Goodbye <i>Washington Confusion</i>, hello <i>Wall Street Consensus</i>: contemporary state capitalism and the spatialisation of industrial strategy

Recent scholarship has narrated the financialization of development, which Gabor (2021) refers to as Wall Street Consensus (WSC), whose purpose is facilitate investment global capital in Southern infrastructure by institutionalising distribution risk, reward and responsibility between investors states. Gabor’s conceptualization ‘de-risking state’ subordinated finance stands stark contrast with on state capitalism, charts unprecedented entrepreneurial role played states market participants. Our objective this article reconcile apparent paradox presented simultaneous emergence WSC evolution capitalism. We argue that affords de-risking scope pursue autonomous strategic visions, many have responded embracing infrastructure-led development designed integrate places within value chains ways foster economic diversification, industrial upgrading balanced regional growth. present three examples implemented spatialised strategies – Saudi Arabia’s Vision 2030, Kenya’s 2030 Thailand 4.0. In each these cases undertaken fuelled proliferation large-scale projects served justify political centralization.