Hidden Empire of Finance

Michael Goldman is Professor of Sociology and Director of the Institute for Global Studies at the University of Minnesota Twin Cities. He is the author of Imperial Nature and the co-editor of The Social Lives of Land and Chronicles of a Global City, among others.

• Acknowledgments ixIntroduction. Through the Looking Glass of Global City Making 1Part IPreface to Part I 491. The Making of the Global Urban Turn: Transnational Policy Networks Redefine the City 512. The Gathering Storm: Urban Transformation Across Three Continents 733. “The Bubble on a Whirlpool of Speculation”: Afterlives of the Financial Crisis and the New Urban Imaginary 103Part IIPreface to Part II 1354. “A Picture of the Future”: Urbanization and the Challenges to Democracy in Bangalore 1395. The Making of an Urban Land Market: Dispossession, Financialization, and the Emergence of Bengaluru as a Global City 1696. Remaking Real Estate, Capital Markets, and City Life: Private Equity and the New Logics of Finance 203Conclusion. The Turn to a Postspeculative Future 231Notes 249References 261Index 297

“Michael Goldman is one of our leading scholars of global capital. In Hidden Empire of Finance, he provides crucial analysis of how Wall Street reshapes our cities through speculative logics that permeate every aspect of life, from the state to ecology.”—Ananya Roy, Founding Faculty Director of the UCLA Luskin Institute on Inequality and Democracy“Taking us inside the hidden abodes of global finance, Michael Goldman shows how cities have been turned into an asset class, and how the private-equity industry enacts and profits from ‘speculative urbanism’. Working the intersections of urbanization and global finance through India, Spain, and the United States, Hidden Empire of Finance presents a radical and revelatory take on this new modality of financialized rule. A pathbreaking intervention.”—Jamie Peck, author of Variegated Economies