Land Speculation (land + speculation)

Distribution by Scientific Domains

Selected Abstracts

Mumbai's Development Mafias: Globalization, Organized Crime and Land Development

Abstract For over a decade, researchers have analyzed the effects of liberalization and globalization on urban development, considering the local political implications of shifts at the national and global scales. Taking the case of Mumbai, this article examines how the past 15 years of political reforms in India have reshaped property markets and the politics of land development. Among the newly empowered actors, local criminal syndicates, often with global connections, have seized political opportunities created by these shifts to gain influence over land development. The rise of Mumbai's organized criminal activity in the 1950s was closely linked to India's macroeconomic policies, with strict regulation of imports fuelling the growth of black market smuggling. Liberalization and deregulation since the early 1990s have diminished demand for smuggled consumer goods and criminal syndicates have since diversified their operations. With skyrocketing real estate prices in the 1990s, bolstered by global land speculation, the mafia began investing in property development. Supported by an illicit nexus of politicians, bureaucrats and the police, the mafia has emerged as a central figure in Mumbai's land development politics. The article examines the structural shifts that facilitated the criminalization of land development and the implications of mafia involvement in local politics. Résumé Depuis plus d'une décennie, les chercheurs ont analysé les effets de la libéralisation et de la mondialisation sur l'aménagement urbain en étudiant les implications politiques locales de transformations effectuées à l'échelle nationale et planétaire. Prenant le cas de Mumbai, cet article examine comment les réformes politiques des quinze dernières années en Inde ont reconfiguré les marchés immobiliers et les politiques d'aménagement foncier. Parmi les nouveaux acteurs, les syndicats du crime locaux, opérant souvent dans des réseaux internationaux, ont saisi les occasions politiques créées par ces changements pour gagner en influence sur l'aménagement foncier. A Mumbai, l'activité accrue du crime organisé dans les années 1950 était étroitement liée aux politiques macroéconomiques de l'Inde, une réglementation stricte des importations alimentant l'essor de la contrebande sur le marché noir. Depuis le début des années 1990, libéralisation et déréglementation ont réduit la demande pour les biens de consommation de contrebande, poussant les syndicats du crime à diversifier leurs opérations. Face à la montée en flèche des prix de l'immobilier dans les années 1990, aidée par la spéculation foncière mondiale, la mafia a investi dans la promotion immobilière. Soutenue par un réseau illégal de politiciens, bureaucrates et policiers, elle est donc devenue un personnage central des politiques d'urbanisme à Mumbai. L'article étudie les transformations structurelles qui ont facilité la criminalisation du secteur foncier, et les implications de la présence de la mafia dans la politique locale. [source]

1.,The Role of Land Markets in Economic Crises

Mason Gaffney
It is widely recognized that the economic crisis of 2009 was caused by unsound lending for real estate. Largely ignored, however, is that this contraction was easily predicted on the basis of a well-established pattern of land speculation, premature subdivision, and excessive building on marginal land that recurs approximately once every 18 years. Capital locked up in projects that are started during a land bubble is effectively lost during the downturn, leaving the nation without sufficient capital to finance ordinary business operations during the recovery period. The best instrument for avoiding this boom-bust cycle is the property tax and, more specifically, the portion that falls on land. We explore here the ways in which the property tax influences the intensity, timing, and location of development. We also examine why frequent and accurate assessment are essential to make the property tax an effective method of preventing speculative real estate bubbles. [source]

Henry George and Classical Growth Theory: A Significant Contribution to Modeling Scale Economies

John Whitaker
It is widely recognized that the analysis of economic growth in Henry George's Progress and Poverty was considerably influenced by the British classical tradition, especially the writings of Adam Smith, David Ricardo, and John Stuart Mill. What has been less clearly perceived is that George made significant extensions to the classical theory. This paper's aim is to provide an interpretation, and to some extent a "rational reconstruction," of George's positive analysis, largely leaving aside the striking normative lessons he drew from it. George's unsatisfactory treatment of capital is disposed of in Section I, while Section II,the core of the paper,follows George's lead in aggregating capital and labor into a single productive factor which is employed in a given natural environment. Section III adds the complication of improvement in the arts of production, and Section IV deals briefly with George's views on land speculation. Section V assesses, comparing George with his contemporary Alfred Marshall. [source]

Restoration of a Restinga Sandy Coastal Plain in Brazil: Survival and Growth of Planted Woody Species

Luiz R. Zamith
Abstract In this article we report the results of an experiment introducing 17 native shrub and tree species into a Brazilian restinga (i.e., coastal sandy plain vegetation). Restingas have been affected by human impact for about 8,000 years, and human occupation for housing, tourism, and land speculation has recently increased in such a way that there is a need for conservation of remnant patches and restoration of degraded areas throughout the coast to protect biodiversity. Our study site is a remnant located in Rio de Janeiro, the second largest city in the country, and has been subjected in the past to deforestation, man-made fire, and sand extraction. Although trees and shrubs predominantly compose natural restinga vegetation, local vegetation after impact was replaced by an exotic grass cover, which meant a drastic reduction in species richness. Thus, in this experiment we removed the grass cover, introduced shrub and tree species, and monitored survival and growth of 20 plants per species for 2 years. Despite the adversities imposed by the nutrient-poor sandy soil, 70% of the species showed high survival percentage and considerable growth. This report on restoration initiatives in the restingas points out the viability of shrub and tree plantation following exotic grass removal as a strategy to restore Brazilian coastal vegetation. [source]