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Whenever you see a beautiful city with aesthetic marks like modern cafes, restaurants, bars, galleries, and abstract art museums, do pause for a moment to consider the G-word. Possibly, what you are viewing is the crest of a wave.
Economies have long been witnessing Gentrification – the term invented by the sociologist Ruth Glass in 1964 to describe the urban changes taking place in London. Since then, the world has seen similar changes portrayed through the built-in environment like housing, open space, walkways; shifts in demographics, societies, and cultures; displacement of existing residents; increased investments and rising property rates; the influx of affluent residents, etc. Why does gentrification take place and what are its effects on the geography and economy? What are its virtues and shortcomings? Is it necessary at all? How can a balance be found? Read the module to find out.