Private Landed Property and Finance

A Checkered History

Dados Bibliográficos

ID2802636
AutoresJosh Ryan-Collins (0000-0003-4498-6329, autor correspondente), Josh Ryan‐collin, Josh Ryan‐Collins
Ano2021
Volume80
Fascículo2
Páginas465-502
Data de publicação2021-03-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoAmerican Journal of Economics and Sociology (JOURNAL)
Identificadores do periódicoISSN: 0002-9246 • E-ISSN: 1536-7150
EditoraWiley (PUBLISHER • GB)
DOI10.1111/ajes.12387
OpenAlexW3176218344
IdiomaEN
Citações recebidas4
Referências citadas70

This article examines the links between private property in land and the financial system. Private landed property (PLP) has played an important role in supporting the growth of modern banking and credit systems, industrialization, and economic democratization. However, since the 1980s, high-income economies have exhibited a strong preference for PLP as a form of tenure, in the form of home ownership in particular. This pattern has combined with financial liberalization and innovation to create a land-finance feedback cycle with negative social and economic outcomes. They include a housing affordability crisis for younger and poorer socioeconomic groups; rising wealth inequality as land rents have become more concentrated; economic stagnation due to capital misallocation; and increased financial fragility as household debt has exploded. We illustrate these historical processes in the Anglo-Saxon "home-owning democracies," where they have been strongest, focusing in particular on the United Kingdom, Australia, and the United States. This article considers how alternative tenure arrangements and reforms to finance and taxation could help mediate these dynamics

Capitalism · Debt · Economic inequality · Economic rent · Economics · Household debt · Inequality · Land tenure · Market economy · Political science · Politics · Private property · Banking stability, regulation, efficiency · Finance · Housing Market and Economics · Housing, Finance, and Neoliberalism