Abstract
The first chapter shows how the structural conditions for the current process of financialization of the Brazilian territory developed. On the basis of these new conditions are the process of liberalization of the economy in practically all countries and the diffusion of technical infrastructures with global reach that have allowed for more efficient, broad, and rapid circulation of information and financial flows. Attention is drawn to the formation of the first financial centers and offshore markets—mainly in Europe but also offshore jurisdictions in more peripheral areas—as well as the relative position of the city of São Paulo as a financial center in the context of Latin America, and in the international division of labor as a whole.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Endowed with a powerful industry in all economic sectors that emerged in the wake of European bourgeois revolutions—mainly the industry of capital goods—England was also the main imperialist power in the world, with colonies spread in all continents, and that provided captive market to sell its products, in addition to large amount of resources from collecting taxes from these colonies (Arrighi 1994, 54). It should be reminded, however, that England was, since the end of the eighteenth century, the country with the most pronounced industrial and commercial development, becoming the great “exporter industry” of the world (Mantoux 1979). Regarding the so-called “Imperial Britain,” even Mackinder ([1902] 1969, 343) also showed that “under a condition of universal free trade such a nation would almost inevitably increase its lead, and might ultimately reduce the whole world to economic subjection.”
- 2.
The great financial decisions made by the bankers from City were based on the necessity—or not—of maintaining the so-called “gold-standard” convertibility of the Pound Sterling (the main currency of international trade in all this period) (Roberts 2000). The so-called “bullionists,” based mostly in the writings of David Ricardo, advocated about the convertibility necessity of English currency into gold, which obliged, therefore, the existence of a reserve of ingots in the Bank of England for each Pound issued (Leyshon and Thrift 1997, 64–66).
- 3.
Regarding the new rules preconized by Bretton Woods Agreements, it could be said that it was based on three main fundaments: 1. System of fixed exchange rates; 2. Currency convertibility (mainly from 1958); 3. Ostensibly national controls over employment, savings, and interest rates (Corbridge and Thrift 1994, 7).
- 4.
As in a casino, the world of high finance today offers the players a choice of games. Instead of roulette, blackjack, or poker, there is dealing to be done—the foreign exchange market and all its variations; or in bonds, government securities, or shares. In all these markets, you may place bets on the future by dealing forward and by buying or selling options and all sorts of other recondite financial inventions (Strange [1986] 1997, 1).
- 5.
As the author states, “It was in this period that international banks started opening deposit accounts denominated in a currency different than that of the country in which the bank was located. Branches of U.S. banks based in London led the trend, running U.S. dollar accounts out of London, not subject to U.S. regulations. Accepting deposits in foreign currencies was followed by lending, and issuance of bonds and other financial instruments. As such the term offshore originally referred to currencies and was related to the development of Eurocurrency markets. Offshore financial markets were Eurocurrency markets, with leading centers in London, Luxembourg, and later Singapore” (Clark et al. 2015, 240).
- 6.
It was uncommon at that time to use communication by telegraph for speculative purposes—or for agreed price determination between actors. Added to this the proper characteristic of US economy—especially its monetary system—still not totally integrated to the beginning of twentieth century. Those quotation distinctions in the different cities of the country generated an exchange market inside the US economy. The economic agents had to consider the currency cost in the markets that acted—outside their own—when at the moment of performing a commercial transaction in another market (Garbade and Silber 1978, 823). New York and New Orleans were the main exchange markets in the country. The relation between the two cities was extremely dynamic, especially due to the production and exportation circuit of cotton (that exited from the south and was exported to England, especially through the port of New York). (Garbade and Silber, op. cit., 824) The telegraph technology promoted an effective integration of the exchange market in USA. (op. cit., 825).
- 7.
As a comparative example, the news of the murder of Lincoln in 1865 took 15 days to reach London; in 1891, the earthquake in Nobi (Japan) was known one hour after the event (Malecki and We 2009, 361).
- 8.
As shown by Ash (2014, 27/28), submarine telegraphy continued into the 1960 and, although some improvements continued to be made in cable design and transmission techniques, the rise of radio technology meant that the industry ground to a halt and then went into decline awaiting a paradigm shift in transmission technology.
- 9.
One of the main technical innovations was the introduction of coaxial cables in long-distance data transmission, technology that offered more load capacity, more efficiency/reliability, and that operated transistors—instead of vacuum tubes as repeaters (Eichengreen et al. 2016, p. 11/12).
- 10.
For the authors, “More than a mere passive facilitator of economic activity and a neutral provider of a level playing field, today SWIFT is a global monopoly highly sensitive to geo-political upheavals in the world. At the same time, it is increasingly influential and seemingly prone to act to the benefit of the world’s most powerful financial and political players” (Dörry et al. 2018, 12).
- 11.
The solution found to reduce aggression risks was the use of “plows” at the moment of installing the cables, as to bury them at coast areas; as sown by Ash (2014, 35) “it is now standard practice to bury cable in water depths up to 1000 m, and sometimes beyond, to protect them against fishing activity.”
- 12.
Given its increasing importance for international financial flows, since the 1990s, the OECD has initiated a move to identify and demand changes in the permissive laws of offshore centers, including mainly greater requirements for openness and transparency of operations and reduction of preferential treatment provided to foreigners (Dicken 2010, 437). The pressure to regulate the OFCs increased after the September 11, 2001 attacks as part of the US efforts to control global money laundering (Dicken 2010, 438).
- 13.
The main investigation that systematized and made this data public was coordinated by the International Consortium of Investigative Journalists (ICIJ 2019). The consortium gathered data on some 785,000 offshore entities, which in turn included four investigations: the Panama Papers, the Offshore Leaks, the Bahamas Leaks, and the Paradise Papers.
- 14.
Data from the International Consortium of Investigative Journalists about Brazil can be found at the following address: https://offshoreleaks.icij.org/search?utf8=%E2%9C%93&q=&c=BRA&e= (Access on 19.02.2019).
- 15.
Still about the importance of headquarters, the author shows that they “focuses on long-run policy and strategy, acquires capital, interacts with corporate headquarters of other multinationals, and provides overall control and coordinative functions for a vast flow of goods, money, and information within the firm and with other firms. Each divisional headquarters implements the policies of the corporate headquarters and controls and coordinates the departments, while each of the latter focuses on one intermediary activity such as purchasing, sales, or accounting.” (Meyer 1986, 557).
- 16.
For the author, South American companies generate together only 2.5% of the sales as sales profits as largest global companies, according to Forbes 2000 (Panreiter 2015, 9).
- 17.
Although being an interesting work material, the research is clearly preoccupied in identifying the “comparative advantages” of London with the other cities in reference and once is sponsored by the proper City of London—and by the already mentioned Z/Yen Group Limited—has a clear bias and has to be read with great caution. The reports shall be considered only as an approximate measure of international financial centers, once it does not have as main concern to establish a critical and broad vision of the world cities from their financial “weight,” but yet to define the hierarchy of “competitiveness” of the centers involved. It seems to reflect with fidelity only the vision of large “operators” of financial markets about the “advantages” that each financial center offers. Although the “competitiveness” criteria chosen by the Ranking are not precise enough to identify long-term processes—as Cassis (2018) argues—the results show interesting data on the hierarchy of the international division of labor in financial terms.
References
Aalbers M (2017) Financial geography I: geographies of tax. Prog Hum Geogr: 1–12. https://doi.org/10.1177/0309132517731253
Amin S (1974). Accumulation on a world scale. A critique of the theory of underdevelopment. Monthly Review Press, New York
Anderson J (1991) A nova direita e a privatização: malogros britânicos, lições mundiais? Espaço & Debates 11(32):12–24
Arrighi G (1994) O Longo Século XX. Dinheiro, poder e as origens do nosso tempo. Contraponto/UNESP, Rio de Janeiro
Arroyo M (2006) A Vulnerabilidade dos territórios nacionais latino-americanos: o papel das finanças. In: de Lemos AG (ed) Questões Territoriais na América Latina. USP/CLACSO, São Paulo/Buenos Aires, pp 177–190
Ash S (2014) The development of submarine cables. In: Burnett DR, Beckman RC, Davenport T (eds) Submarine cables: the handbook of law and policy. Martinus Nijhoff Publishers, Leiden, pp 19–39
Bakis H (1984) Géographie des télécommunications. PUF, Paris
Bakis Henry (1987) Géopolitique de l´Information. PUF, Paris
Bassens D, Van Meeteren M (2015) World cities under conditions of financialized globalization: Towards an augmented world city hypothesis. Prog Hum Geogr 39(6):752–775
Bátiz-Lazo B, Wood D (2002) A historical appraisal of information technology in commercial banking. Electron Mark 12(3):1–12
Belluzzo LG (1995) O declínio de Bretton Woods e a emergência dos mercados globalizados. Economia & Sociedade 4(1):11–20
Beteille R (1991) La revolution boursière internationale. L’Information Géographique 55:1–10
BM&F Bovespa (2017) Annual report B3. https://ri.b3.com.br/enu/3756/RA2017-EN.pdf. Accessed 12 Aug 2018
Borchert JR (1978) Major control points in american economic geography. Ann Assoc Am Geogr 68(2):214–232
Braudel F (1958) Histoire et Sciences sociales: La longue durée. Annales. Economies, sociétés, civilisations 13(4):725–753
Budd L (1999) Globalization and the crisis of territorial embeddedness in international financial markets. In: Martin R (ed) Money and the space economy. Sons, New York, pp 115–138
Carvalho FCC, De Paula LF, Williams J (2015) Banking in Latin America. In: Berger A, Molyneux P, Wilson J (eds) The oxford handbook of banking, 2nd edn. Oxford University Press, New York, pp 984–1016
Cassis Y (2006) Capitals of capital. A history of international financial centres, 1780–2005. Cambridge University Press, New York
Cassis Y (2018) Introduction. A global overview from a historical perspective. In: Cassis Y, Wójcik D (eds) international financial centres after the global financial crises and brexit. Oxford University Press, Oxford, pp 1–15
Castells M (1996) The rise of the network society. Information age, vol I. Blackwell Publisher, Oxford
Chen K, Chen G (2015) The rise of international financial centers in mainland China. Cities 47:10–22
Chesnais F (1997) L’Émergence d’un régime d’accumulation mondiale à dominante financière. La Pensée no. 309:61–84
Choi SR, Tschoegl AE, Yu CM (1986) Banks and the world’s major financial centers, 1970–1980. Weltwirtschaftliches Archiv 122(1):48–64
Choi SR, Park D, Tschoegl AE (1996) Banks and the world’s major banking centers, 1990. Weltwirtschaftliches Archiv 132(4):774–793
Choi SR, Park D, Tschoegl AE (2003) Banks and the world’s banking centers, 2000 (report). Rev World Econ 139(3):550–568
Clark G, Lai K, Wójcik D (2015) Editorial introduction to the special section: deconstructing offshore finance. Econ Geogr 91(3):237–249
Cohen RB (1981) The New International Division of Labor, Multinational Corporations and Urban Hierarchy. In: Dear M, Scott AJ (eds) Urbanization and urban planning in capitalist society. Methuen, London, pp 287–318
Cohen BJ (1998) The geography of money. Cornell University Press, Ithaca/London
Coob SC (1998) Global finance and the growth of offshore financial centers: the manx experience. Geoforum 29(1):7–21
Corbridge S, Thrift N (1994) Money, power and space: introduction and overview. In: Corbridge S, Martin R, Thrift N (eds) Money, power and space. Blackwell Publishers, Oxford, pp 1–25
Cordeiro HK (1986/87) Os principais pontos de controle da economia transacional no espaço brasileiro. Boletim de Geografia Teorética 16–17(31–34):153–196
Correa RL (1989) Concentração bancária e os centros de gestão do território. Revista Brasileira de Geografia 51(2):17–32
Crofts R, Siegler T (2018) Which tax havens are the most central? Applying social network analysis to understand firm service interaction. Fingeo. Financial geography working paper no. 20. http://www.fingeo.net/fingeo-working-paper-series/
Daniels P (1993) Services industries in the world economy. Blackwell Publishers, Oxford
de Brunhoff S (1967) La Monnaie Chez Marx. Éditions Sociales, Paris
de Brunhoff S (1996) A instabilidade financeira internacional. In: Chesnais F (ed) A Mundialização Financeira. Gênese, Custos e Riscos. Xamã, São Paulo, pp 35–59
Dias LC (1995) Réseaux d’information et réseau urbain au Brésil. L’Harmattan, Paris
Dicken P (2010) Mudança Global. Mapeando as novas fronteiras da economia mundial, 5ª edn. Editora Bookman, São Paulo
Dollfus O (1992) L’Espace financier et monétaire mundial. L’Espace Géographique 2:97–102
Dörry S, Robinson G, Derudder B (2018) There is no alternative. SWIFT as infrastructure intermediary in global financial markets. In: Fingeo. Financial geography working paper n. 22. http://www.fingeo.net/fingeo-working-paper-series/)
dos Santos T (1970) The structure of dependence. Am Econ Rev 60(2):231–236
Eichengreen B (1995) História e reforma do sistema monetário internacional. Economia & Sociedade 4(1):53–78
Eichengreen B, Lafarguette R, Mehl A (2016) Cables, sharks and servers: technology and the geography of the foreign exchange market. Eur Cent Bank Work Pap 1889:56p
Estado de São Paulo (2016) 11,5 milhões de documentos expõem corrupção global. https://politica.estadao.com.br/noticias/panama-papers,11-5-milhoes-de-registros-financeiros-expoem-corrupcao-global,10000024510. Accessed 31 May 2018
FSI. Financial Secrecy Index (2018) Tax justice network. https://www.financialsecrecyindex.com/. Accessed 14 June 2018
Fischer Gerald C (1968) American banking structure. Columbia University Press, New York
Freitas MCP (2011) A internacionalização do sistema bancário brasileiro. IPEA. Texto para Discussão 1566:84p
Freitas MCP, Prates D (2000) La experiencia de apertura financiera em Argentina, Brasil y México. Revista de la Cepal 70:53–69
Friedmann J (1986) The world city hypothesis. Dev Chang 17:69–83
Fröbel F, Heinrichs J, Kreye O (1980) The New international division of labour. Structural unemployment in industrialized countries and industrialization in develo** countries. Cambridge University Press, Cambridge
Garbade KD, Silber W (1978) Technology, communication and the performance of financial markets: 1840–1975. J Financ XXXIII 3:819–832
GFCI. Global Financial Centres Index (Several Years). https://www.zyen.com/publications/public-reports/. Accessed 12 Jan 2019
Goldfinger C (1986) La Géofinance. Pour compreendre la Mutation Financière. Seuil, Paris
Gorostiaga X (1984) The role of the international financial centres in underdeveloped countries. Croom Helm, New York
Gottdiener M (1989) Crisis theory and socio-spatial restructuring: the US case. In: Gottdiener M, Komninos N (eds) Capitalist development and crisis theory: accumulation, regulation and spatial restructuring. Palgrave Macmillan, London
Gras NSB (1922) An introduction to economic history. Harper & Brothers, New York/London
Gras A (1993) Grandeur et Dépendance. Sociologie des macro-systèmes techniques. PUF, Paris
Guimarães SP (1999) Quinhentos anos de periferia. Uma contribuição ao estudo da política internacional. UFRGS/Contraponto, Porto Alegre/Rio de Janeiro
Guttmann R (1996) As mutações do capital financeiro. In: Chesnais F (ed) A Mundialização Financeira. Gênese, Custos e Riscos. Xamã, São Paulo, pp 61–96
Harvey D (1982) The limits to capital. Blackwell Publishers, Oxford
Hudson A (1999) Off-shores on-shore: new regulatory spaces and real historical places in the landscape of global money. In: Martin R (ed) Money and the space economy. Wiley and Sons, New York, pp 139–154
Hughes TP (1983) Networks of power. Electrification in western society, 1880–1930. John Hopkins University Press, Baltimore
Hymer S ([1972] 1983) Empresas Multinacionais: a internacionalização do capital. Edições Graal, Rio de Janeiro
ICIJ (2019) International Consortium of Investigative Journalists. https://www.icij.org/. Accessed 12 Feb 2019
Johnson HG (1976) Panamá as a regional financial center: a preliminar analysis of development contribution. Econ Dev Cult Chang 24(2):261–286
Joslin D (1963) A century of banking in Latin America. Oxford University Press, London
Kindleberger C (1974) The formation of financial centers: a study in comparative economic history. Princeton University Press, Princeton
Kirkman P (1987) Electronic funds transfer systems. The revolution in cashless banking & payment methods. Basil Blackwell, Oxford
Klagge B, Zademach HM (2018) International capital flows, stock markets, and uneven development: the case of Sub-Saharan Africa and the Sustainable Stock Exchanges Initiative (SSEI). Zeitschrift Für Wirtschafts-Geographie 62(2):92–107
Kurtzman J (1994) The death of money. How the electronic economy has destabilized the world’s markets and created financial chaos. Simon & Schuster, New York
Labasse J (1974) L’Espace Financier. Analyse Géographique. Armand Colin, Paris
Laulajainen R (2002) Financial geography. A banker’s view. Routledge, New York
Leyshon A (1995) Annihilating space? The speed-up of communications. In: Allen J, Hamnett C (eds) A shrinking world? Oxford University Press, Oxford, pp 11–54
Leyshon A, Thrift N (1997) Money/space. Geographies of monetary transformation. Routledge, London/New York
Lipietz A (1987) Mirages and miracles: the crisis of global Fordism. Verso, London
Machado LO (1996) O comércio ilícito de drogas e a geografia da integração financeira: uma simbiose? In: Castro IE et al (eds) Brasil: Questões atuais de reorganização do território. Bertrand Brasil, Rio de Janeiro
Machado LO (2017) O visível e o invisível: o sistema financeiro-corporativo mundial sob o prisma da extraterritorialidade e do binômio legal/ilegal. Geousp – Espaço e Tempo (Online) 21(2):325–340
Mackinder HJ ([1902] 1969) Britain and the British Seas. Greenwood Press, Westport
Malecki E, We H (2009) A wired world: the evolving geography of submarine cables and the shift to Asia. Ann Assoc Am Geogr 99(2):360–382
Mantoux P (1979) A Revolução Industrial no Século XVIII. Hucitec/UNESP, São Paulo
Marini RM (1976) Dialéctica da Dependência. Centelha, Coimbra
Martin R (1994) Stateless money, global financial integration and national economic autonomy: the end of geography? In: Corbridge S, Martin R, Thrift N (eds) Money, power and space. Blackwell Publishers, Oxford, pp 253–279
Martin R (1999) The new economic geography of money. In: Martin R (ed) Money and the space economy. Wiley, New York, pp 1–27
Mathelot P (1982) A Telemática. Edições, Lisboa, 70
Mattelart A (1992) Communication Monde. Histoire Des idées et des stratégies. La Découverte, Paris
Meyer DR (1986) The world system of cities: relations between international financial Metropolises and South American cities. Soc Forces 64(3):553–581
Nabarro W (2016) O mercado de capitais no território brasileiro: ascensão da BM&FBovespa e centralidade financeira de São Paulo (SP). Departamento de Geografia/Universidade de São Paulo, São Paulo (Unpublished master degree dissertation)
Nora S, Minc A (1978) L’Informatisation te la société. La Documentation Française, Paris
O’Brien R (1992) Global financial integration. The end of geography. The Royal Institute for International Affairs, New York
Palan J (2010) International financial centers: The British-Empire, city-states and commercially oriented politics. Theor Inq Law 11(1):149–176
Panreiter C (2015) Las ciudades latinoamericanas en la economía mundial: la geografía de centralidad económica y sus transformaciones recientes. Economía Unam 12(35):3–22
Peck J (2001) Neoliberalizing states: thin policies/hard outcomes. Prog Hum Geogr 25(3):445–455
Polanyi K (1944) The great transformation. The political and economic origins of our time. Farrar & Rinehart Inc, New York
Porteous D (1995) The geography of finance. Spatial dimensions of intermediary behaviour. Ashgate Publishing Limited, Aldershot
Porteous D (1999) The development of financial centres: location, information externalities and path dependence. In: Martin R (ed) Money and the space economy. Wiley, New York, pp 95–114
Reed HC (1981) The preeminence of international financial centers. Praeger Publishers, New York
Rixen T (2013) Why reregulation after the crisis is feeble: shadow banking, offshore financial centers, and jurisdictional competition. Regul Gov 7:435–459
Roberts S (1994) Ficticious capital, ficticious spaces: the geography of offshore financial flows. In: Corbridge S, Thrift N, Martin R (eds) Money, power and space. Basil Blackwell, Oxford, pp 91–115
Roberts R (2000) Por dentro das finanças internacionais. Guia prático dos mercados e instituições financeiras. Zahar Editores, Rio de Janeiro
Rossi E, Taylor P (2006) ‘Gateway cities’ in economic globalisation: how banks are using Brazilian cities. Tijdschrift voor Economische en Sociale Geografie 97(5):515–534
Rossi E, Taylor P (2007) Gateway cities: círculos bancarios, concentración y dispersión en el ambiente urbano brasileño. Revista Eure XXXIII nº 100:115–133
Sader E et al (eds) (2006) Latinoamericana - Enciclopédia Contemporânea da América Latina e do Caribe. Boitempo Editorial, São Paulo
Santos M (1975) Space and domination: a Marxist approach. Int Soc Sci J 27(2):346–363
Santos M ([1975] 1979) The Shared Space: the two circuits of the urban economy in underdeveloped countries. Methuen, London
Santos M (1994a) Técnica, Espaço, Tempo. Globalização e meio técnico-científico informacional. Hucitec, São Paulo
Santos M (1994b) Por uma Economia Política da Cidade. O caso de São Paulo. Hucitec, São Paulo
Santos M (1996) A Natureza do Espaço. Técnica e Tempo, Razão e Emoção. Hucitec: São Paulo. (Translated to French in La Nature de L’Espace, L’Harmattan, Paris, 1997)
Santos M (2000) Por uma outra globalização. Do Pensamento Único à Consciência Universal. Record: Rio de Janeiro. (Published by Springer in English, Toward an other globalization: from the single thought to universal conscience)
Santos M (2001) O País distorcido. Publifolha, São Paulo
Santos M, Silveira ML (2001) Brasil. Sociedade e território no início do século XXI. Record, Rio de Janeiro
Sassen S (1991) The global city. New York, London, Tokio. Princeton University Press, Princeton
Sassen S (1993) As Cidades na Economia Mundial. Nobel, São Paulo. (Published in English, Cities in a world economy)
Sassen S (1999) Global financial centers. Foreign Aff 78(1):75–87
Sassen S (2005) The embeddedness of electronic markets: the case of global capital markets. In: Knorr Cetina K, Preda A (eds) The sociology of financial markets. Oxford University Press, Oxford, pp 17–37
Scott S, Zachariadis M (2012) Origins and development of SWIFT, 1973–2009. Bus Hist 54(3):462–482
Simon C (1984) Les banques. La Decouverte, Paris
Sola Pool I (1993) Tecnología sin fronteras. De las telecomunicaciones en la época de la globalización. Fondo de Cultura Económica, Ciudad de México
Strange S (1994) From Bretton Woods to the casino economy. In: Corbridge S, Martin R, Thrift N (eds) Money, power and space. Blackwell Publishers, Oxford, pp 49–62
Strange S ([1986] 1997) Casino capitalism. Manchester University Press, Manchester
Sunkel O (1986) A Crise da dívida da América Latina. Dívida Externa e Empobrecimento. L&PM, São Paulo
SWIFT (2018) Society for worldwide interbank financial telecommunications. Annu Rev Powering Digit Econ: 21 p. https://www.swift.com/news-events/publications#topic-tabs-menu. Accessed 19 July 2019
Thrift N (1994) On the social and cultural determinants of international financial centres: the case of the City of London. In: Corbridge S, Martin R, Thrift N (eds) Money, power and space. Blackwell Publishers, Oxford, pp 327–355
Toussaint E (2002) A Bolsa ou a vida: a finança contra os povos. Perseu Abramo, São Paulo
UNCTAD (2017) Unctadsats. Country profiles. https://unctadstat.unctad.org/CountryProfile/GeneralProfile/en-GB/004/index.html. Accessed 02 Nov 2018
Vernay A (1970) Los Paraisos Fiscales. Plaza & Janes, Barcelona
Wainwright T (2017) Emerging onshore-offshore services: the case of asset-backed finance markets in Europe. In: Martin R, Pollard J (eds) Handbook on the geographies of money and finance. Edward Elgar, Cheltenham, pp 434–453
Wallerstein I (1976) Semi-peripheral countries and the contemporary world crisis. Theory Soc 3(4):461–483
Warf B (1989) Telecommunications and the globalization of financial services. Prof Geogr 41(3):257–271
Warf B (1999) The hypermobility of capital and the collapse of the Keynesian state. In: Martin R (ed) Money and the space economy. Wiley, New York, pp 227–239
Warf B (2002) Tailored for panama: offshore banking at the crossroads of the Americas. Geografiska Annaler Ser B Hum Geogr 84(1):33–47
Warf B (2006) International competition between satellite and fiber optic carriers: a geographic perspective. Prof Geogr 58(1):1–11
Warf B (2017a) Fiber optics: nervous system of the global economy. In: Warf B (ed) Handbook on geographies of technology. Edward Elgar, Cheltenham/Northampton, pp 113–125
Warf B (2017b) Digitalização, globalização e capital financeiro hipermóvel. Geousp – Espaço e Tempo (Online) 21(2):397–406
Werlen B (1993) Society, action and space. An alternative human geography. Routledge, London
Wójcik D (2011) The global stock market. Issuers, investors, and intermediaries in an uneven world. Oxford University Press, Oxford
Wójcik D (2012a) Where governance fails: advanced business services and the offshore world. Prog Hum Geogr 37(3):330–347
Wójcik D (2012b) The end of investment bank capitalism? An economic geography of financial jobs and power. Econ Geogr 88(4):345–368
Wójcik D, Knight E, Pazitka V (2018) What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014. J Econ Geogr 18(10):1–33
Zoromé A (2007) Concept of offshore financial centers: in search for an operational definition. IMF Work Pap 7, 1. https://www.imf.org/external/pubs/ft/wp/2007/wp0787.pdf. Accessed 09 Feb 2018
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Contel, F.B. (2020). Financialization as a Global Process. In: The Financialization of the Brazilian Territory. Economic Geography. Springer, Cham. https://doi.org/10.1007/978-3-030-40293-8_1
Download citation
DOI: https://doi.org/10.1007/978-3-030-40293-8_1
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-40292-1
Online ISBN: 978-3-030-40293-8
eBook Packages: Earth and Environmental ScienceEarth and Environmental Science (R0)