The Local Becomes Global Becomes Local:

The International Movement of Capital and its Urban Reifications

February 2000

Aharon Kellerman
Vice President
Haifa University



The object of this article is to examine fusions of the local with the global for the intangible movement of capital, and to highlight some of the processes which bring it about. In the first part of the article the mediation between space and local place is interpreted through processes of disembedding, phantasmagoria, and fusion, which are made possible through transportation and telecommunications technologies. In the second part of the article the fusion of increased global flows of capital with local urban scenes are discussed through aspects of location, specialization, expansion, and homogenization.

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With support from the National Science Foundation, under the Urban Research Initiative
(C) 1999, 2000, 2001 Taub Urban Research Center, New York University
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