“What we mean by ‘our economic system’ is an economic system characterised by private property (private initiative), by production for a market, and by the phenomenon of credit, this phenomenon being the differentia specifica distinguishing the ‘capitalist’ system from other species, historical or possible, of the larger genus defined by the two first characteristics.” – Joseph Schumpeter (1928)


The “Financial Resilience Lab” (FRL) at the Global Forum pursues research on the evolutionary aspects of the monetary-financial system. Specific research questions are framed around the concept of ‘financial resilience’ within the broader context of a political economy approach to money and finance. We examine how the traditional foci of political economy—the relationships between markets, institutions and the state—give rise to the concurrent processes of urbanization and financialization which render such a system at once resilient and unstable. At the core of our research thus stands the notion that capitalism is essentially a financial system in which money and credit are not ‘neutral’.

Consequently, the particular dynamic attributes of a capitalist economy evolve around the (spatially highly uneven) impact of money, credit and banking upon system behavior—both in terms of an institutional view of resilience (i.e. the resilience of specific monetary arrangements, financial intermediaries, and financial markets) and in terms of a functional view of resilience (i.e. the resilience of rates of profit or funding and asset flows). In the broadest sense, financial resilience can thus be considered a property of the process of globalized urbanization in an era of financialized capitalism. It provides a framework through which to theorize the spatially uneven consequences of monetary-financial governance, (dis)equilibrium and regulation.

Our research topics include, but are not limited to:

  • The political economy of monetary innovation and reform (“From fintech to central bank digital currency”)
  • The role of financialization in the process of urbanization (“money and metropolis”)
  • The spatial consequences of financial regulation (“regulatory-spatial dialectic”)
  • The treatment of money and credit in the history of spatial economics (“spatial non-neutrality of money”)