Globalisation, Urban Political Economy and Economic Restructuring

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Table of Contents

Introduction
Globalisation impacts
Urban political economy
Economic restructuring
References

Introduction

In order to determine and resolve the problems that emanate from market failures as well as initiate long-term improvements in the economic, social and environment conditions, comprehension of the processes of globalisation, the roles of urban political economy and economic restructuring is critical. On the same note, it is clear that the poor living conditions and dysfunctional urban areas lead to significant extensive social and economic complications. As such, major renovation and reconstruction of urban vicinities are essential (Audirac, 2005). The success of groundwork for planning presentations, development agendas and identification of funding prospects as well as engineering designs for buildings in urban areas depends on globalisation processes, the urban political economy as well as the economic restructuring processes.

Globalisation impacts

Over the years, urban areas have continued to experience multi-dimensional and global shrinkages. Actually, the world populace is increasingly becoming urban. As such, redefinition of urban areas is critical due to globalisation (Audirac, 2005). Through globalisation, resources including the major infrastructural as well as highbrow assets have been concerted in the global cities thereby attracting population and expertise as well as capabilities in such areas (Dicken, 2003).

In principle, innovative and novel dimensions of worldwide production, manufacturing, distribution and consumption have been the outcomes of the gradual shift towards newfangled international economic structures. In addition, globalisation has created innovative urban contexts due to the insurrection of novel expertise and logistics (Bluestone & Harrison, 2000).

On the other hand, due to globalisation, towns and cities suffer from depletion of capital and human assets. Besides, diminishing rates of innovation, intellectual engagements and deficiency of free enterprises are the implications of globalisation processes on nations that concentrate economic activities on single sector or industry (Castells, 2000). Actually, globalisation has increased competition among different nations. As such, several cities have been declining as others regenerate. The shrinkage of cities characterised by populace loss, economic recession, employment degeneration and structural intricacies is an international political, economic as well as planning concern that must be addressed (Champion, 2001).

Currently, several cities across the globe experience populace variations arising from globalisation (Glaeser & Gyourko, 2005). In other words, globalisation is responsible for increased movement and flexibility of populace in diverse expanses. The freedom of movement of populace results in the attenuation of other cities population whereas other expanses realise gains in the form of capital and trade. In fact, proper comprehension of the globalisation process is significant in the deconstruction of the conventional models of urban growth and revolution (Graham & Marvin, 2001). In other words, understanding globalisation process initiates a paradigm shift that is focused on the quality and pace of urban growth.

Urban political economy

The policies of the urban political economy are significant in dictating the milieu in which cities have to react in order to conform to renaissance. For instance, in countries such as Germany, national policies are normally decentralised thereby creating a balance in the growth of urban cities (Bontje, 2004). In principle, when national policies are devolved to different regions, greater independence and political space is provided. Urban leaders are able to utilise the political space to make decisions on economic tactics that can be applied in cities.

Studies indicate that the decay and waning of cities emanate from neoliberal urbanism. For instance, considering the political and economic perspectives of the international neoliberal projects exemplified in the Washingtons principle of free trade, state devolution and market deregulation, countries come up with formulations that determine the populace moving into cities. Similarly, strategies of the state determine the populace that move out of the urban vicinities (Ward, 2003).

Additionally, considering modern capitalist societies, renewal and protection of economic and political privileges of members of the upper economic echelons have been the major aims of neoliberal policies. Essentially, neoliberal policies support political opportunities of the higher economic echelons via privatisation of entire structures of economic order (Harvey, 2005). Further, financial risks and debt, handling of economic crunches as well as state reorganisation strategies are some of the ways employed by the urban political classes to support economic entities of higher status. Consequently, the decline and degeneration of urban cities are often imminent as few members of the society amass capital through increased deprivation of the masses. Actually, the urban political economy must understand that it is obliged to pledge emancipation of individual entrepreneurial liberties institutionally strengthened in property rights, liberal markets and free trade (Lang, 2000). The maintenance of such freedoms is critical in the renewal and regeneration of urban areas.

Economic restructuring

Extensive economic restructuring is invaluable in enhancing the competitiveness of urban areas through diverse mechanisms. For example, fair dissemination and circulation of the gains obtained from economic competitiveness and creation of balanced urban frameworks encourage effective urban-regional linkages that lead to renaissance of shrinking cities.

Additionally, massive offshoring of manufacturing jobs to Less Developed Countries (LCDs) as well as worldwide division of labour has been a major concern (Leo & Anderson, 2006). Furthermore, economic restructuring has been responsible for the commercial rearrangement of worldwide production chains in different industries including banking, automobiles and electronic sectors. Such economic reorganisations and adjustments if not clearly understood could cause decline of urban areas. Most importantly, economic multilateral institutions including the World Trade Organisation (WTO), the World Bank and the International Monetary Fund (IMF) have been critical in reorganizing international trade and finance thereby contributing to augmented levels of urban growth (White, 2005). Therefore, it is significant to understand the frameworks under which such institutions function to ensure consistent regeneration and renewal of urban areas (Moore, 2008).

In the degenerating cities, housing stock characterised by housing vacancies and abandonment is always a major problem (Punch, 2009). As such, the urban political economy often undertakes renewal of the housing market through the utilisation of numerous measures (Barber & Hall, 2008). For instance, destruction of dilapidated housing stock and the provision of open spaces and recreational areas in such places are some of the measures utilised to draw populace (Wiechmann & Pallagst, 2012). Through the reorganisation and renewal of the urban housing stock problems, the disadvantageous consequences on the value of life such as augmented crime levels and other social perils are countered. As such, there is increased venture in the urban neighbourhoods leading to regeneration of cities (Soja, 2000).

Essentially, it is evident that globalisation, economic restructuring and institutional revolution by urban political economy have had several impacts on the regeneration of urban cities including initiating factors that magnetise investment and populace in urban areas (Smith, 2002). Actually, renovation of urban areas is significant in providing captivating commercial, cultural and retail assets thereby enhancing restitution of cities. Further, the urban political economy is invaluable in providing areas of communication, decision-making as well as exchanges, which augment the growth of cities (Scott, 2006). Generally, lack of understanding on the processes of globalisation, the roles of the urban political economy as well as the economic reorganisation programmes are to blame for complexities often realised in the rebirth of urban areas.

References

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Bluestone, B & Harrison, B 2000, Growing prosperity: the battle for growth with equity in the 21st century, Houghton Mifflin Company, Boston. Web.

Bontje, M 2004, Facing the challenge of shrinking cities in East Germany: the case of Leipzig, Geojournal, vol.61 no.1, pp.1321. Web.

Castells, M 2000, The rise of the network society, Blackwell Publishers, Malden, MA. Web.

Champion, A 2001, A changing demographic regime and evolving polycentric urban regions: consequences for the size, composition and distribution of city populations, Urban Studies, vol.38 no.4, pp.657677. Web.

Dicken, P 2003, Global shift: reshaping the global and economic map in the 21^st century, Guilford Press, New York. Web.

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Graham, S & Marvin, S 2001, Splintering urbanism: networked infrastructures, technological mobilities, and the urban condition, Routledge, New York. Web.

Harvey, D 2005, A brief history of neoliberalism, Oxford University Press, Oxford. Web.

Lang, R 2000, Did neighborhood life-cycle theory cause urban decline?, Housing Policy Debate, vol.11 no.1, pp.16. Web.

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Soja, E 2000, Postmetropolis: critical studies of cities and regions, Blackwell, Oxford. Web.

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