’ 92
economics 346, 42, 93
Keynesianism 35, 656, 1059
employment density 234, 235
England, as focus of research 8, 959
entrepreneurialism
City Deals 17980
commercialisation of local government 20413, 21819, 2229
entrepreneurial cities, statecraft in 867
municipal 104
strategic 69, 70
urban 668, 69, 712, 113, 114
European Commission 14
European Investment Bank (EIB) 152, 158
excludability of infrastructure 423
externalities 345
finance and financing 6, 5862, 1239, 13031, 1324, 13641, 1435
City Deals 18090
for Crossrail 1: 2513
de-financialisation 28990
difficulties, London city-region 253
distinction from funding 6062, 123
and historical development of city infrastructure 378, 39, 4041
instruments 63, 64, 74, 75, 1379, 141, 181, 1867, 1889, 195
municipal and public 5860, 61, 62
for Northern Line Extension (NLE) 25051
private and commercial 5860, 61, 62
Private Finance Initiative (PFI) 49, 62, 112, 123, 124, 150, 153
value capture mechanisms 2612
financial actors 1415, 223, 4754, 556, 5960, 63, 270, 2823
and City Deals 180, 1823, 1889
and city infrastructure assets 197, 199200, 2067, 208
and local governments 6, 689, 1368, 1434, 145, 278, 2856, 28990
‘financial statecraft’ 92
financialisation 34, 246, 2712
characteristics of 735
of city infrastructure 256, 31, 4564, 735, 2745, 277, 27982, 2867
of city infrastructure governance 312, 6576, 2746, 277
of city statecraft 2736, 277, 27882
of city statecraft and infrastructure in austerity 13445, 18090, 279
and commercialisation of city statecraft and public infrastructure assets 2049
de-financialisation 28990
geographical political economy of city statecraft and financialisation 8894
of local governments/states 556, 578, 735, 27580, 283, 284
politics of 2826
role of geography in 578
spatial nature of 274
systemic 69, 70
fiscal balance, UK regions 2389
fiscal devolution 1412, 145, 240, 244, 2623
Fölster, Stefan 200201, 203
fragmentation 45
Fraser, Alistair 856
funding 6, 61, 756, 1224, 125, 127, 129, 1312, 1346, 1415, 1478
alternative sources of 205
for buying assets 2257
City Deals 17790, 191
for Crossrail 1: 2513
distinction from finance 6062, 123
and historical development of city infrastructure 378, 39, 4041
instruments 64
for Northern Line Extension (NLE) 25051
problems 623
public and private 62
transport infrastructure, London city-region 253, 254
value capture mechanisms 2612
funds 51, 13941, 144, 201
gender 289
‘geo-economic statecraft’ 87
geographical inequalities
City Deals 1767, 178
local government asset buying 226
and London city-region 2323, 23741, 2456, 2478, 25566, 27980, 2834
transport infrastructure 2479, 2556
see also city infrastructure provision and geographical inequalities,UK
geographical political economy 60
of city statecraft and itsfinancialisation 8894
geography/geographies
of infrastructure 367, 435
of investment in city infrastructure 145;62
role in financialisation 578
Giles, Chris 263
Glasgow 193
governance
financialisation of city infrastructure governance 312, 6576, 2746, 277
forms 94
London city-region 2413
public asset governance and management 200203, 208, 21314, 216
urban 678, 6972, 736
governing code 81, 85
governments see local government,UK; local governments/states;national governments/states
Graham, Stephen 37, 52, 114
Grayling, Chris 159
Greater Manchester 170, 1834, 2212, 228
Green Book 245
Green Investment Bank 1512, 156
Harvey, David 36, 65, 67, 723
Henckel, Timo 35
High Speed Rail/HS2 25860
Hildyard, Nicholas 2867, 288
Hill, David 2634
‘Historic Priority Investment Projects’ 149, 150
historical development of city
infrastructure 7, 3741, 1049
‘incentivised urbanism’ 69
inequalities see city infrastructure
provision and geographical
inequalities, UK; geographical
inequalities
infrastructure 12
conceptualisations of 425, 2889
construction 15051, 154
definitions of 324, 43
and democracy 2867, 289
dynamic nature of 42
importance of 269
people-oriented approach 28890
projects 14859
public spending on, UK 1467
purpose of 286
quality rankings 17, 19, 20, 116
schools of economic thought on 346, 42
standard international practices 121
infrastructure, city see city infrastructure; city infrastructure assets; city infrastructure provision and geographical inequalities, UK; investment in city infrastructure
Infrastructure and Projects Authority(IPA) 11819, 123, 1489, 150, 1589
Infrastructure UK (IUK) 11819, 261
institutionalisation 74, 75
institutions, blurring of public and private 43
instrumentalisation 74, 75
intensification 74, 75
intermediation 74, 75
International Monetary Fund (IMF) 910
international politics 92
investment in city infrastructure
as attractive opportunity 1415
and austerity 23
calls for 913
City Deals 18290
competition for best investments1516
‘earn-back’ model 1834
expected cash yields 489
geographies of 14562
global investors 4950
infrastructure as tradable asset 478, 51, 524, 69, 199, 200, 219, 221
London and London city-region226, 228, 246, 262, 265
neo-Marxian theory on 36
non-pecuniary and strategic benefits51
private, in UK 120, 122, 123, 125, 1278, 152, 156
returns on 13, 15, 43, 479, 523, 144, 183, 184
risk 489, 53 spending on 14, 15, 1921
under-investment 17, 18, 1921, 11618, 1223, 256
see also city infrastructure assets
IPPR North 146, 162
Jenkins, Simon 170, 286
John, Peter 80, 84
Johnson, Boris 238, 23940, 244
Jones, Donna 221
Jubilee Line Extension (JLE) 249
Katz, Bruce 1011
Key Cities 161
Keynesianism 35, 656, 1059
Khan, Sadiq 159, 240, 254, 264
Kissinger, Henry 92
Kunzru, Hari 169
Kutz, William 87
labour interests 16
Land Commissions 21314
land value 200
Lauermann, John 71, 867
Le Galès, Patrick 231
leasing 21920, 221
‘Lender Option, Borrower Option’(LOBO) loans 139
liabilities 199, 214
liberalisation 109, 110, 11314
Liverpool/Liverpool City Council 192, 225
Local Asset Backed Vehicles (LABVs)2223
local government, UK
bankruptcy 279
bond issues 1379, 187, 1889
borrowing 1313, 134, 13641, 144, 1845, 1867, 1889, 191, 208, 219, 223, 2257, 229, 2845, 287
commercialisation of 20413, 21819, 2229
credit ratings 1378, 188, 2067
employment in 135, 136
and evolution of city infrastructure104, 1067
expenditure 12931
funding and finance 12945
gross income by source 107
and liberalisation 11314
total assets per head 217
variety of approaches 210
see also city infrastructure assets
local governments/states
accountabilities, reconfiguration of 2845
and austerity 567, 68
concerns for 2856
criticism of 22
and financial actors 6, 689, 1368, 1434, 145, 278, 2856, 28990
and financial institutions 512, 54, 556
financialisation of 556, 578, 735, 27580, 283, 284
funding and finance 623, 689, 736
and historical development of city infrastructure 378
relational view of 9091
and spatial spread of financialised practices 71
and urban entrepreneurialism 668, 72
and urban managerialism 656, 113, 114
London and London city-region 96, 97, 1089, 114, 2313, 2668
constructing national infrastructure imperative and narrative for 23341
estimated required infrastructure expenditure 243
and geographies of infrastructure investment 14652, 154, 155, 156, 157, 158, 15960, 162, 163
governance 2413
growth of 233, 234
infrastructure overload 234, 236
investment in 226, 228, 246, 262, 265
relationship to rest of UK 23741
statecraft and infrastructure fixes2416
transport overload, fixing 24655
undermining city statecraft and infrastructure in rest of UK25566, 27980
London City Airport 15, 246
London Docklands 249
London Finance Commission (LFC)240
London First 160, 24041
London Infrastructure Investment Plan 2050 (LIIP) 2434
Manchester Airport Group (MAG)182, 2212, 228
Manchester (Greater) 170, 1834, 2212, 228
market failures 345, 42, 48
Marvin, Simon 37, 52, 114
Maxwell-Jackson, Quentin 123
mayors 1923, 242
McGough, Louise 2089
McKee, Sean 256
McKibbin, Warwick 35
Mercer 20
modernisation 36
monopolies 35, 38, 42, 48, 53, 106
Moran, Mick 85
Morse, Sir Amyas 78
municipal statecraft 867
narratives 923, 99100
national governments/states
and conceptualisation of financialisation 58
criticism of 22
and financial institutions 512, 556
funding problem 623
‘return’ of national state, UK 11828
role in Keynesianism 105
and urban managerialism 656, 723, 113
National Infrastructure and Construction Pipeline 127, 128, 1478, 1589, 162
National Infrastructure Commission(NIC) 121, 161, 260
National Infrastructure Delivery Plan 148, 158
National Infrastructure Plans (NIPs) 11920
National Productivity InvestmentFund projects 151, 154
nationalisation 105, 106
‘Nationally Significant Infrastructure Projects’ (NSIPs) 14950, 151
natural monopolies 35, 38, 42, 48, 106
neo-classical economics 345, 42
neo-Keynesian economics 356
neo-liberal statecraft 87
neo-liberalism 22, 68, 109
neo-Marxian theory 36
Network Rail 251, 252
networks 37, 38, 39, 42
New Public Management (NPM) 210
Newcastle Airport Group 21718
Newcastle and Gateshead Accelerated Development Zone (ADZ) 1845, 186
Newcastle City Council 21011
Newham, London Borough of 139
Northern Ireland 160, 173
Northern Line Extension (NLE) 151, 155, 24951
Northern Powerhouse (NP) 122
Nottingham/Nottingham City Council 1856, 211, 212
OECD 10, 14, 20
‘official mind’ 81
Olympia & York (O&Y) 249
O’Neill, Phil 43, 47, 52, 89
Osborne, George 122, 139, 170, 173, 206, 244
outsourcing 21819
Overman, Henry G. 2656
Oxford–Cambridge corridor 260
path dependency 84, 91
Peck, Jamie 7, 63, 6971, 95
Pemberton, Simon 86
pension funds 120, 123, 13941, 144
people-oriented approach to city statecraft and infrastructure 28890
peripheral cities 55
periphery 80, 81, 82, 83
physical artefacts 43, 44
Plender, John 227
political and economic elites 80, 81, 82, 85, 231, 234
political economy, geographical 60
of city statecraft and its financialisation 8894
politicians 1314
politics 56
and city statecraft 913
of financialising city statecraft and infrastructure 2826
territorial 8085
Portsmouth City Council 21921
post-2008 crisis period 910, 1213, 14, 23, 48
see also austerity; City Deals,austerity and decentralisation
power 84, 912
press, popular 12
Private Finance Initiative (PFI) 49, 62, 112, 123, 124, 150, 153
private investment
in London city-region 246, 262, 265
in UK 120, 122, 123, 125, 1278, 152, 156
private sector 14, 16, 43
framing of states as ineffective 23
inadequacies and failures 223
and Local Asset Backed Vehicles (LABVs) 223
and public goods 34
UK 104, 112, 11920, 1434, 145
privatisation 39, 412, 69, 10912, 113, 222, 223
processes 43, 44, 55, 91
productivity 115, 257
public asset governance and management 200203, 208, 21314, 216
public goods 7, 17, 34, 35, 423, 44, 106
public–private partnerships 40, 68, 11314, 128, 21415, 216, 21819, 249
‘public sector utilities model’ 38
public spending on infrastructure, UK 1467
public works 35, 38, 40, 66, 106
Public Works Loan Board (PWLB)1323, 136, 138, 139, 188, 2257
Puentes, Robert 8
qualitative state 89
quasi-public goods 423
rail devolution 2545
rail transport
Crossrail 1378, 152, 159, 245, 2513, 262
High Speed Rail/HS2 25860
London city-region 2467, 2515
rankings
attractive countries for infrastructure investment 125, 126
infrastructure quality 17, 19, 20, 116
Regeneration Investment Organisation (RIO) 120, 152, 157
relational approach 97
researching financialising city statecraft and infrastructure 46, 94101, 28082
resources 43, 44
risk
commercialisation of local government 2289
infrastructure investment 489, 53, 1257, 2267
and urban entrepreneurialism 66, 67
Ritchie, Pat 211
roads 116, 117
‘scalecraft’ 856
scales 556
Scotland 160, 173, 177, 1879, 190, 193, 194
Searle, Glen 86
securitisation of infrastructure 69, 219, 221
Serebrisky, Tomás 13
service delivery 41
services 434
Sheffield/Sheffield City Council 185, 187, 225
social infrastructure 32, 33, 36
social unevenness 57
Solomon, Lewis D. 52
spatial nature of financialisation 274
spatial spread of financialised practices71
spatial unevenness 57
Spelthorne Borough Council 226
‘splintering urbanism’ 39, 69, 11213
state 25
actors, and financialisation 47
framing as ineffective 23, 39
qualitative 89
role of 40, 41, 48, 556, 112
see also local governments/states;national governments/states
statecraft 273
definition of 80, 86
‘economic statecraft’ 92
use of term 878
statecraft, city see city statecraft
Sunderland 190
systemic financialisation 69, 70
systems approach 435
taxation 378, 62, 107, 113, 127, 129, 133, 1413
business rates 141, 142, 1845, 186, 190, 25051, 263
and ‘earn-back’ model 1834
geographical inequalities 2623
London city-region 238, 23940, 2623
per capita, selected (global) cities 239
Tay Cities Deal 194
Taylor, Angus 167
technological change 9
technology, emergent 51
territorial code 812, 1212
territorial politics 8085
Thames Tideway 262
Thatcher, Margaret 82, 83, 85, 109, 110, 266
TIF-type (Tax Increment Financing)schemes 182, 1845
trade associations 11
Transport for London (TfL) 247, 250, 251, 252, 2535
transport funding 179
transport infrastructure
geographical inequalities 2479, 2556
London city-region 236, 238, 245, 24655, 264
see also rail transport
Travers, Tony 240, 263
Treasury 125, 146, 161, 18990, 191, 2445
Trump, Donald 14, 169, 269
UK Guarantee Scheme 123, 125, 151, 155, 250
under-investment 17, 18, 1921, 11618, 1223, 256
United States (US) 14, 21
city infrastructure assets 221
deal-making 1689
historical development of city infrastructure 378, 4041
Unlocking Growth in Cities 170
urban and regional development 56, 57, 223
urban entrepreneurialism 668, 69, 712, 113, 114
urban governance, new modes of 678, 6972, 736
urban managerialism 656, 723, 113, 114
urbanisation 378
value capture mechanisms 2612
Wales 16061, 173, 177, 190
Warren, John 256
Weber, Rachel 56
White, Michael 220
Whitelink Ferry 220
Whiteman, Rob 205, 213, 2234
Whiteside, Heather 7, 63, 6971, 95
Workplace Parking Levy 1856
World Economic Forum (WEF) 17, 1920