This paper examines the process of 'tourism gentrification' using a case study of the socio-spatial transformation of New Orleans' Vieux Carre (French Quarter) over the past halfcentury. Tourism gentrification refers to the transformation of a middle-class neighbourhood into a relatively affluent and exclusive enclave marked by a proliferation of corporate entertainment and tourism venues. Historically, the Vieux Carre has been the home of diverse groups of people. Over the past two decades, however, median incomes and property values have increased, escalating rents have pushed out lower-income people and African Americans, and tourist attractions and large entertainment clubs now dominate much of the neighbourhood. It is argued that the changing flows of capital into the real estate market combined with the growth of tourism enhance the significance of consumption-oriented activities in residential space and encourage gentrification. The paper contests explanations that view gentrification as an expression of consumer demands, individual preferences or market laws of supply and demand. It examines how the growth of securitisation, changes in consumption and increasing dominance of large entertainment firms manifest through the development of a tourism industry in New Orleans, giving gentrification its own distinct dynamic and local quality.

Since the classic work of Henri Lefebvre and David Harvey, the 'secondary circuit of capital' has been a focal point for debate among critical urban scholars. Against the background of contemporary debates on financialization, this article investigates the institutional and political roots of the subprime mortgage crisis. Empirically, the article situates the current turmoil of the US mortgage sector with reference to a series of ad hoc legal and regulatory actions taken since the 1980s to promote the securitization of mortgages and expand the secondary mortgage market. Securitization is a process of converting illiquid assets into transparent securities and is a critical component of the financialization of real estate markets and investment. Specifically, I examine the crucial role played by the US Treasury Department's Office of the Comptroller of the Currency (OCC) and the Department of Housing and Urban Development (HUD) in creating the polices and legal-regulatory conditions that have nurtured the growth of a market for securitizing subprime loans. Theoretically, the article examines the subprime mortgage crisis as an illustration of the contradictions of capital circulation as expressed in the tendency of capital to annihilate space through time. Copyright (c) 2009 The Author. Journal Compilation (c) 2009 Joint Editors and Blackwell Publishing Ltd.

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Recent urban scholarship on the rise of the tourism industry, place marketing and the transformation of cities into entertainment destinations has been dominated by four major themes: the primacy of `consumption' over 'production'; the eclipse of exchange-value by sign-value; the idea of autoreferential culture; and, the ascendancy of textual deconstruction and discursive analyses over political economy critiques of capitalism. This paper critically assesses the merits of these four themes using a case study of the Mardi Gras celebration in New Orleans. The analytical tools and categories of political economy are used to examine the rise and dominance of tourism in New Orleans, explore the consequences of this economic shift and identify the key actors and organised interests involved in marketing Mardi Gras. 'Marketing' is the use of sophisticated advertising techniques aimed at promoting fantasy, manipulating consumer needs, producing desirable tourist experiences and simulating images of place to attract capital and consumers. The paper points to the limitations of the 'cultural turn' and the 'linguistic turn' in urban studies and uses the concepts of commodification and spectacle as a theoretical basis for understanding the marketing of cities, the globalisation of local celebrations and the political economy of tourism.

Many studies have examined the role of racial prejudice and discrimination in the creation of racial residential segregation in US cities. Yet few researchers have situated early twentieth-century meanings of race and racism within broader processes of urban development and the emergence of the modern real estate industry. Using a case study of Kansas City, Missouri, this article examines the organized efforts of community builders and homeowner associations to create racially homogeneous neighborhoods through the use and enforcement of racially restrictive covenants. Racially restrictive covenants encoded racial difference in urban space and helped nurture emerging racial prejudices and stereotypes that associated black residence with declining property values, deteriorating neighborhoods and other negative consequences. I argue that the cultivation and development of this segregationist ideology was simultaneously an exercise in the "racialization of urban space" that linked race and culturally specific behavior to place of residence in the city. As the twentieth century progressed, the identification of black behavior and culture with deteriorating neighborhoods became an important impetus and justification for exclusionary real estate practices designed to create and maintain the geographical separation of the races and control metropolitan development. I conclude with a discussion of how the linkage between race, racism and urban space helps to explain why racial residential segregation remains a persistent and tenacious feature of US metropolitan areas despite the passage of fair housing and numerous anti-discrimination statutes over the past decades. Copyright Joint Editors and Blackwell Publishers Ltd 2000.