The diaspora of the real estate capital, dynamics of valorization and the city in the contemporary capitalism : the irrationality in process / A diaspora do capital imobiliario, sua dinamica de valorização e a cidade no capitalismo contemporaneo : a irracionalidade em processo

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

The main issue to be dealt with in this thesis is realizing, by means of empirical and theoretical findings, what is the tight bond between financial capital and real estate capital, which interact in a systematic way so that capital accumulation becomes more powerful. By doing so it will be possible to build up a theoretical reflection -not only on the connections and conflicts between the agents who take part in the process of urban spaces appropriation, but, above all - to understand the power of real estate financial capital in contemporary capitalism. However, it is strongly emphasized throughout the text that this doesn t mean there is just a relation between these two fractions of capital; instead, it is shown that they combine themselves into a relation which acquires specific features of nowadays capitalistic system, whose capital accumulation standard remains mainly based on financialization. Within a context in which real estate economic sector becomes the primary target of investment brought about by large institutional investors and by banking or non-banking institutions, real estate financial capital rises as a result of a non-stopping search for revolutionizing capital accumulation forms, through the exploitation of real estate assets. To make it possible, a whole collection of financial innovations are implemented, by means of new instruments and new ways of performing real estate capital accumulation; these new paths mean lowering the regulation regarding investment on real estate assets and maximizing real estate market profits. A holy trinity rises as an outcome of this process: financial capital related to financial innovations and real estate capital. The emergence of real estate financial capital becomes a key-element for understanding the dynamics of contemporary economics, due to its power of commanding the dynamics of capital accumulation process and synchronizing its destructive power, whenever it turns into a speculative spiral. This last particular aspect of real estate capital has become quite evident after the economic crisis set off by the blowing of a real estate speculative bubble in Japan, in the beginning of the 1990 s.

ASSUNTO(S)

mercado imobiliario real estate investment investimentos imobiliarios real estate business

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