52.  Edgerton, Rise and Fall, 472.

    53.  Maureen Mackintosh and Hillary Wainwright, eds., A Taste of Power: The Politics of Local Economics (London: Verso, 1987), 354.

    54.  Jo Littler and Hillary Wainwright, “Municipalism and Feminism Then and Now: Hilary Wainwright Talks to Jo Littler,” Soundings, no. 74 (Spring 2020): 12.

    55.  Hillary Wainwright, “Bye Bye GLC,” New Statesman, March 21, 1986, 10, ProQuest Periodical Archives Online; Cutler to Thatcher, March 26, 1981, https://www.margaretthatcher.org/document/126349.

    56.  Mackintosh and Wainwright, A Taste of Power, 303, 310.

    57.  Jade Spencer, “A Plan for a People’s London,” Tribune, May 16, 2022, https://tribunemag.co.uk/2022/05/peoples-plan-royal-docks-london-thatcherism-glc-neoliberalism. See also Owen Hatherley, “Going Back to NAM,” Tribune, September 16, 2021, https://tribunemag.co.uk/2021/09/going-back-to-nam.

    58.  Charles Moore, Margaret Thatcher: The Authorized Biography, vol. 3, Herself Alone (New York: Knopf, 2019), 55.

    59.  Quoted in Muhammet Kösecik and Naim Kapucu, “Conservative Reform of Metropolitan Counties: Abolition of the GLC and MCCs in Retrospect,” Contemporary British History 17, no. 3 (2003): 89.

    60.  Marion Roe quoted in Kösecik and Kapucu, “Conservative Reform,” 89.

    61.  Sylvia Bashevkin, Tales of Two Cities: Women and Municipal Restructuring in London and Toronto (Vancouver: University of British Columbia Press, 2006), 57–58.

    62.  Leo Panitch, Colin Leys, and David Coates, The End of Parliamentary Socialism: From New Left to New Labour (London: Verso, 2001), 171–72.

    63.  Chris Toulouse, “Thatcherism, Class Politics, and Urban Development in London,” Critical Sociology 18, no. 1 (1991): 70.

    64.  A. Merrifield, “The Canary Wharf Debacle: From ‘TINA’—There Is No Alternative—to ‘THEMBA’—There Must Be an Alternative,” Environment & Planning A 25 (1993): 1256.

    65.  Warren Hoge, “Blair’s ‘Rebranded’ Britain Is No Museum,” New York Times, November 12, 1997, https://www.nytimes.com/1997/11/12/world/london-journal-blair-s-rebranded-britain-is-no-museum.html.

    66.  Desiree Fields, “Constructing a New Asset Class: Property-Led Financial Accumulation After the Crisis,” Economic Geography 94, no. 2 (2016); and Manuel B. Aalbers, “Financial Geography III: The Financialization of the City,” Progress in Human Geography 44, no. 3 (2020): 599.

    67.  Joshua K. Leon, “Global Cities at Any Cost: Resisting Municipal Mercantilism,” City 21, no. 1 (2017): 7–8.

    68.  Leon, “Global Cities,” 16.

    69.  Michael Freedman, “Welcome to Londongrad,” Forbes, May 23, 2005, https://www.forbes.com/forbes/2005/0523/158.html. See Oliver Bullough, Butler to the World: How Britain Helps the World’s Worst People Launder Money, Commit Crimes, and Get Away with Anything (London: Profile, 2022).

    70.  Jae-Yong Chung and Kevin Carpenter, “Safe Havens: Overseas Housing Speculation and Opportunity Zones,” Housing Studies (2020): 1, https://doi.org/doi.org/10.1080/02673037.2020.1844156.

    71.  Joe Beswick et al., “Speculating on London’s Housing Future,” City 20, no. 2 (2016): 321.

    72.  Chung and Carpenter, “Safe Havens,” 7.

    73.  Rodrigo Fernandez, Annelore Hofman, and Manuel B. Aalbers, “London and New York as a Safe Deposit Box for the Transnational Wealth Elite,” Environment & Planning A 48, no. 12 (2016): 2444.

    74.  Judith Evans, “The Gilded Glut,” FT.com, June 8, 2017, ProQuest.

    75.  Quoted in Brett Christophers, The New Enclosure: The Appropriation of Public Land in Neoliberal Britain (London: Verso, 2018), 172.

    76.  Alexandra Stevenson and Julie Creswell, “Bill Ackman and His Hedge Fund, Betting Big,” New York Times, October 25. 2014, https://www.nytimes.com/2014/10/26/business/bill-ackman-and-his-hedge-fund-betting-big.html.

    77.  Matthew Soules, Icebergs, Zombies, and the Ultra-Thin: Architecture and Capitalism in the 21st Century (New York: Princeton Architectural Press, 2021), 99.

    78.  Nikita Stewart and David Gelles, “The $238 Million Penthouse, and the Hedge Fund Billionaire Who May Rarely Live There,” New York Times, January 24, 2019, https://www.nytimes.com/2019/01/24/nyregion/238-million-penthouse-sale.html.

    79.  Saskia Sassen, The Global City (Princeton, NJ: Princeton University Press, 1991).

    80.  Leon, “Global Cities.”

    81.  Owen Hatherley, “Renzo Piano’s Shard,” Artforum, Summer 2011, https://www.artforum.com/print/201106/renzo-piano-s-shard-28344.

    82.  Paul C. Cheshire and Gerard H. Dericks, “‘Trophy Architects’ and Design as Rent-Seeking: Quantifying Deadweight Losses in a Tightly Regulated Office Market,” Economica, no. 87 (2020): 1081.

    83.  Luna Glucksberg, “A View from the Top: Unpacking Capital Flows and Foreign Investment in Prime London,” City 20, no. 2 (2016): 251.

    84.  Glucksberg, “A View from the Top,” 246.

    85.  Fernandez, Hofman, and Aalbers, “Safe Deposit,” 2450.

    86.  Anna White, “The 200 Home Tower Block That Sold Out in Under Five Hours,” Daily Telegraph (UK), July 12, 2015, Westlaw.

    87.  Rowland Atkinson, Simon Parker, and Roger Burrows, “Elite Formation, Power and Space in Contemporary London,” Theory, Culture & Society 34, no. 5–6 (2017): 184.

    88.  Margaret Thatcher, Speech to the First International Conservative Congress, September 28, 1997, https://www.margaretthatcher.org/document/108374.

    89.  Julia Kollewe, “Canary Wharf Owner Rescued by China and Qatar,” Guardian, August 28, 2009, https://www.theguardian.com/business/2009/aug/28/songbird-canary-wharf-china-qatar; and Guy Faulconbridge and Andrew Osborn, “Thatcher’s Legacy: A Citadel of Finance atop Once-Derelict Docks,” Reuters, April 16, 2013, https://www.reuters.com/article/uk-britain-thatcher-wharf/thatchers-legacy-a-citadel-of-finance-atop-once-derelict-docks-idUKBRE93F0S920130416.

    90.  Brenda Goh, “Chinese Developer to Revamp London Docks for Asian Firms,” Reuters, May 29, 2013, https://www.reuters.com/article/cbusiness-us-abp-londondocks-idCABRE94S0W720130529.

    91.  Matt Kennard, “Selling the Silverware: How London’s Historic Dock Was Sold to the Chinese,” International Business Times, June 7, 2016, https://legacy.pulitzercenter.org/reporting/selling-silverware-how-londons-historic-dock-was-sold-chinese.

    92.  Art Patnaude, “Chinese Investors Bet on U.K. Land,” Wall Street Journal, September 19, 2014, ProQuest.

    93.  Wissink, Koh, and Forrest, “Tycoon City,” 235.

    94.  Cheng, “Sherman vs. Goliath?,” 91.

    95.  Alice Poon, Land and the Ruling Class in Hong Kong (Hong Kong: Enrich, 2011), 51.

    96.  Christophers, The New Enclosure, 310.

    97.  Atkinson, Parker, and Burrows, “Elite Formation,” 193.

    98.  Atkinson, Parker, and Burrows, 194.

    99.  Boris Johnson, “We Should Be Humbly Thanking the Super-Rich, Not Bashing Them,” Daily Telegraph (UK), November 18, 2013, Westlaw.

  100.  Samuel Stein, Capital City: Gentrification and the Real Estate State (New York: Verso, 2019), 150.

  101.  Thomas J. Sugrue, “America’s Real Estate Developer in Chief,” Public Books, November 27, 2017, https://www.publicbooks.org/the-big-picture-americas-real-estate-developer-in-chief/.

  102.  See Stein, Capital City: Gentrification and the Real Estate State, 137.

  103.  Charles V. Bagli, “A Trump Empire Built on Inside Connections and $885 Million in Tax Breaks,” New York Times, September 17, 2016, https://www.nytimes.com/2016/09/18/nyregion/donald-trump-tax-breaks-real-estate.html.

  104.  Garth Alexander, “Donald Trump Dreams Up a New City in Manhattan,” Times (London), July 24, 1994, The Times Digital Archive, Gale.

  105.  Nick Davies, “The Towering Ego,” Sunday Times Magazine, April 17, 1988, The Sunday Times Digital Archive, Gale.

  106.  Donald Trump, “Remarks at an Opportunity Zones Conference with State, Local, Tribal, and Community Leaders,” April 17, 2019, https://www.govinfo.gov/app/details/DCPD-201900229.

  107.  Jesse Drucker and Eric Lipton, “How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich,” New York Times, August 31, 2019, https://www.nytimes.com/2019/08/31/business/tax-opportunity-zones.html.

  108.  Brett Theodos, “The Opportunity Zone Program and Who It Left Behind,” Statement Before the Oversight Committee, Ways and Means Committee, U.S. House of Representatives, November 16, 2021, https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/B.%20Theodos%20Testimony.pdf.

  109.  Quoted in Ray Forrest, Sin Yee Koh, and Bart Wissink, “Hyper-Divided Cities and the ‘Immoral’ Super-Rich: Five Parting Questions,” in Cities and the Super-Rich: Real Estate, Elite Practices, and Urban Political Economies, ed. Ray Forrest, Sin Yee Koh, and Bart Wissink (New York: Palgrave Macmillan, 2017), 274.

  110.  Matthew Haag, “Amazon’s Tax Breaks and Incentives Were Big. Hudson Yards’ Are Bigger,” New York Times, March 9, 2019, https://www.nytimes.com/2019/03/09/nyregion/hudson-yards-new-york-tax-breaks.html.

  111.  Michael Kimmelman, “Hudson Yards Is Manhattan’s Biggest, Newest, Slickest Gated Community. Is This the Neighborhood New York Deserves?,” New York Times, March 14, 2019, https://www.nytimes.com/interactive/2019/03/14/arts/design/hudson-yards-nyc.html.

  112.  Kriston Capps, “The Hidden Horror of Hudson Yards Is How It Was Financed,” Bloomberg CityLab, April 12, 2019, https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards.

  113.  Kimmelman, “Slickest Gated Community.”

  114.  Rowland Atkinson, “London, Whose City?,” Le Monde Diplomatique, July 2017, https://mondediplo.com/2017/07/06london; and Gordon MacLeod, “The Grenfell Tower Atrocity: Exposing Urban Worlds of Inequality, Injustice, and an Impaired Democracy,” City 22, no. 4 (2018): 464.

  115.  George Monbiot, “With Grenfell Tower, We’ve Seen What ‘Ripping Up Red Tape’ Really Looks Like,” Guardian (UK Edition), June 15, 2017, https://www.theguardian.com/commentisfree/2017/jun/15/grenfell-tower-red-tape-safety-deregulation.

  116.  David Madden, “A Catastrophic Event” (editorial), City 21, no. 1 (2017): 3.

  117.  Graham and Marvin, Splintering Urbanism, 325.

  118.  James Vernon, Modern Britain, 1750 to the Present (Cambridge: Cambridge University Press, 2017), 501.

  119.  Jacob Rowbottom, “Protest: No Banners on My Land!,” New Statesman, November 1, 2004, Gale OneFile.

  120.  Paul Mason, “New Dawn for the Workers,” New Statesman, April 16, 2007, Gale OneFile.

  121.  Anna Minton, “The Paradox of Safety and Fear: Security in Public Space,” Architectural Design 88, no. 3 (May 2018): 89.

  122.  Anna Minton, Ground Control: Fear and Happiness in the Twenty-First Century City (London: Penguin, 2009), 61.

  123.  Stephen Graham, “Luxified Skies: How Vertical Urban Housing Became an Elite Preserve,” City 19, no. 5 (2015): 620, 638.

  124.  Soules, Icebergs, Zombies, and the Ultra-Thin: Architecture and Capitalism in the 21st Century, 93.

  125.  Hatherley, “Renzo Piano’s Shard.”

  126.  Alan Wiig, “Incentivized Urbanization in Philadelphia: The Local Politics of Globalized Zones,” Journal of Urban Technology 26, no. 3 (2019); and Stein, Capital City: Gentrification and the Real Estate State, 57.

  127.  Paul Watt, “‘It’s Not for Us’: Regeneration, the 2012 Olympics and the Gentrification of East London,” City 17, no. 1 (2013): 101. For a pioneering analysis, see Neil Smith, The New Urban Frontier: Gentrification and the Revanchist City (New York: Routledge, 1996).

  128.  Wiig, “Incentivized Urbanization in Philadelphia,” 112.

  129.  Jack Brown, “If You Build It, They Will Come: The Role of Individuals in the Emergence of Canary Wharf, 1985–1987,” London Journal 42, no. 1 (2017): 71.

  130.  Richard Disney and Guannan Luo, “The Right to Buy Public Housing in Britain: A Welfare Analysis,” Journal of Housing Economics, no. 35 (2017): 51–53.

  131.  Stuart Hodkinson, “The New Urban Enclosures,” City 16, no. 5 (2012): 510–14; and Christian Hilber and Olivier Schöni, “In the United Kingdom, Homeownership Has Fallen While Renting Is on the Rise,” Brookings Institution, April 20, 2021, https://www.brookings.edu/essay/uk-rental-housing-markets/.

  132.  Ella Jessel, “Behind the Story: How Did Boris’s Business Park Become a Ghost Town?,” Architects Journal, February 11, 2022, https://www.architectsjournal.co.uk/news/behind-the-story-how-did-boriss-business-park-become-a-ghost-town.

  133.  Alastair Lockhart, “Big Changes Announced for London Skyscraper That’s as Tall as the Shard,” MyLondon, January 26, 2022, https://www.mylondon.news/news/east-london-news/big-changes-announced-london-skyscraper-22883066.

  134.  Patrick Radden Keefe, “How Putin’s Oligarchs Bought London,” New Yorker, March 28, 2022, https://www.newyorker.com/magazine/2022/03/28/how-putins-oligarchs-bought-london.

  135.  Mackintosh and Wainwright, A Taste of Power; and Adrian Smith, “Technology Networks for Socially Useful Production,” Journal of Peer Production (2014). See Ben Tarnoff, Internet for the People: The Fight for Our Digital Future (New York: Verso, 2022), 167–70. See also Spencer, “A Plan for a People’s London.”

  136.  Alan Lockey and Ben Glover, The “Preston Model” and the New Municipalism (London: Demos, May 2019), https://demos.co.uk/wp-content/uploads/2019/06/June-Final-Web.pdf; Matthew Brown, “Preston Is Putting Socialist Policies into Practice,” Tribune, January 20, 2022, https://tribunemag.co.uk/2022/01/community-wealth-building-preston-trade-unions-labour-party; Bertie Russell, “Beyond the Local Trap: New Municipalism and the Rise of the Fearless Cities,” Antipode 51, no. 3 (2019); and Susannah Bunce, “Pursuing Urban Commons: Politics and Alliances in Community Land Trust Activism in East London,” Antipode 48, no. 1 (2016).

  137.  Harvey, “The Invisible Political Economy,” 421.

  138.  Loraine Leeson, “Our Land: Creative Approaches to the Redevelopment of London’s Docklands,” International Journal of Heritage Studies 25, no. 4 (2019): 371–72.

  CHAPTER 3: THE SINGAPORE SOLUTION

      1.  Moore, Margaret Thatcher: The Authorized Biography, vol. 3, Herself Alone, 802.

      2.  Owen Paterson, “Don’t Listen to the Terrified Europeans. The Singapore Model Is Our Brexit Opportunity,” Telegraph.co.uk, November 21, 2017, Westlaw.

      3.  Mark R. Thompson, “East Asian Authoritarian Modernism: From Meiji Japan’s ‘Prussian Path’ to China’s ‘Singapore Model,’” Asian International Studies Review 17, no. 2 (December 2016): 131.

      4.  Benjamin Tze Ern Ho, “Power and Populism: What the Singapore Model Means for the Chinese Dream,” China Quarterly 236 (2018): 968.

      5.  Milton Friedman and Rose D. Friedman, Two Lucky People: Memoirs (Chicago: University of Chicago Press, 1998), 327.

      6.  Milton Friedman, “The Invisible Hand in Economics and Politics,” Inaugural Singapore Lecture, Sponsored by the Monetary Authority of Singapore and Organized by the Institute of Southeast Asian Studies, October 14, 1980, https://miltonfriedman.hoover.org/internal/media/dispatcher/271090/full.

      7.  Linda Y. C. Lim, “Singapore’s Success: The Myth of the Free Market Economy,” Asian Survey 23, no. 6 (June 1983): 761.

      8.  The biggest sovereign wealth funds are Government of Singapore Industrial Corporation (GIC), founded in 1981, and Temasek Holdings, founded in 1974. As of 2021, they are, respectively, the first and fifth most active state-owned investors in the world. Rae Wee, “GIC Retains Position as Most Active State-Owned Investor: Report,” Business Times (Singapore), January 13, 2021, https://www.businesstimes.com.sg/companies-markets/gic-retains-position-as-most-active-state-owned-investor-report. State-owned enterprises are called Government-Linked Corporations (GLCs). In 1998, two-thirds of the one hundred largest Singaporean companies by sales were GLCs. Linda Low, “Rethinking Singapore Inc. and GLCs,” Southeast Asian Affairs (2002): 288. On state-led capitalism see Adam D. Dixon, “The Strategic Logics of State Investment Funds in Asia: Beyond Financialisation,” Journal of Contemporary Asia 52, no. 1 (2022): 127–51.