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Banking Spatially on the Future: Capital Switching, Infrastructure, and the Ecological Fix

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  • Noel Castree
  • Brett Christophers

Abstract

Since the onset of the global economic crisis, financiers and the institutions regulating their behavior have been subject to far-reaching criticism. At the same time, leading geo-scientists have been insisting that future environmental change might be far more profound than previously anticipated. Finance capital has long been a crucial mechanism for melting present solidities into air to create different futures. This article asks what the prospects are for the switching of credit money into green infrastructures—a switching increasingly recognized as necessary for climate change mitigation and (especially) adaptation. Most research into geographies of finance has ignored ecological questions and few contemporary society–nature researchers examine major fixed-capital investments. Unlike those geographers who criticize capitalism without offering feasible alternatives, we take a pragmatic view underpinned by democratic socioenvironmental values and attempt to identify leverage points for meaningful change. This programmatic article identifies reasons and examples to be cautiously hopeful that liquidity can be fixed in less ecologically harmful future infrastructures, thereby addressing crucial extraeconomic challenges for the century ahead.

Suggested Citation

  • Noel Castree & Brett Christophers, 2015. "Banking Spatially on the Future: Capital Switching, Infrastructure, and the Ecological Fix," Annals of the American Association of Geographers, Taylor & Francis Journals, vol. 105(2), pages 378-386, March.
  • Handle: RePEc:taf:raagxx:v:105:y:2015:i:2:p:378-386
    DOI: 10.1080/00045608.2014.985622
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    Citations

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    Cited by:

    1. Cousins, Joshua J., 2021. "Justice in nature-based solutions: Research and pathways," Ecological Economics, Elsevier, vol. 180(C).
    2. Phil McManus & Graham Haughton, 2021. "Fighting to undo a deal: Identifying and resisting the financialization of the WestConnex motorway, Sydney, Australia," Environment and Planning A, , vol. 53(1), pages 131-149, February.
    3. Erica Schoenberger & Richard A. Walker, 2017. "Beyond exchange and agglomeration: resource flows and city environments as wellsprings of urban growth," Journal of Economic Geography, Oxford University Press, vol. 17(5), pages 935-958.
    4. Fangzhu Zhang & Fulong Wu, 2022. "Performing the ecological fix under state entrepreneurialism: A case study of Taihu New Town, China," Urban Studies, Urban Studies Journal Limited, vol. 59(5), pages 1068-1084, April.
    5. Zac J. Taylor, 2020. "The real estate risk fix: Residential insurance-linked securitization in the Florida metropolis," Environment and Planning A, , vol. 52(6), pages 1131-1149, September.
    6. Perkins, Richard, 2021. "Governing for growth: standards, emergent markets and the lenient zone of qualification for green bonds," LSE Research Online Documents on Economics 107483, London School of Economics and Political Science, LSE Library.
    7. Gavin Shatkin, 2022. "Mega-urban politics: Analyzing the infrastructure turn through the national state lens," Environment and Planning A, , vol. 54(5), pages 845-866, August.
    8. Bresnihan, Patrick, 2016. "The bio-financialization of Irish Water: New advances in the neoliberalization of vital services," Utilities Policy, Elsevier, vol. 40(C), pages 115-124.
    9. Felicia HM Liu & Karen PY Lai, 2021. "Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia," Environment and Planning A, , vol. 53(8), pages 1896-1914, November.
    10. 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.
    11. Enora Robin & Vanesa Castán Broto, 2021. "Towards A Postcolonial Perspective On Climate Urbanism," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(5), pages 869-878, September.
    12. Hans Erik Næss, 2019. "Investment Ethics and the Global Economy of Sports: The Norwegian Oil Fund, Formula 1 and the 2014 Russian Grand Prix," Journal of Business Ethics, Springer, vol. 158(2), pages 535-546, August.
    13. Leigh Johnson, 2015. "Catastrophic fixes: cyclical devaluation and accumulation through climate change impacts," Environment and Planning A, , vol. 47(12), pages 2503-2521, December.
    14. Clausen, Laura Tolnov & Rudolph, David, 2020. "Renewable energy for sustainable rural development: Synergies and mismatches," Energy Policy, Elsevier, vol. 138(C).
    15. Peter O’Brien & Phil O’Neill & Andy Pike, 2019. "Funding, financing and governing urban infrastructures," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1291-1303, May.

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