In the last fifteen years, the globalized financial system has become interested not only in the economic transactions between global corporations, but also in capitalizing on poor urban economies. In Brazil, the financial institutions have become an essential aspect to explain the economic landscape in urban areas. With the increasing availability and access to credit in Brazilian metropolises, the acquisition of modern and sophisticated goods (such as mobile phones, DVD players, plasma televisions, microwaves and computers), particularly by those who live in poorest areas (slums) of the city has risen. The contradiction of this process lies in the fact that the number of people living in slums continues to grow once income drops and unemployment increases. Despite the consumption standard changing in Brazilian slums, people still live in neighborhoods that lack investment in their public infrastructure and services. Given these contrasts in the lives of slum dwellers, this paper explores to what extent the finances are transforming urban poverty. Are we observing a new type of urban poverty?
|Keywords:||Globalization, Financial Capital, Poverty, Urban Space, Slums|
Master Degree Student, College of Architecture and Urbanism, University of Sao Paulo, Sao Paulo, Sao Paulo, Brazil
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