Reorientation of big capital towards real estate
Why real state production, which was a relatively minor branch of capital accumulation, lagging behind in technical and organizational terms, in recent times has become a very important investment option for big capital? In a stage of weakness in profit rates and scarcity of profitable businesses, w...
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Instituto de Geografía "Romualdo Ardissone", UBA
2021
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| Acceso en línea: | https://revistascientificas.filo.uba.ar/index.php/RPS/article/view/10401 https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=puntosur&d=10401_oai |
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I28-R145-10401_oai2025-11-17 Jaramillo, Samuel 2021-07-10 Why real state production, which was a relatively minor branch of capital accumulation, lagging behind in technical and organizational terms, in recent times has become a very important investment option for big capital? In a stage of weakness in profit rates and scarcity of profitable businesses, what is the appeal of real estate for large investors? In Latin America, where this activity had a limited national scope, even at regional or local level, suddenly massive multinational capitals arriving by financial means or in the form of direct investment are being seen: how do they get a sufficient remuneration to explain this mutation? This text aims to shed light on this subject on the hypothesis that this is accomplished in the urban land market through speculation. An expression usually imprecise, with very diverse and sometimes contradictory meanings. Based on the Marxist Theory of Urban Land Rent developed by the author, the key category to examine these operations is that of inductive speculation, which does not have the appearance of speculation, but in which investors are betting on combining the proper capitalist profit itself with the capture of significant increases in the price of urban land. In these transactions, the large size of capital accumulation is decisive along with the support of the State, which is functional to neoliberal urban policies. ¿Por qué la producción inmobiliaria, que fue una rama relativamente secundaria de la acumulación de capital, atrasada en términos técnicos y empresariales, en épocas recientes se ha convertido en una opción de inversión muy importante para el gran capital? En una etapa de debilidad en la tasa de ganancia y de escasez de negocios redituables, ¿qué atractivo ofrece lo inmobiliario para los grandes inversionistas? En América Latina, donde esta actividad tenía un alcance nacional, e incluso regional o local, limitado de repente ve llegar masivamente capitales multinacionales: ¿cómo obtienen remuneraciones que expliquen esta mutación? El trabajo se propone dar luz sobre el tema, partiendo de la hipótesis de que en el mercado del suelo urbano aquello se logra a través de la especulación. Una expresión que suele ser imprecisa, con significados muy diversos y a veces contradictorios. Con base en la Teoría Marxista de la Renta del Suelo Urbano desarrollada por el autor, la categoría clave para examinar estas operaciones será la de especulación inductiva, que no tiene la apariencia de especulación, pero en la cual los inversionistas le apuestan a combinar la ganancia propiamente capitalista con la captura de incrementos en el precio del suelo urbano. En estas operaciones el gran tamaño de la acumulación de capital es decisiva, así como el apoyo del Estado, lo que es funcional a las políticas urbanas neoliberales. application/pdf text/html https://revistascientificas.filo.uba.ar/index.php/RPS/article/view/10401 10.34096/ps.n4.10401 spa Instituto de Geografía "Romualdo Ardissone", UBA https://revistascientificas.filo.uba.ar/index.php/RPS/article/view/10401/9100 https://revistascientificas.filo.uba.ar/index.php/RPS/article/view/10401/9116 Punto Sur; No. 4 (2021): Crisis global y metamorfosis metropolitana; 26-46 Punto Sur; Núm. 4 (2021): Crisis global y metamorfosis metropolitana; 26-46 2683-7404 urban land rent real-estate market production of the city neoliberal market renta del suelo urbano mercado inmobiliario producción de ciudad política urbana neoliberal Reorientation of big capital towards real estate Reorientación del gran capital hacia lo inmobiliario info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=puntosur&d=10401_oai |
| institution |
Universidad de Buenos Aires |
| institution_str |
I-28 |
| repository_str |
R-145 |
| collection |
Repositorio Digital de la Universidad de Buenos Aires (UBA) |
| language |
Español |
| orig_language_str_mv |
spa |
| topic |
urban land rent real-estate market production of the city neoliberal market renta del suelo urbano mercado inmobiliario producción de ciudad política urbana neoliberal |
| spellingShingle |
urban land rent real-estate market production of the city neoliberal market renta del suelo urbano mercado inmobiliario producción de ciudad política urbana neoliberal Jaramillo, Samuel Reorientation of big capital towards real estate |
| topic_facet |
urban land rent real-estate market production of the city neoliberal market renta del suelo urbano mercado inmobiliario producción de ciudad política urbana neoliberal |
| description |
Why real state production, which was a relatively minor branch of capital accumulation, lagging behind in technical and organizational terms, in recent times has become a very important investment option for big capital? In a stage of weakness in profit rates and scarcity of profitable businesses, what is the appeal of real estate for large investors? In Latin America, where this activity had a limited national scope, even at regional or local level, suddenly massive multinational capitals arriving by financial means or in the form of direct investment are being seen: how do they get a sufficient remuneration to explain this mutation? This text aims to shed light on this subject on the hypothesis that this is accomplished in the urban land market through speculation. An expression usually imprecise, with very diverse and sometimes contradictory meanings. Based on the Marxist Theory of Urban Land Rent developed by the author, the key category to examine these operations is that of inductive speculation, which does not have the appearance of speculation, but in which investors are betting on combining the proper capitalist profit itself with the capture of significant increases in the price of urban land. In these transactions, the large size of capital accumulation is decisive along with the support of the State, which is functional to neoliberal urban policies. |
| format |
Artículo publishedVersion |
| author |
Jaramillo, Samuel |
| author_facet |
Jaramillo, Samuel |
| author_sort |
Jaramillo, Samuel |
| title |
Reorientation of big capital towards real estate |
| title_short |
Reorientation of big capital towards real estate |
| title_full |
Reorientation of big capital towards real estate |
| title_fullStr |
Reorientation of big capital towards real estate |
| title_full_unstemmed |
Reorientation of big capital towards real estate |
| title_sort |
reorientation of big capital towards real estate |
| publisher |
Instituto de Geografía "Romualdo Ardissone", UBA |
| publishDate |
2021 |
| url |
https://revistascientificas.filo.uba.ar/index.php/RPS/article/view/10401 https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=puntosur&d=10401_oai |
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AT jaramillosamuel reorientationofbigcapitaltowardsrealestate AT jaramillosamuel reorientaciondelgrancapitalhacialoinmobiliario |
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