Teaching Financial Geography in Business Schools

Author: Dr. Paweł Węgrzyn, SGH Warsaw School of Economics, Department of Economic Geography; e-mail: pwegrz@sgh.waw.pl 

ORCID: https://orcid.org/0000-0001-8963-2765

As an assistant professor teaching both capital markets and economic geography at a business-focused university, I find myself at a unique intersection of disciplines. This position allows me to introduce the spatial dimension of finance into both my economic geography courses and those concerning the functioning of financial markets. It grants me insight into both the scepticism and the immense potential that interdisciplinary teaching holds. Taking that into account, I would like to share some reflections on the challenges and strategies involved in incorporating financial geography into the curriculum for students of economics and finance.

A key challenge I face is overcoming the fundamental question that forms in students' minds: ‘How is this useful to me?’ They are accustomed to evaluating every subject through the prism of its immediate, practical utility for a career in banking, investment, or corporate finance. In this context, a course, or even a single lecture, with "geography" in its title is often perceived as an irrelevant diversion from the core curriculum. Students worry that the subject will demand specialised geographical knowledge they do not possess, which acts as a significant barrier right from the enrolment stage.

Therefore, the key to success when teaching financial geography at a business school may be a change of perspective - a shift from an argument based on academic curiosity to one grounded in professional necessity. The course is not "about maps"; it is about understanding that risk, opportunity, and the dynamics of change in financial markets are inextricably embedded in geography. This can be communicated effectively by referencing specific career paths that demand such competencies. When presenting the learning outcomes of a financial geography course, it is useful to refer to professions such as 'equity researcher', 'macroeconomic analyst', or 'market analyst at a REIT investment fund', etc. These roles require moving beyond the domestic market to delve into the differences between countries and regions, and to assess how these differences impact the functioning of financial markets and investment risk. Presenting the course as essential training for these very positions can provide a direct and compelling answer to the ‘How is this useful to me?’ question.

Moreover, this approach fills a gap in traditional financial education. Standard courses teach how a given financial instrument works, but they sporadically explain where and why it produces specific effects in a particular place. Financial geography, on the other hand, allows for an understanding of the systemic and structural issues that underpin both wealth creation and financial instability, such as uneven development or the fundamental causes of economic disparity. This student's focus on "practicality" is, in fact, a symptom of a deeper phenomenon, which favours a quantitative, model-based approach to finance, often marginalising qualitative, contextual, and critical knowledge. The successful introduction of a financial geography course, therefore, requires not only a well-prepared syllabus but also an internal marketing campaign that speaks the language of competitive advantage.

In a world still shaped by the 2008 financial crisis, where systemic risk has become a central issue, financial geography emerges as the missing link in education. Standard curricula are excellent at analysing at the level of the entity or the market, but they often fail to capture the interconnected, spatial nature of how risk spreads. Financial geography provides the conceptual tools to understand this phenomenon, offering a perspective often lacking in heavily mathematised economic models.

The structure of a financial geography course can be incredibly broad or narrowed down to specific topics, depending on the lecturer's research areas or the university's focus. In my classes, I emphasise the process of financialisation (not just as a financial trend, but as a spatial process that affects the daily lives of residents in different regions in various ways), as well as capital flows and financial stability. All those areas can be presented through case studies, incorporating discussions of current events such as the COVID-19 global pandemic, the impact of geopolitical conflicts on financial markets, and the consideration of financial sanctions as a "modern weapon" (which is usually double-edged).

Why Financial Geography Deserves a Course of Its Own

It is, of course, possible to incorporate selected topics from financial geography into broader courses, something I have the opportunity to practise. A lecture on global financial centres, for example, can be an element of a course on international finance, while the issue of financial capital and its flows complements an economic geography course well. However, this approach has its drawbacks, notably that it is inherently superficial. It treats geography as a static backdrop or an exotic addition, rather than as a dynamic force that constitutes financial phenomena.

As I gain more experience, I’m coming to feel that the richness of financial geography only unfolds fully within a dedicated module. The immense breadth and thematic depth of financial geography, perfectly illustrated by works such as The Routledge Handbook of Financial Geography, prove that a few integrated lectures cannot do it justice. The mentioned handbook covers a wide range of topics, from theoretical perspectives and investor behaviour to FinTech and regulation, each of which could be the subject of a separate, in-depth course.

A dedicated module allows for a structured intellectual journey. Most importantly, such a solution fully leverages a key observation from my own teaching: students with a prior background in economic geography are significantly more engaged when discussing the spatial aspects of finance during capital markets classes. They ask more boldly how socio-geographical conditions can determine the functioning of financial markets. This suggests that once students are equipped with a spatial lens, they are far more able to grasp how location, context, and spatial dynamics shape financial processes, and they begin to ask more relevant questions. At a business school, the main goal of a dedicated module is to offer all students this spatial lens, rather than relying on the few who already possess it.

Furthermore, in an integrated course, a question about the spatial dimension might be dismissed as a digression. In a dedicated module, it becomes the central point of discussion. This, in turn, empowers students, encouraging them to connect financial theory with the socio-geographical world they observe, leading to deeper, more critical learning.

Finally, the need for a dedicated module is not merely an academic preference. It is a direct curricular response to the growing complexity of the global financial system. The rapid development of FinTech, cryptocurrencies, new determinants of financial instability, new form of financing, and the emergence of new financial centres mean that the map of the financial world is in a state of transformation. A fragmented, integrated approach is insufficient to equip students with the holistic framework necessary to navigate this new reality.

From Textbooks to Visual Atlases

When designing a financial geography course for economics students, it is crucial to strategically use teaching resources that, on the one hand, provide academic rigour and, on the other, engage an audience accustomed to a different way of thinking. The intellectual foundation for any lecturer in this field remains comprehensive academic works, such as those mentioned before, The Routledge Handbook of Financial Geography. Publications of this type form the backbone of the course, ensuring it is grounded in current research and theory. They provide the depth and rigour necessary at the university level. However, their role as a primary text for economics students without a solid (or any) geographical background may be limited. The academic style, referencing spatial aspects, can be intimidating and reinforce the initial perception of the subject as abstract and impractical.

That is why, in working on a new, dedicated course, my main inspiration became a publication of a completely different nature: Atlas of Finance: Mapping the Global Story of Money. It uses impressive data visualisations to make abstract concepts—such as the history of money, global capital flows, or the scale of offshore finance - tangible, intuitive, and memorable. This allows the lecturer to present complex topics as fascinating stories, which is a more effective way to engage finance students. As its creators aptly put it, the atlas ‘brings the complex and abstract world of finance down to earth, showing how geography is fundamental for understanding finance, and vice versa’.

Final Reflections

In conclusion, while teaching financial geography in business schools is challenging, it is worthwhile. The key is to change the perception of the subject - from a niche interest to an essential analytical lens - by arguing for the depth offered by a dedicated module and by using innovative pedagogical resources that appeal to the imagination of economics students.

The goal is not to turn finance students into geographers. It is about educating better finance professionals - analysts, investors, and decision-makers who understand the crucial role not only of time but also of place and space in shaping economic phenomena. A graduate of such a course should be equipped with more than just theory and quantitative models (though I would not rule out including basic spatial econometric models in the course). The graduate should understand that financial capital resources are unevenly distributed, that financial innovations have varied geographical consequences, and that the level of financialisation and socio-cultural conditions can determine a society's approach to risk and financial stability. This allows to see risks invisible to aspatial models, whether they be geopolitical shifts, regulatory changes in a specific jurisdiction, or the social consequences of a property bubble in a global city.

Financial geography offers an antidote to the growing complexity and abstraction of modern finance. The financial world is becoming increasingly digital, dematerialised, and detached from the "real economy." This abstraction is dangerous because it allows financial actors to ignore the real-world consequences of their decisions. Financial geography, by its very nature, brings finance back down to earth. It connects abstract flows of capital to real places, real people, and real environments. A course built around this perspective encourages students to think more concretely about the financial systems and institutions they may one day be responsible for.

Finally, an analyst with spatial competence is better prepared for the future of work in the financial sector. Many routine quantitative tasks are being automated and are therefore relatively easy to replace with dynamically developing artificial intelligence models. The future value of a human analyst will lie in their ability to think critically and contextually in a complex manner. The skills developed in a financial geography course - interpreting complex spatial systems, understanding context and synthesising diverse information - are precisely those competencies that are difficult to automate. Therefore, this course equips students with a more durable and future-proof skill set, providing them with a long-term competitive advantage in a rapidly changing industry.

I wish for myself, and for all lecturers involved in financial geography, that our courses provide students with as much of what I have described in this short text as possible.