![]() Scott Lash, The Times Higher Education Supplement This is brilliant stuff, both in its broadness of sociological scope and its voluminous collection of data from a vast number of sources in the three cities. Peter Hall, International Journal of Urban and Regional Research A systematic detailed analysis of the three largest urban economies in the advanced world. Susan Fainstein, Journal of the American Planning AssociationĪ very significant book indeed. It incorporates a herculean research effort. Anthony King, NewslineĪn exciting and persuasive work. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative.A landmark study in the political economy of cities. ![]() From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. This paper shows that the emergence of the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. ![]() But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |