What is it about?
Contemporary global finance follows a similar organisational logic to the global production of goods. On the example of the asset management industry we discuss, however, fundamental differences between the production processes of goods and finance. First, we challenge the somewhat misleading definition of ‘value’ and value creation with regard to (speculative) finance. Second, we show how complex, opaque financial products - e.g. the proliferation of private contracting - require ever more specialized work, and subsequently new knowledge work to bridge the resulting fragmented financial production.
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Why is it important?
We suggest an alternative, more systemic way to study contemporary finance's specifics and its mutual dependencies with its 'host economies', i.e., financial centers. Thus, we illustrate how such an approach helps to better comprehend the nature of a fiercely competing financial industry and specifically scrutinize the interplay between global financial institutions and locally (re)shaped business environments in financial centers.
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This page is a summary of: The Geographies of Industrialised Finance: Probing the Global Production Networks of Asset Management, Geography Compass, January 2016, Wiley,
DOI: 10.1111/gec3.12256.
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