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Financialization in historical cycles of uneven development in Hungary

Conference contribution
Authors Agnes Gagyi
Published in The Financialization of Housing on the Semi-Periphery conference, CEU, 20-22 July, Budapest
Publication year 2018
Published at Department of Sociology and Work Science
Language en
Subject categories Social and Economic Geography, Sociology


The presentation addresses the current wave of housing financialization as part of long-term uneven development within global capitalist cycles. In this approach, financialization is not understood as a new accumulation regime, independent from previous productive regimes, but as a phase within the cycles of global accumulation. The presentation will point out the position of Hungarian economy and sub-national uneven development in Hungary within global capitalist cycles, and emphasize the continuities through which financialized phases are built upon, and feed into productive phases within subsequent cycles. The empirical foci the presentation concentrates on are the financialization phase following 1870 and the role of agrarian capital, banking capital and real estate; the connection between hard currency pressure and state budgeting during the socialist industrialization effort, and resulting characteristics of state housing policies; the role of incipient global financialization and public debt in privatization, and its effects on housing; and the current reconfiguration of relations between financialization, reindustrialization, and the state-based development of a national oligarchy, which set the scene for the present post-crisis wave of housing financialization. By focusing on the connections between internal uneven development and world-economic integration throughout these cycles, the presentation will contribute to the debate around conceptualizing financialization on the semi-periphery with a perspective that addresses not so much the opposition between global finance and local extraction, but rather the scales of social organization through which both the productive and financialized phases of global capitalist cycles operate locally.

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