- Social Economy of the Metropolis: Cognitive-Cultural Capitalism and the Global Resurgence of Cities
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Cited in A. Edward Elgar, Cheltenham, Graham B, G. Ashworth, J. Arnold, London, and C. Philo, G. Pergamon, Oxford, Open Journal Systems. Journal Help. User Username Password Remember me. Notifications View Subscribe. Font Size. Abstract From the very beginning of urban settlements, cities have had a very clear expression, because urban elements bear with them the symbolism and messages tied to relevant points in history, changes in function, characters etc. Keywords city, capitalism, socio-economic context, global city, branding.
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Social Economy of the Metropolis: Cognitive-Cultural Capitalism and the Global Resurgence of Cities
It takes into account both the variation in the composition of the migrant population with respect to human capital, social and financial capital as strategic resources as well as the shifts in the opportunity structure which impact on where openings for businesses occur and how they develop over time. In the model, the resources variable is split in multiple ways between a low secondary schooling or less and high level vocational or academic schooling , but also low and high levels of financial capital, and homogenous and heterogeneous social networks Kloosterman, The opportunity structure can be split between structurally stagnating and expanding markets, the latter being linked to the transformation towards a cognitive-cultural urban economy.
These different axes and their components may interact in a myriad of ways. A migrant lacking in skills and financial capital can only start a business in a market for which no high financial investments are required and no thresholds in the form of educational requirements exist. These kind of markets are, in principle, open to nearly everyone and therefore such markets tend to be overcrowded and dominated by competition on price. These markets then tend to have relatively high entry barriers lowering the chances for overcrowding and tend to be characterized by competition on quality.
There is, obviously, a world of difference between the former and the latter type of migrant entrepreneur — in terms of labour conditions profits, business potential, and chances of survival and success. This is, however, anything but a given trajectory.
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The mixed embeddedness approach has developed since its introduction in the late s Jones et al. Efforts have been made to refine the approach and to introduce new elements. More attention has been paid to the time dimension. Time in this case may refer to the various stages of the entrepreneurial trajectory. Entrepreneurs may move to other positions on the axes as they accumulate more strategic resources Kloosterman, ; Schutjens, But time may also refer to political economic changes. Rules and regulations may have changed over time offering new or more market openings, or reducing them.
The deregulation programs of the past few decades evidently impacted entrepreneurial opportunities, in the same vain as reregulation or law enforcement does Rath, Recently, researchers have attempted to insert transnational social capital in the mixed embeddedness approach Gertner et al. Given the fact that many migrant entrepreneurs are increasingly embedded in social networks which straddle different countries and often different continents such endeavour makes much sense.
In addition, after the prolonged recession in the wake of the credit crisis, the shifts in the opportunity structures have come to be seen in a new light. Markets have, evidently, not responded uniformly to these shocks. These timely issues can adequately be addressed by using the mixed embeddedness approach as the point of departure. Its transparent and open design and its inclusion of key variables enables focusing on wide of array of new questions regarding entrepreneurship of migrants and others Ram et al.
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