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Cambridge Journal of Regions, Economy and Society Advance Access published online on June 21, 2009
Cambridge Journal of Regions, Economy and Society, doi:10.1093/cjres/rsp013
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

This article appears in the following Cambridge Journal of Regions, Economy and Society issue: Spatial Circuits of Global Finance [View the issue table of contents]

A very geographical crisis: the making and breaking of the 2007–2008 financial crisis

Shaun Frencha, Andrew Leyshona and Nigel Thriftb

a School of Geography, University of Nottingham, University Park, Nottingham NG7 2RD, UK. shaun.french{at}nottingham.ac.uk, andrew.leyshon{at}nottingham.ac.uk
b Vice Chancellor's Office, University of Warwick, Coventry CV4 7AL, UK. nigel.thrift{at}warwick.ac.uk


  Abstract

The paper argues that the origins of the financial crisis of 2007–2008 can ultimately be located in four spaces: in international financial centres, in particular, in the longstanding competition that has existed between London and New York; in the insularity of the everyday geographies of money that have emerged in such centres in the wake of the apparent hegemony of financialization; in the geographical recycling of surpluses and deficits and, more particularly, the structural dependency that has grown up between China and the USA, and, finally; in the growing power of the financial media, centred in international financial centres and an increasingly significant agent in performing money and the economy in general, and in engendering mimetic forms of rationality.

Keywords: financial crises, securitization, sub-prime, financial centres, media, China

Received on December 16, 2008. Accepted on April 28, 2009.

JEL Classifications: O16, P10, R11


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