Finance as technocratic agent in urban development

Abstract

This chapter explores the impact of a specific type of economic elite in the technocracy on contemporary urban planning. These are the financial and advanced business services (FABS) such as legal, tax, property, and other advisory firms — the ‘technicians’ who keep the financial capitalist system afloat. The chapter argues that this diverse landscape of private experts is becoming increasingly influential in shaping public planning policies and private corporate strategies in real estate development, yet they operate as unaccountable actors, far from any transparent democratic process. The role of the FABS industry is characterised by this sector's ability to generate power and strategic knowledge that determines urban and regional development. The chapter develops and exemplifies its argument in the context of Luxembourg and its vastly dynamic financial economy.