Market Failure: Global Cities, States, and the Financing of Networked Mobility Spaces
This project examines how states finance large-scale (human and cargo) transportation infrastructures and their securitization in the world’s leading global cities. Which state and/or market entities pay for the construction, maintenance, and securitization of networked mobility spaces? How does financing depend on state support? Do public-private financing regimes differ between national contexts? Are these differences a question of kind or of degree? Do they converge? This project addresses these questions in a global perspective by shedding light on the global cities in the most market-oriented nation-state contexts, that is in liberal market economies (LMEs; New York City, Toronto, and London) as well as global cities of the five major emerging national economies that are the BRICS (Sao Paulo, Moscow, Mumbai, Shanghai, and Johannesburg). In so doing, I detail the contours of emergent political forms that intersect traditional nation-state boundaries and jurisdictions, which, in turn, will help me address more normative questions of legitimacy and social justice.