Diese Dissertation untersucht die Frage, wie sich aktuelle Finanzpraktiken auf die Versorgung mit städtischer Wasserinfrastruktur auswirken und welche Konsequenzen diese Praktiken für Städte haben. Die Arbeit umfasst drei spezifische Ziele, die jeweils in einer separaten Publikation behandelt werden: Die erste Publikation entwickelt den theoretischen Rahmen zur Erarbeitung der Forschungsfrage und prüft diesen in einer ersten empirischen Anwendung. Dabei wird argumentiert, dass durch die Betonung der Rolle von Infrastrukturen und die Entwicklung eines auf "Finanzökologien" basierenden Modells die Auswirkungen der Finanzialisierung auf Städte besser verstanden werden kann. Die empirische Anwendung im Kontext der Einführung von Kommunalanleihen in Großbritannien zeigt erste räumliche Effekte auf. In der zweiten Publikation wird die zeitliche Dimension der Finanzialisierung von städtischer Wasserinfrastruktur untersucht. Sie hebt die soziale Erfahrung von Zeit (temporalities/Zeitlichkeiten) hervor und zeigt am Beispiel des Thames Tideway Tunnels (TTT) in London, wie dessen Finanzialisierung bestimmte zeitliche Charakteristika festlegt. Diese eröffnen und verschließen Möglichkeitsräume, welche abschließend betrachtet werden. Die dritte Publikation wendet das im ersten Artikel entwickelte Modell auf eine vergleichende Analyse der Finanzökologien der städtischen Infrastruktur in London und Mumbai an. Um die sich wandelnde Dynamik der Finanzökologie besser zu verstehen, verfolgt der Artikel einen zweistufigen Ansatz: Zunächst werden Initiativen zur Einführung von Kommunalanleihen als Mittel zur Infrastrukturfinanzierung auf nationaler Ebene untersucht. Sodann wird beispielhaft ein Fall der Projektfinanzierung auf lokaler Ebene herangezogen. Die empirische Analyse dieser Fälle fungiert anschließend als Grundlage für eine vergleichende Untersuchung, welche unterschiedliche Muster der Finanzialisierung identifiziert. Im weiteren Verlauf setzt sich der vorliegende Text kritisch mit den ursprünglichen Zielen und der Methode der Dissertation auseinander und gibt einen Überblick über die geleisteten Beiträge zur einschlägigen Literatur. Der Schlussabschnitt fasst die drei Veröffentlichungen zusammen und bezieht diese auf aktuelle Forschungsergebnisse zur Finanzialisierung der städtischen Infrastruktur. Abschließend wird ein Ausblick auf die Bedeutung des behandelten Feldes für die Herausforderungen des Klimawandels und das Aufkommen von „Smart City“-Konzepten gegeben. / This thesis examines the question of how current financial practices affect urban water infrastructure provision, and the consequences of these evolving practices for cities. The thesis sets out three specific objectives, each tackled by a separate publication: the first aims to establish a theoretical framework capable of addressing the research question, and tests it via a first empirical application. It presents the argument that, by emphasizing the role of infrastructure and developing a conceptual model based on financial ecologies, we can better understand the impacts of financialization on cities. The empirical application, in the context of municipal bond development in the UK, identifies some initial spatial effects. The second publication explores the temporal dimension of finance in relation to urban water infrastructure. It emphasizes the social experience of time as temporalities and shows, by example of the Thames Tideway Tunnel (TTT) project in London, how its financialization establishes certain temporal characteristics. The paper concludes with an analysis of openings and closures for political intervention that result from these specific characteristics. The final publication applies the conceptual model, developed in the first publication, to a comparative analysis of the financial ecologies of urban infrastructure in London and Mumbai. To determine the changing dynamics of financial ecologies, the paper follows a twin approach: firstly, it examines initiatives for the introduction of municipal bonds as a means for infrastructure financing at the national level; secondly, it identifies an exemplary case of project finance at the local level. Data obtained through empirical research allow comparison of the cities’ respective financial ecologies, thereby highlighting patterns that emerge as a consequence of financialization. The thesis concludes by reflecting on the original objectives, the method, and by summarizing the contributions to the literature. The conclusion section draws together the three publications and relates them to current research on the financialization of urban infrastructure while providing a perspective on the significance of the field in view of the challenges of climate change and the momentum behind ‘smart city’ initiatives.

[pt] As tão propaladas reformas urbanas e urbanísticas são marcas indeléveis na produção do espaço urbano carioca. Foi assim ao final do século XIX e início do XX e tem sido assim no atual processo de metropolização que envolve o espaço urbano da cidade do Rio de Janeiro. Através da OUCRPRJ – Operação Urbana Consorciada da Região do Porto do Rio de Janeiro, setor público e setor privado caminham de mãos dadas no intento de transformar a região portuária numa nova fronteira de investimentos. Novos empreendimentos foram planejados e outros já estão concluídos, consolidando a busca por uma nova paisagem – financeirizada e mundializada: arquitetura de assinatura, espigões espelhados, lajes corporativas, certificações triple A, eficiência ambiental etc. Destarte, tornase imprescindível compreender os caminhos em busca deste skyline global, o qual procura atender aos interesses do setor financeiro e que cada vez mais mobiliza a produção do espaço no ciclo de acumulação capitalista, agora sob o regime de acumulação financeirizado. Para tanto, o trabalho se debruça na compreensão das singularidades do regime de acumulação financeirizado e sua (re)produção do espaço urbano portuário carioca, o que nos conduz à análise das condições atuais do mercado imobiliário nestes específicos empreendimentos triple A. Os sinais de esgotamento do modo de produção capitalista são cada vez mais visíveis e as contradições resultantes da materialização financeira sobre o espaço geográfico sinalizam a abertura de frestas e fissuras, das quais os comuns urbanos poderão ser cada vez mais mobilizados para a luta anticapitalista. / [en] The so-called urban and urban reforms are indelible marks in the production of urban space in Rio. It was like this in the late nineteenth and early twentieth centuries and has been so in the current process of metropolization that involves the urban space of the city of Rio de Janeiro. Through the OUCRPRJ - Consortium Urban Operation of the Region of the Port of Rio de Janeiro, public sector and private sector go hand in hand in the attempt to transform the port region into a new frontier of investments. New projects were planned and others are already completed, consolidating the search for a new landscape - financially and globally: signature architecture, mirror spikes, corporate slabs, triple A certifications, environmental efficiency, etc. Thus, it is essential to understand the paths in search of this global skyline, which seeks to meet the interests of the financial sector and that increasingly mobilizes the production of space in the capitalist accumulation cycle, now under the regime of accumulated financialization. In order to do this, the work is focused on the understanding of the singularities of the financially accumulated regime and its (re) production of the Rio de Janeiro urban space, which leads us to analyze the current conditions of the real estate market in these specific triple A ventures. Signs of exhaustion of the capitalist mode of production are increasingly visible and the contradictions resulting from the financial materialization of the geographical space signal the opening of cracks and fissures, from which urban commons can be increasingly mobilized for the anticapitalist struggle.

finansialiseringstendensen ses idag på en global skala. Effekterna av denna utveckling har haft unika utslag i Sverige med dess historiskt starka bostadssociala politik. Syftet med rapporten är att undersöka dessa effekter samt lyfta olika perspektiv på utvecklingen.  Tidigare forskning lyfts för att skapa en uppfattning om vad fenomenet innebär inom en svensk kontext vilket sedan utvecklas vidare i två intervjuer med forskare inom ämnet. Vyer på vad som skett och vad det innebär för Sveriges framtida bostadsförsörjning skiljer sig mellan olika aktörer. Denna subjektivitet kring finansialiseringens utveckling undersöks genom fem intervjuer med representanter från intresseorganisationer, politiska partier, och Stockholm kommun.  Rapporten visar på att det saknas en gemensam förståelse och språk för att diskutera finansialisering, allmännyttans roll har begränsats, det behövs tydligare lagstiftning kring vad som gäller i frågor relaterat till renovering och nyproduktion, och att det har skett en polarisering i vyerna kring hur bostadsförsörjningen och bostadsmarknaden bör hanteras i Sverige. / Today's urban planning is increasingly controlled and influenced by private actors with profit incentives and this includes the housing sector. The trend of increasing influence of financial actors which result in structural changes to markets and systems is referred to as ‘financialization’ and this trend is today seen on a global scale. The effects of this development have had unique effects in Sweden with its historically strong social housing policies. The purpose of this report is to investigate these effects and highlight different perspectives on the development. Previous research is presented to gather an idea of what the phenomenon means within a Swedish context, which is then further explored in two interviews with researchers of the subject. Views on what has happened and what it means for Sweden's future housing supply differ between different actors. This subjectivity around the development of financialisation is examined through five interviews with representatives from interest organizations, political parties and Stockholm municipality. The report concludes that there is a lack of a common understanding and language for the discussion of financialization, public housings role has been diminished, clearer legislation is needed regarding what applies in matters related to renovation and construction of housing, and that there has been a polarization in the views regarding how the housing supply and housing market should be handled in Sweden.

Cette recherche se situe dans la perspective des travaux qui traitent du développement de l’agrobusiness du soja et de la viande en expansion particulièrement rapide depuis 2008 en Amérique Latine. Notre recherche analyse l’impact du développement de ces nouvelles formes de production reliées aux marchés financiers sur le fonctionnement technique et les résultats économiques des différents agents impliqués dans la production, et sur la durabilité des systèmes de production présents. Ce travail a été mené dans deux régions d’étude en Uruguay (Young et Ansina), choisies de manière à disposer de situations contrastées dans le moment et le degré d’expansion de ces formes productives financiarisées. Nous avons utilisé l’analyse-diagnostic de système agraire pour étudier la dynamique de différenciation des systèmes de production agricole des territoires concernés et évaluer leur niveau de productivité et la répartition de valeur ajoutée créée. Nous avons également analysé l’évolution des rapports de production au sein de ces systèmes agraires et les conséquences des inégalités croissantes d’accès aux ressources productives. Le mouvement de repli des très grandes sociétés en réseau, expérimenté en Uruguay depuis le début de la décennie 2010, nous a aussi amené à identifier les dynamiques naissantes des agents économiques restants dans la gestion des systèmes de production. Nous avons enfin replacé notre analyse en perspective des débats sur les transformations liées à la financiarisation de l’agriculture. / This research deals with the development of soybean and meat agribusiness, and of its particular expansion in Latin America since 2008. Our analysis considers the impact of the development of financial markets-linked productions onto the technical development and economic results of the agents involved in the production process, as well as onto the sustainability of theses production systems. This work was conducted in two areas in Uruguay (Young and Ansina), selected for having different characteristics about the timeline and the stage of the financialized productive forms development. We have used the agrarian system approach, in order to emphasize the differentiation dynamic of agricultural production systems in the concerned territories, and their production and added-value distribution. We have highlighted the evolution of relations of production in these farming systems, and their consequences onto growing inequalities in regards to access to productive resources. The reflux in very large networking companies, seen in Uruguay in the early 2010’s, has also led us to identify the remaining land users emerging strategies for productive system management. Finally, we have also taken into consideration the debates induced by these dramatic changes linked to financialization of agriculture to ponderate our study.

Esta pesquisa considera a problemática da área denominada Pantanal da Zona Leste, região situada no leste da cidade de São Paulo que corresponde às várzeas do rio Tietê. A partir da institucionalização dos atributos ambientais na forma do Parque Várzea do Tietê se estabelece o conflito para a remoção dos moradores. Tal conflito permite analisar as condições da reprodução contemporânea baseada na relação capital-espaço. Sob a aparência do ambientalismo e da sociedade do risco, as instituições estatais e privadas operam a produção do espaço de modo que os atributos da sustentabilidade social se sobreponham ao vivido ali constituído. Por décadas, a reprodução de populações empobrecidas refletia o cotidiano espoliado em espaços infraurbanos. As metamorfoses da reprodução contemporânea impõem outra lógica para estas populações, uma vez que o espaço torna-se elemento estrutural da reprodução, esta que se relaciona à financeirização de maneira cada vez mais intensa. Assiste-se então a uma acumulação de espaço como centralidade do processo, pela possibilidade de inversões de capital para remuneração financeira, esta que, para o caso aqui estudado, torna-se dívida pública. Há, portanto, uma nova condição para a reprodução dos pobres na metrópole, que é a sua expropriação como meio para se atingir a acumulação de espaço. Tais processos se concretizam, mas o fazem de maneira velada, por meio das representações do espaço, a forma socialmente aceita que culmina nos espaços de representação como realização de todo um processo que define a reprodução contemporânea de maneira antitética, não há urbano para todos. / This research considers the problem of the area called East Zone Pantanal, a region situated in the eastern city of São Paulo that corresponds to Tietê River floodplains. From the institutionalization of environmental attributes in the form of Tietê Várzea Park establishes the conflict for the removal of the residents. Such conflict allows analyze the conditions of contemporary reproduction based on capital-space relationship. Under the guise of environmentalism and the risk society, the state and private institutions operate the production of space so that the attributes of \"social sustainability\" superimposing to been lived there constituted. For decades, the reproduction of impoverished populations reflected the quotidian despoiled in infraurban spaces. The metamorphosis of contemporary reproduction impose other logic for these populations, as space becomes structural element of reproduction, this one is related to financialization more and more intense. We are witnessing an accumulation of space as the centrality of the process, the possibility of capital investment for financial remuneration, this one, in case studied here, becomes government debt. There is therefore a new condition for the reproduction of the poor in the metropolis, which is them expropriation as a means to attain the space accumulation. Such processes are concretized, but they do so in a veiled way, through the representations of space, the mode socially accepted that culminates in the spaces of representation as the realization of a whole process that defines the contemporary reproduction of antithetical mode, \"there is no city for everyone \".

O processo de diversificação da topologia bancária brasileira iniciado na década de 1990 com o Plano Real foi ancorado numa política de privatização e desnacionalização dos entes financeiros e chegou ao ápice no ano de 2003, mediante a Resolução n. 3.156, emitida pelo Banco Central do Brasil, propiciando o uso dos serviços de correspondentes no País a qualquer instituição financeira. Se por um lado, tal medida estava estreitamente ligada à política de bancarização levada a efeito pelo Governo Federal (que passaria a fazer uso da rede de correspondentes para distribuição de recursos a segmentos da população que historicamente viviam à margem do sistema bancário tradicional), por outro, serviu de alavanca a diversas instituições financeiras, especialmente os bancos de pequeno e médio portes que, desprovidos de uma rede de agências, encontraram no correspondente uma forma de ampliação de sua capilaridade. Nesse sentido, a prestação do serviço bancário com distintos níveis de capital, tecnologia, organização e trabalho expressa novas relações de complementaridade entre os circuitos (superior, superior marginal e inferior) da economia urbana, ao mesmo tempo em que altera o papel exercido pelo banco, anteriormente único responsável pelas atividades do circuito superior. Nessa perspectiva, buscou-se, no presente trabalho, entender as relações entre o sistema bancário e os circuitos da economia urbana no processo de autonomização da esfera financeira no território brasileiro, tomando como exemplo o estado de Alagoas. Para tanto, fez-se necessário uma avaliação das topologias que expressam a rede bancária no território alagoano, considerando-se a base material, os produtos financeiros e a prestação dos serviços. A partir de pesquisa de campo nos municípios de Girau do Ponciano, Campo Grande e Traipu foi possível identificar que a concessão de crédito consignado se realiza através de novos nexos entre o circuito superior (o banco), o superior marginal (as promotoras de crédito e os correspondentes, que são empresas terceirizadas) e o inferior (o agente de crédito, que representa a garantia dos lucros de uma parte considerável de bancos que vendem seus produtos sem possuir uma única agência no estado). Dessa forma, desvelou-se o acirramento da divisão do trabalho bancário e o processo de espoliação, centrado no aumento vertiginoso do consumo de dinheiro concomitante ao crescente endividamento. Esse processo denota a perpetuação do circuito inferior, tanto no que concerne ao consumo quanto à própria prestação do serviço, ou seja, a realização do trabalho. / The process of diversification of the Brazilian banking topology started in the 1990s with the Real Plan, was anchored in a privatization and denationalization policy of the financial entities which came to a head in 2003, by Resolution no. 3156, issued by the Central Bank of Brazil, allowing the use of corresponding services in the country by any financial institution. On one hand, such a measure was closely linked to the banking policy carried out by the Federal Government (which would make use of the matching network for the distribution of resources to segments of the population that historically lived on the margins of the traditional banking system) in the other, served as a lever to various financial institutions, especially small and medium banks devoid of a network of agencies, met in the corresponding a way to expand its capillarity. In this sense, the provision of banking services with different levels of capital, technology, work and organization express new relations of complementarity between the circuits (upper, upper marginal and lower) of the urban economy, while amending the role played by the bank that was previously solely responsible for the activities of the upper circuit. In this perspective, we sought in the present work, to understand the relationship between the banking system and the circuits of the urban economy in the process of empowerment of the financial sphere in Brazil, taking as an example the state of Alagoas. To do so, it was necessary an evaluation of topologies expressing banking network in Alagoas\' territory, considering the base material, financial products and provision of services. From field research in the counties of Girau Ponciano, Campo Grande and Traipu was possible to identify that the granting of payroll loans is done through new connections between the upper circuit (the bank), the upper marginal (promoters and credit correspondents, who are subcontractors) and the bottom (lower) (the loan officer, who is the guarantee of the profits of a considerable part of banks that sell their products without having a single agency in the state). Thus, was unveiled the intensification of the banking division of labor and dispossession process, centered on the rise of money consumption concomitant with increasing debt. This process denotes the perpetuation of the lower circuit, both as regards consumption as to provide the service itself, in other words, the work realization.

A produção do espaço na urbanização contemporânea de São Paulo inclui como uma de suas faces a expansão dos negócios imobiliários em direção às periferias metropolitanas, a partir da produção de um espaço habitacional homogêneo-produtivo que expressa e realiza diversos processos. Entre eles, a atualização das estratégias dos capitais financeiros nacionais e internacionais ligados à sua reprodução no urbano, o que remete às tentativas, por parte do setor imobiliário, de superação de barreiras espaciais como a crescente raridade do espaço edificável nas regiões mais valorizadas, tomadas pela propriedade privada do solo. As contradições vindas do espaço disparam uma série de mecanismos postos a resolver tal situação. Procuro analisar, neste trabalho, o modo como as articulações entre uma financeirização imobiliária representada pela capitalização das maiores incorporadoras do país via aberturas de capital em bolsa de valores (Bovespa) e algumas políticas de governo sobretudo o Programa Minha Casa, Minha Vida buscam ampliar os espaços de reprodução capitalista, demandando a produção de novas espacialidades: os condomínios habitacionais fechados que passam a marcar a paisagem das periferias, onde o tecido urbano é fragmentado por terrenos mais ou menos grandes, até então desvalorizados. O Residencial Valle Verde Cotia empreendimento de grande porte localizado na cidade de Cotia (Região Metropolitana de São Paulo), destinado à moradia de quase 2.500 famílias pode situar estes processos, nos quais frações sociais compostas por famílias de rendas reduzidas que moravam de aluguel ou com parentes, em moradias muitas vezes autoconstruídas passam a ser capitalizadas pelos financiamentos imobiliários e empurradas para estes espaços. Neles, realiza-se uma metamorfose radical da casa, da rua, do bairro, das práticas espaciais e do habitar implicado no acesso a um espaço massificado, simétrico e repetitivo, edificado nos moldes ditos formais/legais, o que coloca estas famílias diante de um possível acesso à propriedade privada do solo. A discussão que se torna pertinente a partir daí se refere ao reconhecimento da reprodução das desigualdades sociais em novos patamares, um aumento da base social de reprodução capitalista, que se resolve na produção de um cotidiano desigual em novos espaços que se revelam, inclusive, em seu conjunto, como novas franjas de valorização/capitalização imobiliária nas periferias. Esse processo, ao mesmo tempo em que inclui alguns, certamente também espolia outros, os mais pobres entre os empobrecidos, que podem ser banidos para espaços cada vez mais distantes. E mesmo aqueles que por ventura efetivem a propriedade não estarão livres de uma possível perda de suas casas, pois seu endividamento futuro pode apontar esta situação. Observa-se, com isso, uma agudização da segregação socioespacial através de novas fragmentações e hierarquizações dos espaços metropolitanos periféricos. / The production of space in Sao Paulos present-day urbanization involves, as one of its aspects, the extension of property development to the metropolitan peripheries as an outcome of the construction of homogeneous and productive housing projects that express and materialize a host of different processes. Among these processes, it is worth mentioning the refinement of (domestic and foreign) finance capitals strategies linked with its reproduction in the city, especially concerning the attempts by the property sector at overcoming spatial barriers such as the lack of developable land in the citys upscale districts due to the existence of private property. The contradictions of space give rise to a range of mechanisms that work to solve this situation. I have attempted to analyze, in this research, the ways in which the intertwining between the financialization of real estate represented here by large developers raising capital by issuing stocks in the stock exchange (Bovespa) and government policies such as Minha Casa, Minha Vida housing program extend the spaces of capitalist reproduction, demanding the production of new spatialities: residential condominiums that have become part of the landscape in peripheral areas, where the urban fabric is fractured by fairly large vacant land plots up until recently largely devalued. Valle Verde Cotia a large development located in Cotia (Sao Paulo metropolitan area) sheltering almost 2500 families epitomizes the process by which social fractions composed primarily of low-income households (people that used to rent or live with relatives often in self-built houses) are integrated into the mortgage market and pushed to such places. In such housing developments, there is a radical metamorphosis of the home, of the street, of the neighborhood, and of spatial and housing practices that stems from the production of massive, symmetric and repetitive spatial forms within the parameters of formal/legal housing markets, thus opening up for these families the perspective of an eventual access to private property. In light of this, the appropriate point to be made here concerns the reproduction of social inequality on a whole new level, as well as the widening of the social foundations of capitalist reproduction. All this produces an unequal everyday life in new spaces that become, in their entirety, new fields for real estate profits on the outskirts of the metropolis. While this process certainly includes some people, it also dispossesses others chiefly the poorest among the poor, who may be displaced to ever more distant areas. And even those who by chance effect the property, will not be free of a possible loss of their homes because their future debt can point this. An intensification of socio-spatial segregation through fragmentations and hierarchizations of metropolitan peripheral spaces is an observable outcome these trends.

A crescente importância do mercado de serviços terceirizados de TI no Brasil e o interesse por pesquisas nesse tema no Brasil e em nível mundial, são os principais argumentos que justificam a realização deste estudo. Este trabalho teve por objetivo entender questões que envolvem os aspectos considerados em decisões de terceirização de funções de TI em empresas brasileiras, visão ainda pouco explorada na literatura. Para que o objetivo fosse atingido, foram propostas quatro questões de pesquisa respondidas utilizando-se de uma revisão bibliográfica, simulação e dois surveys. Os resultados encontrados permitiram identificar um modelo final que facilita um melhor entendimento sobre como a decisão de terceirização é tomada em empresas brasileiras. Tal modelo engloba seis aspectos de decisão usualmente considerados pelas empresas, o inter-relacionamento entre estes aspectos e mostra fatores externos que contribuem para a definição do nível de importância de cada aspecto na decisão. Como produto secundário, a discussão dos resultados encontrados frente à literatura que trata do tema terceirização em TI validou resultados já apresentados por outros autores e, gerou a necessidade de estudos futuros ao encontrar divergências. Do ponto de vista prático, o trabalho apresenta importante contribuição, pois ajudou a estruturar o processo de decisão de terceirização de funções de TI. / The growing importance of IT service market in Brazil and the interest for researches in this area in Brazil and worldwide are the main arguments that justifies the development of this study. The objective of this work was to understand the issues that involve the aspects considered on IT outsourcing decisions in Brazilian companies, theme that is not well explored in the literature. To achieve this objective, it was proposed four research questions answered by a bibliographic revision, simulation and two surveys. The founded results allowed the identification of a final model that facilitates a better understanding about how outsourcing decision making process occurs in Brazilian companies. This model considers six decisions aspects usually considered by the companies, the inter-relationship between this aspects and shows external factors that contributes to the definition of the importance level of each of these aspects in the decision making process. As secondary product, the discussion of the founded results against the literature that covers IT outsource theme, validated the results already presented by other authors and created the need of future researches by presenting some different results. From practicing stand point, this work presents an important contribution, by helping to structure the IT outsourcing decision making process.

La question de l'internationalisation des financements de la ville s'avère centrale pour comprendre le fonctionnement des marchés internationaux et l'évolution du rôle de l’État dans les modes de gouvernance urbaine. Elle se présente également comme une grille de lecture pertinente pour étudier les impacts sur la production urbaine des fonctionnements néolibéraux des pays en développement et de leur dépendance aux partenaires internationaux. Car l'un des enjeux de la financiarisation de la ville est celui du rôle des acteurs, notamment à travers les modes de gouvernance : lorsque l'équilibre des projets de développement urbain n'est pas garanti, qui sont les acteurs qui jouent le rôle de régulateurs? Comment le risque financier est-il distribué et absorbé, alors que le temps long entre vente et achat dans l'investissement immobilier fait exister deux temporalités différentes : celle de la finance globale, qui obéit à des logiques de court terme afin de dégager des marges de rentabilité rapides; et celle du construit urbain, davantage étalée dans le temps. Or, plus le temps de résolution du capital dans l'immobilier est long, plus le montant des valeurs excédentaires est bas. La question de la distinction entre secteur public et secteur privé est également centrale dans l'étude de ce sujet, puisque qu'elle renvoie à la signification du retrait de l’État de la gouvernance urbaine en tant que moyen pour donner davantage de pouvoir aux investisseurs privés. Étudier cette distinction est un moyen de comprendre quels sont les mécanismes de régulation et d'équilibre des marchés liés à la production de la ville. La fabrique du Caire avant et après le soulèvement populaire de 2011 dans la vague des Printemps Arabes est un laboratoire pertinent pour l'analyse de ces questionnements. Au Caire, les modes de gouvernance spécifiques basés sur l'accumulation des richesses par une élite ont été remis en question par la révolution de 2011. La succession des régimes transitoires et les nombreux procès qui ont visé les cessions de terrain frauduleuses par les hommes d'affaires les plus puissants du pays ont semblé être une avancée dans les revendications pour le droit à la ville des révolutionnaires. La lutte pour davantage de justice a provoqué une redéfinition de l'assabiya dirigeante, communauté d'acteurs publics et privés basée sur des liens de mariage et de sang. Mais elle n'a pas ébranlé le système néolibéral reposant sur les rouages de la corruption et du bakchich ainsi que sur la dépendance de la croissance égyptienne aux aides occidentales et régionales, bien au contraire. Le nouveau régime reproduit grâce à une main de fer le système néolibéral d'avant la révolution : enrichir un noyau d'acteurs privés faisant partie d'une élite proche du régime. Cette élite rassemble des proches de l'ancien régime de Moubarak, dont certains ont fait l'objet de sanctions post­révolution, appliquées, levées ou adoucies de manière arbitraire par l’État qui affirme ainsi son pouvoir sur la communauté d'acteurs privés. L'émergence de l'institution militaire comme pouvoir gouvernemental en apparence unitaire n'a pas remis en question la position d'un État centralisé, alors que les pays du Golfe sont devenus incontournables : ce sont des créanciers qu'il faudra rembourser, en liquide ou en nature, et leur poids dans l'économie égyptienne est croissant, en particulier dans le secteur immobilier. La fabrique du Caire semble s'orienter vers une urbanité exclusive et participe à la création d'un arrière-pays du Golf. [...] / The issue of internationalization of financial involvement in Cairo's urban environment is fundamental in understanding the increasing role that international actors play in the region. Additionally, it enables a clearer perception of the State's increasing role through directive urban governance and is also central to any analysis of recent development of the city's social geography. This broad perspective is also a key to understanding the impact of neoliberal policies in developing countries and their increased dependence on international partnerships for urban development. One of the main explanation factors of the financialization of the city's construction is the evolving role of its various actors, through changing governance modes: who are the actors of large-scale real estate, when the balance of urban development project is not secured? One way of addressing this issue is through the question: "how is the risk distributed and absorbed where there exists two timescales, because of the mismatch between selling and buying in real estate investment?" These are the temporality of global finance, which obeys short term logics to serve specific interests and the temporality of the urban fabric which is over a much longer period of time. The longer the period for real estate return on investment, the lower the amount of profit for the investor. Distinction (or the lack of) between public and private sector interests and motivations remains the key parameter, since it refers to the State's withdrawal for urban governance as a way to give more power to private investors. The complex interference between public and private sector is therefore part of the very definition of the city financialization. This study is a way to understand mechanisms of regulation and balance of the markets related to the city production. The urban production of Cairo, before and after the Arab Spring popular uprising of 2011 is also a highly meaningful laboratory to analyze mobilization against financialization of urban production. ln Cairo, specific governance based on wealth accumulation by elite had been called into question by the 2011 revolution. The succession of transitory regimes and the numerous trials targeting fraudulent sales of some of the most powerful businessmen of the country could be viewed as a progress, in citizen's right to the city, of the revolutionaries. The fight for more justice caused a redefinition of the ruling assabiya, a community of public and private actors related by blood or marriage. But it did not destroy the corruption-based system, nor the dependence of Egyptian growth on occidental and regional aids, quite to the contrary. The specificity of the Egyptian neoliberal system is based on refusal of the state to let the contractors take control and on the interference of the public elite in contractors' activities. The new regime replicates with a heavier hand, this system from before the revolution. This enriches a core of actors belonging to an elite close to the regime. [...]

Le sujet développé dans cette thèse pose comme objectif de répondre à trois problématique résumables par une corrélation entre trois points principaux :(a) la relation entre l'usage des nouveaux outils des plateformes 2.0 dans l’intermédiation de la finance et l’émergence d’un nouvel archétype de financement ; (b) la distinction observée entre le capital-risque conventionnel et les financements opérant actuellement dans un environnement 2.0 et (c) l’approche optimale pour construire un environnement juridique modulé à l’évolution récente introduite par les outils 2.0 dans le financement de l’innovation. La recherche aborde la problématique en déconstruisant la dynamique institutionnelle de l’évolution économique contemporaine. Par cela la recherche tente de déterminer la nature et l’étendue des changements subis par l’économie en interaction constante avec le progrès technologique des nouvelles technologies d’information et de communication. La méthodologie du fond adoptée dans cette recherche fait partie de l’analyse économique de droit (Law and Economics). Néanmoins, l’analyse est enrichie par une référence aux outils théorétiques du courant économique néo-institutionnaliste américain et la sociologie économique critique française. Cette transdisciplinarité permet ainsi de comprendre la nature de l’évolution d’une manière plus élaborée. Le fil conducteur de cette recherche réside dans le phénomène de la financiarisation de l’économie. Cette recherche supporte l’idée selon laquelle les bouleversements du format et fonctionnement économiques actuels sont majoritairement le résultat d’un double mouvement institutionnel de nature financière et technologique. La recherche identifie trois institutions de nature économique et juridique au cœur du modèle de financement de l’innovation américain : la gouvernance par la flexibilité contractuelle fondée sur la notion du private ordering, la liquidité financière et l’externalisation du processus de l’innovation par rapport à la firme. Une analyse comparative de différents cadres règlementaires portant sur le capital risque en vigueur à travers le monde confirme la centralité de ces trois institutions. En conclusion de la recherche, il est ainsi nécessaire pour un Etat de reconnaître la nature institutionnelle du modèle de financement par lequel il compte supporter l’innovation. Pour le modèle de financement par capital-risque dominant aux Etats-Unis, un point d’équilibre entre d’une part un cadre règlementaire visant la protection des investisseurs et d’autre part des mesures favorisant la création de la liquidité financière devient indispensable. Néanmoins,l’oscillation règlementaire entre des mesures de support de liquidité et des règlements restrictifs reste en effet inévitable. L’évolution de la financiarisation de l’économie en alliance avec une concurrence pour l’innovation technologique ramènera les acteurs privés à assurer eux-mêmes la création de la liquidité. L’émergence des nouveaux types de contrats de financement par fonds propres allégés aux Etats- Unis (KISS contracts) puis reconfigurés pour le système juridique français (Contrats AIR) sert de preuve à cette hypothèse. La tâche la plus signifiante aujourd’hui pour les législateurs sera ainsi la création d’un ensemble de mesures protectrices contre les risques déraisonnables et démesurés. Ceci tout en assurant que les deux éléments irréductibles propres à l’institution du capital-risque – la spéculation conditionnelle et l’autonomie contractuelle – soient assurés par une marge de manœuvre suffisante requise pour supporter l’innovation. / The present doctorate research thesis attempts to resolve three correlated problematics summarized as following: (a) the relation between the use of new tools provided by the 2.0 platforms especially in the field of financial intermediation and the advent of a new financial archetype; (b) the difference between venture capital 2.0 and the conventional venture capital and (c) the concern over the utmost optimum approach in constructing a legal environment adapted to the current evolution introduced by the use of 2.0 tools in the financing of innovation. The research confronts the problematic by conducting a preliminary deconstruction of the ongoing institutional dynamic in regards to the current economical transformation. Subsequently, the research would attempt to define the nature and extent of the economical mutations in constant exposure to the new technologies in information and communication. This research fundamentally adopts a law and economics (L&E) analysis. In addition, the research would complement the traditional L&E analysis with further theoretical instruments by referral to the American neo-institutionnalist school of thought along with the French critical socio-economic theories. This transdisciplinarity would grant the possibility of attaining a more indepth understanding of nature of the economical mutation. The central unifying theme throughout the research resides on the concept of financialization of the economy. The research attributes the major disruption in the form and functioning of contemporary economy to an institutional financial and technological wave of change. The research identifies three economical and legal institutions residing at the core of the American financing of innovation model : the governance through contractual flexibility based on the notion of “private ordering”, financial liquidity and the externalization of the innovation process. A comparative analysis of different venture capital regulatory framework in various national jurisdictions confirms the major importance of the three stated institutions. In sum, the institutional nature of the financing model adopted by the government in support of innovation should be fully considered by national governments. For the case of the US venture capital model, an equilibrium point should be attained between two main regulatory framework objectives: the protection of investors and the creation of financial liquidity. A regulatory oscillation between liquidity creation and regulation would always prevail. Nonetheless, the financialization of the economy in conjunction with IT innovation would oblige private actors to maintain the creation of financial liquidity through private initiative. The emergence of new types of simplified equity financing model contracts such as the KISS contracts and the French variant, AIR contracts confirms this statement. Legislators would have to provide protection against unreasonable risk taking while ensuring that the two main elements of venture capital rest unhindered : conditional speculation and sufficient contractual autonomy to support innovation.