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Creating Analytical Question
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Have global financial markets influenced U.S city activities?
Supporting points
The global financial market facilitates redevelopment of U.S cities such as Chicago. The municipalities resolved into the adoption of financialization of the urban development policy after the collapse of the international monetary management system (IMMS) in 70’s. Redevelopment requires enormous budget which the local governments cannot manage to raise by themselves. As a result, most of them turn to global markets for finances to fund the redevelopment of various projects within the United States cities. The cities have undergone numerous activities such as land acquisition, construction, and demolitions in line with development efforts most of which receive finance from the financial markets. Most of the financial assistance comes from outside markets from Asia, USA, and Europe (Weber, 2010).
Secondly, in the United States, a majority of cities has experience change on provisions of public goods. Such has been made possible by municipal councils capitalizing on their access to global financial markets as their anchor to pressure federal agencies and private sectors into offering better services such as enhanced education and infrastructure to its citizens (Weber, 2010).
The collapse of the IMMS resulted in increased efforts in the privatization of the financial sector in the United States. The private business sector comprised of global investment institutions, lone-day traders, and pension funds.

The industry grew in size which increased its influence for the following years. For example, it had a positive impact towards the growth of the country’s GDP by close to ten times from 80’s through 2007. The growth of the GDP substantiates the influence brought by the entry and growth of the global financial market in the cities and country as a whole (Weber, 2010).
Money borrowed from the global financial markets to fund development projects through TIF (Tax increment financing) influences the city’s politics in various ways. The process of bundling and selling off of future property tax revenue rights requires control of municipal politics to oversee the assessment of development projects within those cities successfully. For example, Chicago segmented and sequenced instruments under TIF debt by adopting firm control of politics to manage property tax assessment as well as development (Weber, 2010).
The penetration of financial markets into U.S states has influenced almost every sector on public policy ranging from sub-local scale to practices on international governance. The move by local governments to attract for finances from rating agencies and financial markets has continually led to increased securitization and privatization of public assets. The municipal governments have all along accumulated more debts and have resolved to the advocacy of investor-orientation through the adoption of mutual consumption decisions strategy (Weber, 2010).
Conclusion
The activities of U.S cities have changed as a result of influence from the penetration of global financial markets into the country. Most cities heavily rely on loans from financial markets to push their agenda of redevelopment rather than raising money from item production and marketing. Resolving to financial markets for assistance has led to the adoption of different strategies by municipalities in a bid to attract for more financiers.
References
Weber, R. (2010). Selling city futures: the financialization of urban redevelopment policy. Economic geography, 86(3), 251-274.