| Abstract: | During the past decade, governments throughout the developing world have implemented policies promoting political and economic decentralization. To date, the study of decentralization has focused on political issues, while the consequences of these policies for geographical patterns of development have been largely ignored. This paper explores the geographical impacts of political decentralization with a study of changing patterns of real estate development in the metropolitan area of Caracas, Venezuela. In Venezuela, decentralization policies have created incentives for the fragmentation of the metropolitan area into a number of municipal governmental units, each pursuing its own developmental strategy. Resulting changes in the geographical patterns of real estate investment are examined. Particular consideration is given to development of a socially exclusive, multifunctional enclave within the city, that both divides and reorders the spatial structure of Caracas. Key words: decentralization, municipal governance, real estate markets, Caracas, Venezuela.] |
