SELECTIVE URBAN REDEVELOPMENT: A POLITICAL ECONOMIC PERSPECTIVE

Abstract

The theories of conventional economics (other urban social sciences) and political economics did not foresee the current selective urban redevelopment in our decaying central cities. Subsequently, neither group of theories has to date adequately incorporated an after-the-fact explanation that is consistent with their respective theoretical frameworks. It is the task of this paper to do so within the classical economic framework by extending Harvey's (1973) and Smith's (1979) analysis on urban development. In so doing, it is necessary to introduce a new set of communitycontrolled actors. These actors operate in a parallel but opposing fashion to the traditional development actors. They operate as a legitimate channel for capital from the state that provides the opportunity for redevelopment to occur in areas not profitable for private redevelopment. Subsequently, it is necessary to consider the inherent possibilities and limitations of this redevelopment.