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Financialising Urban Water Infrastructure: Extracting Local Value, Distributing Value Globally

Pryke, Michael and Allen, John (2019). Financialising Urban Water Infrastructure: Extracting Local Value, Distributing Value Globally. Urban Studies, 56(7) pp. 1326–1346.

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DOI (Digital Object Identifier) Link: https://doi.org/10.1177/0042098017742288
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Abstract

Since the insertion of urban infrastructure into the risk-taking world of financialisation, techniques for capturing added value from underlying revenue streams, from securitisation and derivatives to the structuring of bond and equity returns, have come to the fore. A value model, based on extraction through interest and dividends paid, as well as multiple fees, in our view, has benefited investors and financial intermediaries alike. Through the example of Carlsbad desalination plant in San Diego, California, the paper sets out to show how a piece of drinking water infrastructure was translated as a value asset to match the needs of institutional investors in the US and beyond. The geography of value capture and its distribution globally is shown to be not simply financially innovative, but also spatially innovative and perhaps best understood through its topological spaces.

Item Type: Journal Item
Copyright Holders: 2017 Urban Studies Journal Limited
ISSN: 1360-063X
Project Funding Details:
Funded Project NameProject IDFunding Body
Tracing Modes of Infrastructure Financing and their Effects on Cities’50236:24210Australian Research Council
Keywords: infrastructure; financialisation; urban; built environment; finance; globalisation; topology
Academic Unit/School: Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies > Geography
Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies
Faculty of Arts and Social Sciences (FASS)
Research Group: OpenSpace Research Centre (OSRC)
Item ID: 51669
Depositing User: Michael Pryke
Date Deposited: 25 Oct 2017 08:47
Last Modified: 25 Jan 2020 17:45
URI: http://oro.open.ac.uk/id/eprint/51669
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