Butler And Lees Super-Gentrification In Barnsbury

Similarly, Butler and Lees’ “Super-gentrification in Barnsbury, London” explains how international firms can become involved in the local markets of other nations when conditions in said local markets are adjusted in a way that favors foreign firms. The authors state, “In the 1990s, because deregulation had been insufficient to invigorate the rather conservative British finance houses, these firms were taken over, largely by foreign, mainly US-based financial mega-players – this led to large number of very high salaries and to the increased internationalization of the workers in these firms, which now make up about a third of City employment” (Butler & Lees, 475). With the movement of US-based firms into London came the movement of foreign …show more content…
This quotation describes the effect that outside entities, such as foreign investors and even central governments, can have on the vision of a city. Local authorities created a very particular vision for the city of Hongqiao, even down to the allowed dimensions of proposed buildings. Even though this planning began in 1982, it wasn’t until the central government stepped in that development started to take place. Although the city already had a vision in place, the influence of the government and foreign investors was strong enough to essentially overturn the initial vision, as they were the entities that could make such development actually occur. Foreign and government interests eventually led to the abandonment of the initial idea of a foreign consulate in favor of an open market for land rights. As the Hongqiao case demonstrates and as the quote discusses, the intent of powerful entities can easily overshadow detailed regulatory planning when such entities desire a different outcome from land development in a particular city than those who created the initial development plan. While …show more content…
Understanding the importance of foreign investment in developing cities is essential for contemporary urban managers and due to the mobility of capital and labor in the modern global economy, it is even more important to understand how to attract influential global entities. Recognizing the significance of developing an obtainable vision is an essential characteristic of successful urban managers. Unless the urban managers of global cities are equipped with the expertise to suggest visions that work toward an inclusive economy that is beneficial for all socioeconomic classes in the city, there are bound to be issues in the development process. Furthermore, the ability to unite various groups within the city government as well as local citizens would prove to be a useful skill of contemporary urban managers. Finally, while some local governments want to retain control over their cities, the forfeiture of some control to larger global entities can encourage the level of foreign investment and global influence needed to allow the city to