In this note, I discuss the temporal dimension of informal settlement planning and development through a theoretical lens of expectations and decision-making. Prevailing approaches tend to generate a conceptual impasse. While orthodox economics is organized around rational expectations, present-value accounting, and the alignment between planning and realized outcomes, political economy emphasizes fictitious capital as a speculative claim on an inherently unknowable future. I develop the concept of fictional expectations-that is, expectations that have the potential to create a world of their own-as a way out of this impasse and contribute to revisable mid-level theories on the relational production of contemporary informal settlements and their entanglements with urban space. Using the trajectory of favela upgrading in Brazil, I illustrate the potential of this concept for "worlding" informal settlements in the urban Global South.

Esta Nota de Pesquisa tem como objeto de investigação as novas dinâmicas de produção e apropriação do espaço que marcam as favelas consolidadas em áreas metropolitanas hoje. Mais especificamente, busca avançar na compreensão da heterogeneidade e complexidade destas favelas contemporâneas a partir de uma perspectiva teórica que entrelaça a trajetória de atuação e organização territorial do Estado, a variedade de estruturas e mecanismos de funcionamento dos mercados informais, assim como a emergência de novos agentes – como, por exemplo, agentes ligados à economia das plataformas imobiliárias, à economia ilícita, à finança etc.– que disputam com os segmentos sociais tradicionais a produção e circulação do valor no ambiente construído nesses territórios.

Anglophone economic geography has undergone a period of intense transformation in recent decades, broadening its approaches and interdisciplinary dialogues. This article introduces the special issue of Revista Geografias, dedicated to the work of Jamie Peck, renowned for his influential contributions to economic geography. Peck integrates insights from political economy, institutionalism, and critical geography to examine topics such as uneven development, policy mobility, and urban governance. The special issue includes translations of texts that highlight his contributions to understanding contemporary global dynamics, exploring connections between markets, public policies, and economic and territorial transformations. This article contextualizes how these perspectives can enrich research agendas in Brazil and Latin America, which face specific challenges in articulating scales and diffusing urban and regional models. As an introduction to the special issue, this article aims to facilitate readers' engagement with the translated works, broadening access to Peck's scholarship and fostering substantive dialogue between the experiences of the Global South and the Global North.

This paper analyses housing securitization in Brazil during 2007–2020 and provides three contributions to debates on the relations between the state and financialization in emerging markets. First, we highlight that the Brazilian state has gone far beyond the common role of market enabling, characterized by regulatory rollout and fiscal incentives. Instead, by acting as a market maker on the demand and supply side, it has provided the required liquidity and depth for the emerging segment of residential securitization. Unlike the financial disintermediation through private market makers such as brokerage houses and individual traders that provide risk-reduction, Brazilian securitization has unfolded through the issuance and acquisition of securities by the state’s housing bank and its associated social housing fund. Second, unlike the speculative Minsky type of booms and busts that characterize privately-driven markets, state market making generates a trajectory that is associated with the capacity of governments to roll-out markets for residential securitization. While the social-developmental stance of the Lula and Dilma administrations have boosted securitization, the market-oriented austerity politics of the Temer and Bolsonaro administrations have quickly dried up secondary markets. Finally, while securitization was initially a means to the end of social housing, it seems increasingly the other way around. More specifically, considering that thick and consolidated secondary markets ultimately depend on the quality and stability of the underlying loans and income streams that originate operations, stricter risk reduction and guarantees clauses have gradually penetrated the social housing segment and threaten to undermine the right to secure tenure.

Over the past five decades, the promotion of competitive spatial fragments linked to the primary-export sectors, herein called neoextractivist segments, has brought about a restructuring of the national space, generating a tendency toward a fragmentation of the national space. In this article, we contribute with a critical, updated reading of this fragmentation process of the national space, from an understanding of how the State, infrastructure, finance, and Neoextractivism have been articulated in the capitalist development both in general and in Brazil, thus revealing new dynamics and structures of territorial control and wealth extraction. The agents linked to these dynamics and structures have formed a neoextractivist coalition of disintegration that acts to operate in maintaining and broadening primary-export activities, thereby reinforcing the nation's tendency toward fragmentation.

Entrevista com Jeroen Johannes Klink sobre metrópoles e governança metropolitana.

This paper discusses the disappointing outreach of Brazilian urban reform by analyzing the underlying tensions and contradictions of its key principle, that is, the social, function of property (SFP), from a perspective of contemporary theoretical debates on the double nature of rent (i.e., related to monopoly positions and emerging from market, circulation). The SFP principle is grounded in anti-rentier, agrarian reform thinking, which stressed that individual monopoly landowners should not be allowed to retain their property for speculative purposes and use it productively to increase food supplies. In contemporary dense cities, however, using property “productively” implies redevelopment, that is, transformation of existing structures of the built environment, into alternative ones. This has two implications, one related to the essence of the SFP, (its being), the other regarding what it means having a SFP in an urban setting. In relation to the former, despite its anti-rentier stance, in cities the SFP triggers a redevelopment-rent nexus due to the circulation of rents in non-competitive markets. Regarding the latter implication, having a SFP in cities requires complex, open-ended and utilitarian negotiations between state and non-state actors aimed at the appropriation of rents to articulate the conflicting interests of individual property owners with the collective good. The theoretical argument of the paper is illustrated with a short, heuristic case on redevelopment in the city of São Paulo, while its conclusion provides elements for a research agenda on the limits of market-based, reformist versus right- based planning beyond this specific context.

In this note, I argue that the search for a better articulation between financial geography and heterodox economics can benefit from an explicit focus on the relations between states, cities and money. After illustrating some important insights derived from the cross-fertilization between financial geography and monetary heterodox economics, I discuss how the specific inclusion of cities in midlevel theories, which articulate broader economic and geographical thinking on money and space with empirical work on urban restructuring, allows this research agenda to both gain conceptual strength and potential political impact.

This paper develops a conceptual approach to articulate the political-economy inspired literature on the financialisation of cities with a critical reading of collaborative-communicative planning theory to recognise the active role of planners in the multi-scalar, collective ‘making’ of financialisation by cities. More particularly, I stretch Hilferding’s original idea on founder’s profit, which was associated with the financial gains obtained from Initial Public Offerings and trading of company shares in open markets. In collaboration with private investors and producers of urban space, planners in cash strapped cities and states search for solutions to invest in better cities by anticipating their exclusive rights to various streams of income, while co-promoting and extracting part of urban founder’s profit in doing so. Nevertheless, a communication that is framed around the representational spaces and language of financial models triggers planners’ increasing entanglements with finance in the transformation of cities into abstract tradeable income yielding assets. A methodological-heuristic case study illustrates how tracing the models enables us to follow the money, exposing the contradictory role of collaborative-communicative planning and demand for a project with alternative time-space epistemologies.

Resumo Este artigo está amparado nas teses de Abramo e Villaça a propósito da produção das novas localizações residenciais para levantar a hipótese de que a ação regulatória estatal reforça a “ordem urbana” que privilegia a produção de espaço residencial de alta renda. A metodologia empregada consistiu em analisar a distribuição de índices urbanísticos, em especial o coeficiente de aproveitamento na legislação urbanística da área insular do município de Santos no período compreendido entre 1968 e 2018. Conclui-se que há uma combinação de generalização e focalização na atribuição do aproveitamento do solo pelo poder local que desencadeia uma “ordem urbana” direcionada à maximização dos lucros da produção de novas localizações e o direcionamento da produção residencial pelas camadas de alta renda.

No limiar do novo século, com a intensificação da dominância financeira sobre o sistema capitalista e uma ampliação da busca por novos espaços de acumulação, presenciamos a retomada do debate internacional sobre o padrão de financiamento da infraestrutura. Este artigo explora um conjunto de dados empíricos sobre novos mecanismos do financiamento privado da infraestrutura no Brasil, com ênfase no período pós-2011, em função da disseminação mais expressiva de novos produtos, como as debentures incentivadas de infraestrutura. O primeiro objetivo é explorar o processo de construção da narrativa hegemônica de neoliberalização do Estado para a provisão da infraestrutura, enraizada numa visão binária entre o público e privado. O segundo objetivo relaciona-se aos resultados de nossa pesquisa empírica, a partir dos quais discutimos o neoliberalismo realmente existente, que aponta para um padrão de financiamento emergente marcado pelo hibridismo entre a esfera pública e privada.

On the threshold of the new century, with the intensification of financial dominance over the capitalist system and an expansion of the search for new spaces of accumulation, we witness the resumption of the international debate on the pattern of financing infrastructure. This article explores a set of empirical data on new mechanisms for private financing of infrastructure in Brazil, with an emphasis on the post-2011 period, due to the more expressive dissemination of new products, such as the infrastructure debentures. The first objective is to explore the process of building the hegemonic narrative of neoliberalization of the State for the provision of infrastructure, rooted in a binary vision between the public and the private. The second objective is related to the results of our empirical research, from which we discussed the really existing neoliberalism, which points to an emerging financing pattern marked by hybridism between the public and private spheres.

Resumo O presente artigo analisa os atravessamentos gerados pela Covid-19 no cotidiano das periferias das metrópoles do Rio de Janeiro e de São Paulo. A crise evidenciou problemas estruturais que o planejamento convencional tende a obscurecer, desnudando os limites que o Estado e o capital possuem em oferecer soluções a eles. Os resultados apresentados demonstram uma relação entre a dinâmica socioespacial da Covid-19 e a estrutura hierarquizada da cidade. Partindo de provocações em torno do “planejamento subversivo”, incorpora-se a dialética entre os espaços de representação e as representações do espaço (Lefebvre), identificando práticas populares e redes territoriais acionadas nas periferias, que tanto amenizaram os impactos da pandemia como permitiram ampliar o alcance das políticas urbanas e dos serviços de saúde.

O Estatuto da Metropole constituiu as funcoes publicas de interesse comum para fomentar espacos institucionais compartilhados para o planejamento e a gestao dos territorios metropolitanos. A gestao dos riscos representa uma destas funcoes estrategicas. O artigo relata o acompanhamento de novas instâncias de representacao voltadas a gestao dos riscos na escala metropolitana em Sao Paulo. Os trabalhos da Câmara Tematica Metropolitana de Gestao de Riscos Ambientais, CTM-GRA, vinculada ao Conselho de Desenvolvimento Metropolitano, se mostram exemplares de um processo de governanca interinstitucional compartilhada, que deve ser analisado numa perspectiva incremental para a governanca dos riscos. As analises sobre a experiencia revelam tambem limites de metodo para desenhar uma organizacao preventiva dos riscos que, se nao tratados por uma instância de representacao regional, podem se tornar riscos nao gerenciados, “sem donos”.

This book explores the impact of finance on urban spaces as well as cities' role in the social constitution and dissemination of financial logistics and techniques. It brings together literature from different disciplinary areas to increase our understanding of financialization. It observes how non-financial members of society, such as public bureaucrats, urban planners, the media and so on, are actively involved in the financialization of urban areas. With an explicit focus on Brazil, a developing country in the Global South, the book demonstrates how the country has been grappling with complex and contradictory processes of neoliberalization, decentralization, re-democratization and institutional-legal strengthening of frameworks for urban and regional planning, stressing the relations between urban space and finance capital. With a distinct view of filling a gap in the current literature on urban financialization, the book aims to focus on less developed areas in this field and link them with the literature on social studies of finance. This makes the text relevant for academics and scholars of urban studies and planning theory, geography, development studies and political economy, as well as scholars in the US and Europe interested in understanding Brazilian patterns of financialization.

The literature on urban financialisation has prioritised the analysis of what finance does in the context of industrialised countries. This paper contributes to an understanding of what it is, and specifically how it emerges from the entanglements between the accumulation of intergovernmental debt, pricing and valuation practices – involving state and municipal utilities, regulatory agencies and consultancies – in the gradual transformation of shared into shareholder water governance in Brazilian metropolitan areas. Moreover, we provide a first illustration of how a more articulate approach between political economics and social studies of finance might contribute to an understanding of the making of urban financialisation, with a particular relevance for a context of less developed capital markets.