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1. Cultivating Credit: Financialized Urbanization Is Alienation!

Author:
Tareq Radi
Publication Date:
03-2022
Content Type:
Journal Article
Journal:
Journal of Palestine Studies
Institution:
Institute for Palestine Studies
Abstract:
Since 2007, the Palestinian Authority has implemented a strategy of financialized urbanization in response to economic crises precipitated by Israel’s settler-colonial stranglehold on the Palestinian economy. This article argues that financialized urbanization operates as a mechanism to expand the local banking sector and as a modality of settler-colonial alienation. Examining the joint-ownership structures of companies whose activities straddle real estate and financial markets, the article shows where land ownership in the West Bank ultimately lies. The study highlights qualitative changes in money lending and the extended reach of finance to emphasize the risks of financial collapse. Understanding finance capital and settler colonialism as systems predicated on managing risk for maximum returns, the discussion draws their relation to each other into a single analytical framework to center the question of land dispossession and racialization at the heart of financialized urbanization.
Topic:
Development, Urban, Settler Colonialism, Indigenous, Geography, Property, Financialisation, and Native Americans
Political Geography:
Middle East and Palestine

2. How Property and Civil Rights Help Forest Tribes Modernize and Prosper: Lessons from India

Author:
Swaminathan S. Anklesaria Aiyar and Neeraj Kaushal
Publication Date:
07-2020
Content Type:
Commentary and Analysis
Institution:
The Cato Institute
Abstract:
Do historically isolated forest tribes need protection from modernization? Critics claim that modernization, especially through dams and mining, is disastrous for tribes and that tribespeople cannot handle commercial life, are easily duped, and end up destitute. Some modernization projects have fueled Maoist insurrections. However, other examples show that tribes can join mainstream society and prosper if empowered with property rights and civil rights.
Topic:
Civil Rights, Modernization, Property, Tribes, and Forest
Political Geography:
South Asia and India

3. PROPERTY AND SOVEREIGNTY: Creating, Destroying, and Resurrecting Property Rights in British India (1600-1800)

Author:
Namita Wahi
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Centre for Policy Research, India
Abstract:
This paper, the first in a series of three papers, constitutes the first systematic legal attempt since the late nineteenth century to describe the changing configuration of property rights of zamindars (landlords) and ryots or raiyats (peasants) relative to the English East India Company in colonial India over a period of two hundred years from 1600 to 1800. This period begins with the Company’s first arrival in India to the court of the Mughal Emperor Jehangir in 1600 as merely a trading company. It ends with the introduction of the Permanent Settlement in Bengal by Lord Cornwallis, the Governor General of Bengal in 1793, pursuant to the Company’s exercise of sovereign authority over the provinces of Bengal, Bihar, and Orissa. As described in the paper, during this period of great political upheaval, scandal, and intrigue, as the East India Company gradually transitioned from a monopoly trading company to a conquering and then an administering power, Company officials, including the Governor General, and later the Supreme Council of Bengal, created, destroyed, and resurrected property rights of landlords and tenant cultivators. Following a series of experiments with land revenue administration and the lives of zamindars and raiyats, with the sole objective of maximising revenue for the East India Company, Lord Cornwallis introduced the Permanent Settlement of Land Revenue in 1793, which completely destroyed the rights of peasant cultivators in favour of zamindars, and wreaked great injustice and misery upon the people of Bengal. It would take nearly seventy years for British government to begin to reverse this injustice through tenancy protection legislation enacted in 1859, and this reversal in law would only be completed following land reforms introduced by provincial governments post India’s independence in 1947. These later developments will be the subject of the next two papers in this series.
Topic:
Sovereignty, History, Governance, and Property
Political Geography:
United Kingdom, South Asia, and India

4. Dubai Property: An Oasis for Nigeria’s Corrupt Political Elites

Author:
Matthew Page
Publication Date:
03-2020
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
For politically exposed persons (PEPs) with ill-gotten wealth, Dubai in the United Arab Emirates (UAE) is an alluring destination for investing their gains. Although certainly not the only place to stash money, Dubai—dubbed the commercial capital of the Middle East—exercises minimal oversight and has few legal or logistical obstacles to transferring large amounts of cash or purchasing property. PEPs, defined as individuals who are or have been entrusted with a prominent public function, are at higher risk of involvement in unlawful activity due to their positions of influence and access to assets.1 In some cases, government officials and associates who succumb to the temptation become front-page news, but in many other cases, their activities go undetected or uncorroborated, despite the efforts of local authorities and intergovernmental bodies such as the Financial Action Task Force. As a result, billions of dollars are siphoned away to the detriment of both prosperous and struggling economies and societies. The case of Nigeria—home to Africa’s largest economy and the world’s seventh most populous country—offers valuable insights into this phenomenon.2 For Nigerian PEPs in particular, Dubai is an accessible oasis far away from the political drama in their capital, Abuja, or the hustle and bustle of their biggest city, Lagos. But a dearth of specific information about Nigerian PEPs’ property in Dubai has long precluded a deeper analysis of the share of illicit financial outflows from Nigeria; that is, until 2016, when the Center for Advanced Defense Studies (now known as C4ADS) acquired the data of a private database of Dubai real estate information (dubbed the “Sandcastles” data). At least 800 properties were found to have links to Nigerian PEPs or their family members, associates, and suspected proxies. With such information and continued monitoring, Nigerian and Emirati authorities and national and international actors could ramp up their scrutiny on high-end property transactions involving Nigerian elites to ensure that these purchases are not being made with pilfered public funds. The two countries could also deepen bilateral law enforcement cooperation by sharing information and assisting investigations more responsively and routinely. For their part, Western governments, the United Nations, and other international organizations could press the UAE to make its property and corporate records more transparent.
Topic:
Corruption, Economy, Financial Crimes, Elites, and Property
Political Geography:
Africa, Nigeria, Dubai, and Gulf Nations

5. The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race

Author:
Jamee K. Moudud
Publication Date:
09-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
This paper contributes to the literature on racial capitalism by deploying a key insight of the Law and Political Economy tradition, which is that politics acting through the law plays a constitutive role in the monetary hardwiring of economies and their property rights. By focusing on two key elements of fiscal finance, central banking and taxation, the paper shows that while the pressures of democratic self-governance created one type of hardwiring in Britain and its white dominions racialized politics created a different type in the colonies of color. In short, the particular monetary hardwiring of the colonies of color effectively “kicked away the ladder” needed for their successful socio-economic development, occluding the very different policies pursued in Britain and the dominions. This left the colonies of color in a vulnerable state at independence, providing much weaker foundations for their subsequent economic development. Given the key role played by gold in the anchoring of banknote emissions by the Bank of England (BoE) Britain’s global politics of gold and silver was central to its domestic economic development. And the BoE, a private joint-stock corporation, was deeply enmeshed in the government’s domestic and colonial governance policies. As with the BoE taxation systems domestically and internationally exemplified the same principle: private property was always embedded in the public sphere following different modes of governance in different historic and geographic contexts. Simply put, politics acting through the law was actively creating markets in different ways rather than protecting pre-existing and privately-created ones.
Topic:
Political Economy, Race, Governance, Capitalism, Empire, Money, and Property
Political Geography:
Global Focus

6. Ownership in the Electricity Market: Property, the Firm, and the Climate Crisis

Author:
Gregory Ferguson-Cradler
Publication Date:
04-2020
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Electricity is a key area in climate mitigation. The sector needs to significantly expand while transitioning to renewable production, all in an extremely short timeframe. This paper focuses on ownership and control in the electricity sector in an era of climate change. Borrowing substantially from classical American Institutionalism, heterodox theories and histories of the firm, and legal institutionalism, this paper discusses the historically constituted nature of the categories of property, capital, and the firm and how these literatures provide helpful frameworks for analyzing the recent history and possible futures of electricity sectors. A short discussion of the recent history of the German electricity sector, particularly the large utility RWE, will briefly illustrate the approach. Climate change mitigation will require revised notions of ownership and an updated theory of the firm, property, and corporate governance for the Anthropocene.
Topic:
Climate Change, Electricity, Property, Anthropocene, and Energy Transition
Political Geography:
Europe, Germany, and Global Focus