A very geographical crisis: the making and breaking of the 2007–2008 financial crisis

The paper argues that the origins of the financial crisis of 2007-2008 can ultimately be located in four spaces: in international financial centres, in particular, in the longstanding competition that has existed between London and New York; in the insularity of the everyday geographies of money that have emerged in such centres in the wake of the apparent hegemony of financialization; in the geographical recycling of surpluses and deficits and, more particularly, the structural dependency that has grown up between China and the USA, and, finally; in the growing power of the financial media, centred in international financial centres and an increasingly significant agent in performing money and the economy in general, and in engendering mimetic forms of rationality.

[1]  P. Langley.  The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America , 2008 .

[2]  G. Dymski.  Why the subprime crisis is different: a Minskyian approach , 2010 .

[3]  M. Webber.  Finance and the real economy: theoretical implications of the financial crisis in Asia , 2001 .

[4]  Leonard Seabrooke.  The Social Sources of Financial Power: Domestic Legitimacy and International Financial Orders , 2006 .

[5]  Gül Bayraktaroğlu,et al.  Consumption Adjustments of Turkish Consumers during the Global Financial Crisis , 2011 .

[6]  P. Gowan.  Crisis in the heartland: consequences of the New Wall Street System , 2009 .

[7]  Donggen Wang,et al.  ‘INFORMATION HINTERLAND’– A BASE FOR FINANCIAL CENTRE DEVELOPMENT: THE CASE OF BEIJING VERSUS SHANGHAI IN CHINA , 2007 .

[8]  K. Olds,et al.  Geographical perspectives on the Asian economic crisis , 2001 .

[9]  A. Tickell.  Making a Melodrama out of a Crisis: Reinterpreting the Collapse of Barings Bank , 1996 .

[10]  A. Mullineux,et al.  Lessons from the East Asian financial crisis , 2001 .

[11]  A. Leyshon.  Geographies of money and finance III , 1995 .

[12]  Andrew Leyshon,et al.  The Capitalization of Almost Everything , 2007 .

[13]  M. Power.  Organized Uncertainty: Designing a World of Risk Management , 2007 .

[14]  R. Shiller.  The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It , 2008 .

[15]  Gordon L. Clark,et al.  London in the European financial services industry: locational advantage and product complementarities , 2002 .

[16]  A. Leyshon,et al.  The new, new financial system? Towards a conceptualization of financial reintermediation , 2004 .

[17]  Christian Marazzi.  Capital and Language: From the New Economy to the War Economy , 2008 .

[18]  G. Clark,et al.  Performing finance: the industry, the media and its image , 2004 .

[19]  R. Garthoff.  Creating the Second Cold War: the discourse of politics , 1991 .

[20]  James Faulconbridge,et al.  Analysing the Changing Landscape of European Financial Centres: The Role of Financial Products and the Case of Amsterdam , 2007 .

[21]  D. MacKenzie.  An Engine, Not a Camera: How Financial Models Shape Markets , 2006 .

[22]  Michael H. Grote.  Foreign banks’ attraction to the financial centre Frankfurt—an inverted ‘U’-shaped relationship , 2007 .

[23]  R. Wade.  Financial regime change , 2008 .

[24]  Joseph E. Stiglitz,et al.  Globalization and Its Discontents , 2002 .

[25]  A. Leyshon,et al.  “All Gone Now”: The Material, Discursive and Political Erasure of Bank and Building Society Branches in Britain , 2008 .

[26]  Andrew Leyshon,et al.  The transformation of regulatory order: Regulating the global economy and environment , 1992 .

[27]  Mona Atia,et al.  American home: predatory mortgage capital and neighbourhood spaces of race and class exploitation in the united states , 2006 .

[28]  Mona Atia,et al.  Race, Gender, and Statistical Representation: Predatory Mortgage Lending and the US Community Reinvestment Movement , 2007 .

[29]  Markus Moos,et al.  Subprime Mortgage Segmentation In The American Urban System , 2008 .

[30]  S. French,et al.  The locational dynamics of financial services in regional cities , 2005 .

[31]  Martin Wolf,et al.  Fixing Global Finance , 2008 .

[32]  Adam Harmes.  The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness , 2005, Perspectives on Politics.

[33]  R. Palan,et al.  A Very North Atlantic Credit Crunch: Geopolitical Implications of the Global Liquidity Crisis , 2008 .

[34]  P. Langley.  Sub-prime mortgage lending: a cultural economy , 2008 .

[35]  Kenneth Rogoff,et al.  Is the 2007 U.S. Sub-Prime Financial Crisis so Different? an International Historical Comparison , 2008 .

[36]  A. Leyshon,et al.  Money Order? The Discursive Construction of Bretton Woods and the Making and Breaking of Regulatory Space , 1994 .

[37]  J. Bryson,et al.  Constructing Knowledges of ‘Emerging Markets’: UK-Based Investment Managers and Their Overseas Connections , 2002 .

[38]  D. Harvey,et al.  The Condition of Postmodernity , 2020, The New Social Theory Reader.

[39]  Lutz Luithlen,et al.  Money/Space: Geographies of Monetary Transformation , 1998 .