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The political economy of water infrastructure: An introduction to financialization

机译：水基础设施的政治经济学：金融简介

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Water infrastructure has been financed by differing combinations of private and public ownership throughout history and across different geographies. In the present moment, processes of financialization suggest a radical reconfiguration of these arrangements in a number of locations, such that water infrastructure is being transformed into a wealth extraction mechanism. In this Primer Article, we introduce financialization, showing how the term describes a process through which financial actors havegained new power and in which the locus of profit making at least appears to have shifted from the “real economy” to a financial economy. In the case of water infrastructure, processes of financialization have enabled apparently fixed and stable formssuch as pipes, water treatment plants, and sewers to be transformed into liquid assets, opening up new opportunities for sovereign wealth funds and pension fund investors. The super‐profits made by these financial actors are best conceptualized as formsof rent, derived in part from the monopoly ownership of a basic need. This distinctive shift needs to be positioned in relation to broader changes in the political economy of water infrastructure. We situate financialization historically in relation tothe development of water utilities and networks: municipalization and nationalization during the first decades of the 20th century, privatization since the 1990s, and renewed interest in remunicipalization in some places alongside the deepening logic offinancialization in others. We conclude by thinking through the likely implication of water financialization for future infrastructural arrangements.
机译：水基础设施由整个历史和不同地理位置的私人和公众所有权的不同组合提供了资金。在目前，金融化的过程表明在许多地方对这些安排进行了根本性的重新配置，以便将水基础设施转化为财富提取机制。在这篇引物文章中，我们介绍了金融化，展示了该术语如何描述金融参与者获得新权力的过程，其中至少从“实际经济”转移到金融经济中的利润源。在水基础设施的情况下，金融化的过程显然固定且稳定的形式，例如管道，水处理厂和下水道被转变为液体资产，为主权财富基金和养老基金投资者提供了新的机会。这些金融参与者制造的超级营利最佳概念化为租金的形式，部分源自基本需求的垄断所有权。这种独特的转变需要与水基础设施政治经济学的更大变化有关。我们从历史上将金融化置于水电和网络的发展中：在20世纪的前几十年中，自1990年代以来的私有化，市政和国有化，并重新获得了对在某些地方的报酬以及其他地方加深逻辑外的财政化的兴趣。我们通过考虑水金融对未来基础设施安排的可能含义来思考结论。

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