O fim do capitalismo dos bancos de investimento? Uma geografia econômica do emprego e do poder financeiro





Bancos de investimento. Securitização. Crise financeira. Geografia econômica. Bancos de investimento.


Este artigo investiga os padrões de emprego, remuneração e relações de poder no setor financeiro dos EUA entre 1978 e 2008 e demonstra que os bancos de investimento têm tido um papel central na indústria da securitização, que foi até aqui o segmento do setor financeiro estadunidense que se expandiu e contribuiu significativamente para a crescente desigualdade de renda. O poder dos bancos de investimento aumentou nos últimos 30 anos como consequência da crescente demanda por serviços de investimento, de mudanças tecnológicas, da desregulamentação e da globalização. Os bancos de investimento estão no centro do chamado shadow banking system, inventando muitos dos produtos usados por ele e muitas vezes dissimulando seu funcionamento e, assim, concorrendo decisivamente para a crise financeira global de 2007-2009. Com os principais bancos de investimento dos EUA convertidos em holdingse devido a uma possível re-regulação financeira, o futuro desses bancos é incerto. Seu relacionamento com fundos soberanos também implica incerteza, envolvendo tanto oportunidades quanto desafios. Este artigo identifica a geografia econômica dos bancos de investimento como uma das chaves para compreender a dinâmica da economia mundial contemporânea, numa abordagem de mesonível da geografia das finanças.



Não há dados estatísticos.

Biografia do Autor

Dariusz Wójcik, The School of Geography and The Environment e St. Peter's College, Universidade de Oxford

The School of Geography and The Environment e St. Peter's College, Universidade de Oxford


ALLEN, J. Three space of power: Territory, networks, plus a topological twist in the tale of domination and authority. Journal of Power, v. 2, p. 197-212, 2009.

AMIN, A.; THRIFT, N. The Blackwell cultural economy reader. Oxford: Blackwell, 2004.

ARRIGHI, G. The long twentieth century: Money, power, and the origins of our times. London: Verso, 2010.

BASEL Committee on Banking Supervision. Report on special purpose entities. Basel: Bank for International Settlements, 2009.

BEAVERSTOCK, J. V. World city networks from below: International mobility and inter-city relations in the global investment banking industry. In: TAYLOR, P. J. et al. (Ed.). Cities in globalization: Practices, policies, theories. London: Routledge, 2007. p. 52-71.

BHAGWATI, J. The capital myth: The difference between trade in widgets and dollars. Foreign Affairs, v. 77, p. 7-12, 1998.

BLOOMBERG Businessweek. Big banks go after 401k trillions, 2011. Disponível em: http://www.businessweek.com/magazine/content/11_15/b4223053701239.htm. Acesso em: 12 set. 2017.

BRAKMAN, S.; GARRETSEN, H.; MARREWIJK, C. The new introduction to geographical economics. Cambridge: Cambridge University Press, 2009.

CHRISTOPHERS, B. Complexity, finance, and progress in human geography. Progress in Human Geography, v. 33, p. 807-24, 2009.

CLARK, G. L. Pension fund capitalism. Oxford: Oxford University Press, 2000.

______. et al. Symposium: Sovereign fund capitalism. Environment and Planning A, v. 42, p. 2271-2291, 2010.

CLARK, G. L.; MONK, A. The legitimacy and governance of Norway’s sovereign wealth fund: The ethics of global investment. Environment and Planning A, v. 42, p. 1723-1738, 2010.

CLARK, G. L.; WÓJCIK, D. The geography of finance: Corporate governance in a global marketplace. Oxford: Oxford University Press, 2007.

______. The city of London in the Asian crisis. Journal of Economic Geography, v. 1, p. 107-130, 2001.

DICKEN, P.; LLOYD, P. E. Location in space: Theoretical perspectives in economic geography. New York: Harper Collins, 1990.

DIXON, A. D. Variegated capitalism and the geography of finance: Towards a common agenda. Progress in Human Geography, v. 35, p. 193-210, 2010.

EPSTEIN, G. (Ed.). Financialization and the world economy. Cheltenham, UK: Edward Elgar, 2005.

______ et al. After the great complacence: Financial crisis and the politics of reform. Oxford: Oxford University Press, 2011.

FERGUSON, N. The ascent of money: A financial history of the world. London: Penguin, 2009.

FRENCH, S.; LEYSHON, A.; WAINWRIGHT, T. Financializing space, spacing financialization. Progress in Human Geography, v. 35, p. 798-819, 2011.

FROUD, J. et al. Financialization and strategy: Narrative and numbers. London: Routledge, 2006.

GOWAN, P. Crisis in the heartland: Consequences of the new Wall Street system. New Left Review, v. 55, p. 5-29, 2009.

HABERLY, D. Strategic sovereign wealth fund investment and the new alliance capitalism: A network mapping investigation. Environment and Planning A, v. 43, p. 1833-1852, 2011.

HALL, S. Knowledge makes the money go round: Conflicts of interest and corporate finance in London’s financial district. Geoforum, v. 38, p. 710-719, 2007.

______; SOSKICE, D. Varieties of capitalism: The institutional foundations of comparative advantage. Oxford: Oxford University Press, 2001.

HARRIS, L. Trading and exchanges: Market microstructure for practitioners. Oxford: Oxford University Press, 2003.

HARVEY, D. Roepke lecture in economic geography: Crises, geographic disruptions and the uneven development of political responses. Economic Geography, v. 87, p. 1-22, 2011.

______. Social justice and the city. London: Edward Arnold, 1973.

HO, K. Liquidated: An ethnography of Wall Street. Durham, NC: Duke University Press, 2009.

JOHNSON, S.; KWAK, J. 13 bankers: Wall Street takeover and the next financial meltdown. New York: Pantheon, 2010.

JONES, A. The “global city” misconceived: The myth of “global management” in transnational service firms. Geoforum, v. 33, p. 335-350, 2002.

KLAGGE, B.; MARTIN, R. Decentralized versus centralized financial systems: Is there a case for local capital markets? Journal of Economic Geography, v. 5, p. 387-422, 2005.

KNOX-HAYES, J. The developing carbon financial service industry: Expertise, adaptation and complementarity in London and New York. Journal of Economic Geography, v. 9, p. 749-778, 2009.

KOO, R. The Holy Grail of macroeconomics: Lessons from Japan’s great recession. Singapore: John Wiley & Sons, 2008.

KRIPPNER, G. R. The financialization of the American economy. Socio-Economic Review, v. 3, p. 173-208, 2005.

LANDIER, A.; NAIR, V. B.; WULF, J. Trade-offs in staying close: Corporate decision making and geographic dispersion. Review of Financial Studies, v. 22, p. 1119-1148, 2009.

LANGLEY, P. The everyday life of global finance. Oxford: Oxford University Press, 2008.

LEYSHON, A.; THRIFT, N. The capitalization of almost everything: The future of finance and capitalism. Theory, Culture and Society, v. 24, p. 97-115, 2007.

______. Money/space: Geographies of monetary transformation. London: Routledge, 1997.

MARTIN, Randy. Financialization of daily life. Philadelphia: Temple University Press, 2002.

MARTIN, Ron. The local geographies of the financial crisis: From the housing bubble to economic recession and beyond. Journal of Economic Geography, v. 11, p. 587-618, 2011.

______ (Ed.). Money and the space economy. Chichester, UK: John Wiley & Sons, 1999.

MASSEY, D. Spatial divisions of labour: Social structures and the geography of production. New York: Routledge, 1995.

McDOWELL, L. Capital culture: Gender at work in the city. Oxford, U.K.: Blackwell, 1997.

MISHKIN, F. S. The economics of money, banking, and financial markets. Boston: Pearson, 2006.

MORRISON, A.; WILHELM, W. Investment banking: Institutions, politics, and law. Oxford, U.K.: Oxford University Press, 2007.

OBAMA top fundraiser on Wall Street. Washington Post, 18 abr. 2007.

OFFICE of the New York State Comptroller. 2011. DiNapoli: Wall Street bonuses declined in 2010. Disponível em: http://www.osc.state.ny.us/press/releases/feb11/022311a.htm. Acesso em: 12 set. 2017.

PECK, J.; THEODORE, N. Variegated capitalism. Progress in Human Geography, v. 31, p. 731-772, 2007.

PHILIPPON, T., RESHEF, A. Wages and human capital in the U.S. financial industry: 1909-2006. Discussion Paper 7282. London: Centre for Economic Policy Research, 2009.

PIKE, A.; POLLARD, J. Economic geographies of financialization. Economic Geography, v. 86, p. 29-51, 2010.

PIKETTY, T.; SAEZ, E. Income inequality in the United States, 1913-1998. Quarterly Journal of Economics, v. 118, p. 1-39, 2012.

POZSAR, Z. et al. Shadow banking. Staff report 458. New York: Federal Reserve Bank of New York, 2010.

RAJAN, R. Fault lines: How hidden fractures still threaten the world economy. Princeton: Princeton University Press, 2010.

SAVAGE, M.; WILLIAMS, K. Remembering elites. Chichester, UK: Wiley-Blackwell, 2008.

SHERMAN, M. A short history of financial deregulation in the United States. Washington D.C.: Centre for Economic and Policy Research, 2009. Disponível em: http://www.openthegovernment.org/otg/dereg-timeline-2009-07.pdf. Acesso em: 12 set. 2017.

SHILLER, R. The subprime solution: How today’s global financial crisis happened, and what to do about it. Princeton: Princeton University Press, 2008.

SINGER, P. Marx: A very short introduction. Oxford: Oxford University Press, 2000.

SKIDELSKY, R. Keynes: A very short introduction. Oxford: Oxford University Press, 2010.

STIGLITZ, J. Freefall: Free markets and the sinking of the global economy. London: Allen Lane, 2010.

______. Globalization and its discontents. London: Penguin, 2002.

TALEB, N. The black swan: The impact of the highly improbable. London: Penguin, 2008.

TETT, G. Fool’s gold: How unrestrained greed corrupted a dream, shattered global markets and unleashed a catastrophe. London: Abacus, 2009.

THECITYUK. Fund Management, 2010. Disponível em: www.thecityuk.com/assets/Uploads/Fund-management-2010.pdf. Acesso em: 12 set. 2017.

TOWERS WATSON, 2011. The world’s largest asset managers. Disponível em: www.towerswatson.com/united-kingdom/research/2942. Acesso em: 12 set. 2017.

WARF, B. Financial services and inequality in New York. Industrial Geographer, v. 2, p. 110-126, 2004.

WÓJCIK, D. Securitization and its footprint: The rise of the US securities industry centres 1998-2007. Journal of Economic Geography, v. 11, p. 925-947, 2011a.

______. The global stock market: Issuers, investors, and intermediaries in an uneven world. Oxford, U.K.: Oxford University Press. 2011b.

______. Cross-border corporate ownership and capital market integration in Europe: Evidence from portfolio and industrial holdings. Journal of Economic Geography, v. 2, p. 455-492, 2002.

WRIGLEY, N.; CURRAH, A.; WOOD, S. Investment bank analysts and knowledge in economic geography. Environment and Planning A, v. 35, p. 381-387, 2003.




Como Citar

WÓJCIK, D. O fim do capitalismo dos bancos de investimento? Uma geografia econômica do emprego e do poder financeiro. GEOUSP Espaço e Tempo (Online), [S. l.], v. 21, n. 2, p. 341-369, 2017. DOI: 10.11606/issn.2179-0892.geousp.2017.137838. Disponível em: https://www.revistas.usp.br/geousp/article/view/137838. Acesso em: 7 dez. 2021.



Dossiê "Geografia e finanças"