IDEAS home Printed from https://ideas.repec.org/a/sae/envira/v55y2023i2p445-470.html
   My bibliography  Save this article

Financializing urban infrastructure? The speculative state-spaces of ‘public-public partnerships’ in Jakarta

Author

Listed:
  • Dimitar Anguelov

Abstract

Mega city-regions in the global South facing challenges posed by rapid urbanization have turned to infrastructural solutions, steeped in speculative ‘global-city’ imaginaries and national developmental aspirations, in order to unclog catch-up growth. This infrastructural imperative for growth reflects a broader infrastructure fix, as creditor states and development banks with geopolitical and geoeconomic interests advance competing market-based and state-led models to finance and develop infrastructure. In Jakarta, Indonesia, I examine the coming together of these models as they articulate with the political-economies of city and state, and their path-dependent restructuring following the 1997 Asian Financial Crisis. In Jakarta's speculative state-space political interests and developmental objectives of state and city governments are entangled with the capital accumulation strategies of State-Owned Enterprises. With a number of rail transit projects in the city-region driving a boom in Transit-Oriented Development, State-Owned Enterprises speculate on market conditions and the ‘world-class city’ dreams of middle-class residents to leverage their property assets. This financial speculation is equally premised on political speculation around the planning and execution of infrastructure projects, framed by the developmental politics of affordability and accessibility to the city. I examine how these strategies, practices and tensions come together to produce innovative governance arrangements in the provision and management of transport and housing through Public-Public Partnerships .

Suggested Citation

  • Dimitar Anguelov, 2023. "Financializing urban infrastructure? The speculative state-spaces of ‘public-public partnerships’ in Jakarta," Environment and Planning A, , vol. 55(2), pages 445-470, March.
    • Handle: RePEc:sae:envira:v:55:y:2023:i:2:p:445-470
    DOI: 10.1177/0308518X221135823
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0308518X221135823
    Download Restriction: no
    File URL: https://libkey.io/10.1177/0308518X221135823?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Michael Goldman, 2011. "Speculative Urbanism and the Making of the Next World City," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 35(3), pages 555-581, May.
    2. Shin, Hyun Bang & Kim, Soo-Hyun, 2016. "The developmental state, speculative urbanisation and the politics of displacement in gentrifying Seoul," LSE Research Online Documents on Economics 60439, London School of Economics and Political Science, LSE Library.
    3. Eric Sheppard, 2011. "Geographical political economy," Journal of Economic Geography, Oxford University Press, vol. 11(2), pages 319-331, March.
    4. Matti Siemiatycki, 2013. "The Global Production of Transportation Public–Private Partnerships," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(4), pages 1254-1272, July.
    5. Ananya Roy, 2009. "The 21st-Century Metropolis: New Geographies of Theory," Regional Studies, Taylor & Francis Journals, vol. 43(6), pages 819-830.
    6. Helga Leitner & Eric Sheppard, 2016. "Provincializing Critical Urban Theory: Extending the Ecosystem of Possibilities," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 40(1), pages 228-235, January.
    7. Richard Robison & Vedi Hadiz, 2005. "Reorganising power in Indonesia: The politics of Oligarchy in an age of markets," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 41(3), pages 395-396.
    8. Lydia Jones & Michael J. Bloomfield, 2020. "PPPs in China: Does the Growth in Chinese PPPs Signal a Liberalising Economy?," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 829-847, July.
    9. Stephen Hall & Andrew E. G. Jonas, 2014. "Urban fiscal austerity, infrastructure provision and the struggle for regional transit in ‘Motor City’," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 7(1), pages 189-206.
    10. Seth Schindler & J. Miguel Kanai, 2021. "Getting the territory right: infrastructure-led development and the re-emergence of spatial planning strategies," Regional Studies, Taylor & Francis Journals, vol. 55(1), pages 40-51, January.
    11. Deden Rukmana, 2015. "The Change and Transformation of Indonesian Spatial Planning after Suharto's New Order Regime: The Case of the Jakarta Metropolitan Area," International Planning Studies, Taylor & Francis Journals, vol. 20(4), pages 350-370, November.
    12. Edward Aspinall, 2016. "The New Nationalism in Indonesia," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 3(1), pages 69-79, January.
    13. Dimitar Anguelov & Helga Leitner & Eric Sheppard, 2018. "Engineering the Financialization of Urban Entrepreneurialism: The JESSICA Urban Development Initiative in the European Union," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 42(4), pages 573-593, July.
    14. Sapana Doshi, 2019. "The Redevelopmental State: Governing Surplus Life and Land in the ‘Urban Age’," Development and Change, International Institute of Social Studies, vol. 50(3), pages 679-706, May.
    15. L. Owen Kirkpatrick & Michael Peter Smith, 2011. "The Infrastructural Limits to Growth: Rethinking the Urban Growth Machine in Times of Fiscal Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 35(3), pages 477-503, May.
    16. Eve Warburton, 2016. "Jokowi and the New Developmentalism," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 52(3), pages 297-320, September.
    17. Morag I. Torrance, 2008. "Forging Glocal Governance? Urban Infrastructures as Networked Financial Products," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(1), pages 1-21, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dimitar Anguelov, 2024. "State‐owned Enterprises and the Politics of Financializing Infrastructure Development in Indonesia: De‐risking at the Limit?," Development and Change, International Institute of Social Studies, vol. 55(3), pages 493-529, May.
    2. Emma Colven, 2023. "A political ecology of speculative urbanism: The role of financial and environmental speculation in Jakarta’s water crisis," Environment and Planning A, , vol. 55(2), pages 490-510, March.
    3. Andrew EG Jonas & Andrew R Goetz & Sylvia Brady, 2019. "The global infrastructure public-private partnership and the extra-territorial politics of collective provision: The case of regional rail transit in Denver, USA," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1426-1447, May.
    4. J Miguel Kanai & Seth Schindler, 2022. "Infrastructure-led development and the peri-urban question: Furthering crossover comparisons," Urban Studies, Urban Studies Journal Limited, vol. 59(8), pages 1597-1617, June.
    5. Mary Lawhon & Yaffa Truelove, 2020. "Disambiguating the southern urban critique: Propositions, pathways and possibilities for a more global urban studies," Urban Studies, Urban Studies Journal Limited, vol. 57(1), pages 3-20, January.
    6. Jamie Peck, 2017. "Transatlantic city, part 1: Conjunctural urbanism," Urban Studies, Urban Studies Journal Limited, vol. 54(1), pages 4-30, January.
    7. Michael Goldman, 2023. "Speculative urbanism and the urban-financial conjuncture: Interrogating the afterlives of the financial crisis," Environment and Planning A, , vol. 55(2), pages 367-387, March.
    8. Kevin Ward & Timothy Bunnell, 2021. "Reflections on five years of the Summer Institute in Urban Studies," Urban Studies, Urban Studies Journal Limited, vol. 58(4), pages 863-878, March.
    9. Tom Gillespie, 2020. "The Real Estate Frontier," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(4), pages 599-616, July.
    10. Seth Schindler & Jonathan Silver, 2019. "Florida in the Global South: How Eurocentrism Obscures Global Urban Challenges—and What We Can Do about It," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 794-805, July.
    11. Stephanie Farmer & Chris D Poulos, 2019. "The financialising local growth machine in Chicago," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1404-1425, May.
    12. Fulong Wu, 2020. "Adding new narratives to the urban imagination: An introduction to ‘New directions of urban studies in China’," Urban Studies, Urban Studies Journal Limited, vol. 57(3), pages 459-472, February.
    13. Willem Paling, 2012. "Planning a Future for Phnom Penh: Mega Projects, Aid Dependence and Disjointed Governance," Urban Studies, Urban Studies Journal Limited, vol. 49(13), pages 2889-2912, October.
    14. Paul Langley, 2018. "Frontier financialization: Urban infrastructure in the United Kingdom," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 172-184, June.
    15. Helga Leitner & Samuel Nowak & Eric Sheppard, 2023. "Everyday speculation in the remaking of peri-urban livelihoods and landscapes," Environment and Planning A, , vol. 55(2), pages 388-406, March.
    16. Thinphanga, Pakamas & Friend, Richard, 2024. "Thailand’s policy vacuum: Land use planning as sites of negotiation and contestation," Land Use Policy, Elsevier, vol. 137(C).
    17. Kim, Kyunghoon & Sumner, Andy, 2021. "Bringing state-owned entities back into the industrial policy debate: The case of Indonesia," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 496-509.
    18. Emily Rosenman & Samuel Walker, 2016. "Tearing down the city to save it? ‘Back-door regionalism’ and the demolition coalition in Cleveland, Ohio," Environment and Planning A, , vol. 48(2), pages 273-291, February.
    19. George CS Lin & Xun Li & Fiona F Yang & Fox ZY Hu, 2015. "Strategizing urbanism in the era of neoliberalization: State power reshuffling, land development and municipal finance in urbanizing China," Urban Studies, Urban Studies Journal Limited, vol. 52(11), pages 1962-1982, August.
    20. Eric Sheppard & Vinay Gidwani & Michael Goldman & Helga Leitner & Ananya Roy & Anant Maringanti, 2015. "Introduction: Urban revolutions in the age of global urbanism," Urban Studies, Urban Studies Journal Limited, vol. 52(11), pages 1947-1961, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envira:v:55:y:2023:i:2:p:445-470. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.