Bringing in the asset economy

Abstract

This commentary on the ‘urban state venturism’, highlighting the state's pivotal role in driving large-scale urban investments, offers a nuanced reading with areas for a sympathetic critique. I advocate for a redefined starting point of analysis that centres on the emerging asset economy model. This prompts a consequential distinction between asset-based and commodity-based value/wealth creation, particularly in the context of public venture capital investments, which necessitates further empirical scrutiny. However, there is a risk that current and proposed future research falls into the ‘endogeneity trap’, underscoring the need to reinvigorate practice-oriented research to capture the evolving new modes of urban entrepreneurialism.