IMPACT OF FINANCIALIZATION IN TRANSFORMATION OF URBAN ENVIRONMENT AND EXAMPLE OF SETTLEMENT DETELINARA IN NOVI SAD

Katarina Stojanović, Alpar Lošonc

DOI Number
10.2298/FUACE160902030S
First page
387
Last page
402

Abstract


The phenomenon of excessive investment, which usually goes into decline with excessive financialisation of certain economic domains or certain geographic areas, among others, marked the period after September 2008. Financialization is a term that is related to the change in the status of the financial sphere since the early seventies. Аt this time, movement of huge amounts of financial mass appeared on the world market. The difference between the average housing prices and middle-income income is steadily increasing, causing an increase in demand for housing. Therefore, the real estate prices rose enormously although rents stagnated. High interest rates and unemployment have led to a massive loss of housing those who were unable to repay loans. Financialization is still fueled by cheap money, so that the poorer turned to the credit market, too. Since this is a global phenomenon reflected in our region, it is presented on the example of the block in a residential neighborhood Stara Detelinara in Novi Sad. This paper analyzes the impact of a particular type of transformation in change of the physical and social character. 


Keywords

financialization, urban transformation, socio-economic impacts

Full Text:

PDF

References


K. Josifidis, A. Lošonc and N. Supić, "Neoliberalism: Befall or Respite?", Panoeconomicus, 57, 1, 101-117, 2010.

A. Lošonc, A. Ivanišević and S. Mitrović, Strukturalna kriza: forme i uzroci, FTN Izdavaštvo, Novi Sad, 2012.

D. Sotiropoulos, J. Milios, and S. Lapatsioras, A Political Economy of Contemporary Capitalism and its Crisis, Demystifying finance, Routledge, London, 2015.

M. Arboleda, "Financialization, totality and planetary urbanization in the Chilean Andes", Geoforum, no. 67: 4–13, December 2015.

D. Coq-Huelva, "Urbanisation and Financialisation in the Context of a Rescaling State: The Case of Spain", Antipode, 5, no. 45: 1213–1231, November 2013.

A. Lošonc and A. Ivanišević, Procesi deindustrijalizacije, FTN Izdavaštvo, Novi Sad, 2013.

A. Atkinson, Inequality, What Can be Done?, Harvard University Press, Cambridge, Massachussets, London, 2015.

A. Watts, "From Financialization to Sociospatial Polarization of the City? Evidence from Canada", Economic Geography, 90(1):33–66, 2013.

F. Engels, The Housing Question, International Publishers, New York, 1935.

M. Davis, Planet of Slums, Verso, London, 2006.

G. Vertova, (eds.), The Changing Economic Geography of Globalization, Reinventing space, London and New York, 2006.

D. Harvi, Pobunjeni gradovi, Mediterran publishing, Novi Sad, 2013.

A. Sevilla-Buitrago, "Capitalist Formations of Enclosure: Space and the Extinction of the Commons", Antipode, Vol. 00, No. 0, 1–22, 2015.

M. Aalbers, "The Financialization of Home and the Mortgage Market Crisis", Competition & Change, Vol. 12, No. 2, 148–166, New York, 2008.

G. A. Dymski, "Racial Exclusion and the Political Economy on the Subprime Crisis", Historical Materialism, 17, 149–179, 2009.

G. Epstein, Financialization and the World Economy, Edward Elgar Publishing, Massachusetts, USA, 2005.

G. Krippner, "The Financialization of the American Economy", Socio-Economic Review, 3, 174, 2005.

T. Palley, Financialization: What it is and Why it Matters, in Eckhard Hein, et al., eds., Finance-Led Capitalism?, Marburg, Germany: Metropolis-Verlag, 29–60, 2008.

E. Saez, "Striking It Richer The Evolution of Top Incomes in the United States", originally published in Pathways Magazine, Stanford Center for the Study of Poverty and Inequality, 6–7, Winter 2008, (updated to 2013), http://eml.berkeley.edu/~saez/saez-UStopincomes-2013.pdf.

E. Stockhammer, "Financialization and the slowdown of accumulation", Cambridge Journal of Economics, 28: 719 – 741, 2004.

O. Golubchikov, A. Badyina and A. Makhrova, "The Hybrid Spatialities of Transition: Capitalism, Legacy and Uneven Urban Economic Restructuring", Urban Studies, 51(4) 617–633, March, 2014.

Generalni plan grada Novog Sada do 2021. godine, JP Urbanizam – Zavod za urbanizam Novi Sad, Novi Sad, 1999.

Tehnički izveštaj uz Generalni plan Novog Sada iz 1950. godine, Urbanistički zavod Novog Sada, Novi Sad, 1950.

Lj. Pušić, Grad bez lica, Mediterran publishing, Novi Sad, 2009.

M. Nikolić, Klasteri i mreže muzeja u Srbiji: Vojvodina, Postdoktorsko istraživanje sprovedeno u Departmanu za arhitekturu i urbanizam Fakulteta tehničkih nauka Univerziteta u Novom Sadu pod pokroviteljstvom Pokrajnskog sekretarijata za naučni i tehnološki razvoj Ministarstva za obrazovanje i kulturu Autonomne pokrajne Vojvodine – Republika Srbija, Novi Sad, 2013.

Plan detaljne regulacije dela gradskog centra između ulice Branka Bajića i Novosadskog sajma, Službeni list Grada Novog Sada, 43/2008, Novi Sad, 2008.

Detaljni urbanistički plan Detelinara III-izmene, Arhiva J.P. Urbanizam - Zavod za urbanizam Novi Sad, Novi Sad, 1989.

D. Harvi, Kratka istorija neoliberalizma, Mediterran publishing, Novi Sad, 2012.

J. Stiglitz, The Roaring Nineties, Norton, New York, 2003.

Generalni urbanistički plan Novog Sada do 2005. godine – Predlog, Skupština Grada Novog Sada, Novi Sad, 1985.

R. Radović, Savremena arhitektura, Stilos, Novi Sad, 2001.

Lj. Pušić, Sociologija okruženja, Mediterran publishing, Novi Sad, 2014.

H. De Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, Basic Books, New York, 2000.

J. Jukileto, "Planiranje naselja i konzervacija", Glasnik DK, br. 26, 24–26, 2002.


Refbacks

  • There are currently no refbacks.


ISSN 0354-4605 (Print)
ISSN 2406-0860 (Online)
COBISS.SR-ID 98807559