Recent work in economic geography has provided notable insights into the regional implications of finance-driven capitalism. In particular, it has been argued that the pressures created by the prioritisation of shareholder value and the rise of new financial agents, such as private equity and hedge funds, are disembedding regional social relations, and empirical evidence illustrates the devastating effects that the short-term profit orientation of these agents can have on local economic development. The relationship between a local economy's integration into the global capitalist system and its development performance is, however, more ambiguous than might be expected. This article explores this connection in greater detail within the context of a regional cluster, namely the film and TV industry cluster in Munich—one of the leading centres for this type of industry in Germany—by means of addressing the adjustments related to the entry of foreign investors after the insolvency of the Kirch Group in 2002. Initially, the research adds weight to the suspicion that financial agents erode the long-term wealth- and employment-generating capacities of national corporations. In addition, however, the results also reveal the dynamic restructuring processes triggered by these players which, at least in the specific case investigated, provided an acknowledged corrective and contributed to the cluster's recent resurgence. ud
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机译：经济地理学方面的最新工作为金融驱动的资本主义对区域的影响提供了重要的见识。特别是，有人争辩说，优先考虑股东价值和新的金融代理人（例如私募股权和对冲基金）的兴起所产生的压力正在掩盖区域社会关系，而经验证据表明，短期投资的毁灭性影响是毁灭性的。这些代理商的长期利润取向可以对当地经济发展产生影响。但是，地方经济融入全球资本主义体系与其发展绩效之间的关系比预期的更加模糊。本文将通过探讨与进入中国市场相关的调整，在区域集群的背景下更详细地探讨这种联系，区域集群即慕尼黑的电影和电视产业集群，这是德国此类产业的领先中心之一。在2002年Kirch Group破产后，外国投资者开始投资。最初，这项研究增加了人们对金融代理人侵蚀国家公司长期创造财富和创造就业能力的怀疑。然而，此外，结果还揭示了这些参与者触发的动态重组过程，至少在所调查的特定案例中，这些重组过程提供了公认的纠正措施，并为集群的近期复兴做出了贡献。 ud
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