[Marxism] Documentary Exposes Wall Street Power Behind Global Gentrification Boom

Louis Proyect lnp3 at panix.com
Wed Oct 2 06:21:24 MDT 2019

Global firms, led by Blackstone Group, the world’s largest private 
equity manager with more than half-a-trillion dollars in total assets 
(and the documentary’s bête noire), are able to buy up entire 
neighborhoods and essentially do what they like with them. Blackstone 
today enjoys “record firepower” in the real estate market according to 
the Financial Times, with control of over $150 billion in property 
globally. Such unmatched muscle means that, as a result of the decisions 
of a few money managers, entire communities can be displaced without 
anyone being held the least bit accountable, and entire subcultures can 
dissolve into economic externalities. As Sassen has written for 
Truthout, “These expulsions don’t simply happen; they are made.”


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