Harvey's (1978) switching theory has been widely used to theorize investments in the built environment. Crucially, in switching theory no distinction has been made between investments in the construction of the newly built environment and investments into the existing built environment. The distinction between these two types of switching is key to unveiling the relations between how value is produced, rents are extracted and interest payments are made as investments flow with the real estate sector, and the implications that such switching has for displacement. I discuss the distinction between different types of switching and the implications thereof by analysing the ebb and flow of investments in Spanish real estate from 2000 to 2007 and from 2014 to 2018. On the one hand, I claim that the two switching waves were qualitatively different in so far as capital was fixed in the built environment through the construction of new buildings between 2000 and 2007, whereas from 2014 to 2018 capital was fixed in existing buildings. In the first switching phase, value was produced and land rents were extracted, whereas the second switching phase was characterized mainly by rent extraction. On the other hand, the first switching moment entailed an increase in housing provision, whereas the second switching moment led to widespread displacement of the population.

中文翻译：

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揭开资本转换的面纱：绝对和相对转换形式中的价值、食利主义和置换

Harvey (1978) 的转换理论已被广泛用于理论化建筑环境投资。至关重要的是，在转换理论中，新建环境的建设投资和现有建筑环境的投资之间没有区别。这两种类型的转换之间的区别对于揭示随着投资流向房地产行业而产生的价值、租金的提取和利息支付之间的关系以及这种转换对流离失所的影响至关重要。我通过分析 2000 年至 2007 年和 2014 年至 2018 年西班牙房地产投资的潮起潮落，讨论了不同类型转换之间的区别及其影响。一方面，我声称这两次转换浪潮有质的不同就2000年至2007年期间通过建造新建筑将资本固定在建筑环境中而言，而从2014年至2018年，资本则固定在现有建筑中。第一个转换阶段主要是价值的产生和地租的提取，而第二个转换阶段则以租金的提取为主。另一方面，第一个转变时刻需要增加住房供应，而第二个转变时刻则导致人口广泛流离失所。