Ryan‐Collins, J;
(2021)
Private Landed Property and Finance: A Checkered History.
American Journal of Economics and Sociology
, 80
(2)
pp. 465-502.
10.1111/ajes.12387.
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Abstract
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.
| Type: | Article |
|---|---|
| Title: | Private Landed Property and Finance: A Checkered History |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/ajes.12387 |
| Publisher version: | https://doi.org/10.1111/ajes.12387 |
| Language: | English |
| Additional information: | © 2021 The Authors. The American Journal of Economics and Sociology published by Wiley Periodicals LLC on behalf of American Journal of Economics and Sociology, Inc. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10134866 |
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