The Political Economy of Housing Financialization Comparative Political Economy 1st editon by Gregory Fuller 1788212355 9781788212359
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ISBN 10: 1788212355
ISBN 13: 9781788212359
Author: Gregory W. Fuller
The US subprime mortgage crisis, by nearly causing the collapse of the global financial system during the 2007–08 financial crisis, clearly revealed that household debt management is critical to the stability of the international economy. The configuration of mortgage finance systems of European economies, from the UK to Sweden to Spain, have profound effects on national macroeconomic and political outcomes. In this book, Gregory Fuller reveals how national housing systems diverge in terms of their commodification and financialization: mortgages are far more common in some systems than others; some encourage families to treat housing as a tradeable asset while others do not; and certain states provide extensive social housing programmes while others offer virtually none. These differences are shown to have an impact on households’ economic precarity, macroeconomic volatility, and ultimately on their political preferences. Drawing on these comparisons, Fuller offers a number of policy suggestions intended to weaken the links between housing, economic instability, and inequality.
The Political Economy of Housing Financialization Comparative Political Economy 1st Table of contents:
1 Housing and the great debt transformation
The great debt transformation
The objective of this book
The housing literature
Why put housing in political economy?
Financialization and heterodox political economy
2 Housing and financialization
Mortgages
Social housing
Housing tenure
Housing-as-savings
Varieties of residential capitalism?
Anglo-Dutch liberalism
Scandinavian financialization
The Continental middle
Southern traditionalism
Post-communist Europe
3 Housing and macroeconomic instability
The leverage channel
The wealth channel
The credit diversion channel
The imbalances channel
The messy reality
Change is disruptive
Household debt + external deficits = dangerous
The ratchet effect
4 Housing and inequality
Defining inequality
The incumbency channel
The generational channel
The locational channel
The tradeoff channel
The upshot
Perpetuating intergenerational wealth inequality
Randomizing housing outcomes
Increasing precarity
5 Housing and politics
Where housing matters
Quick cases: housing salience in Britain, the Netherlands, Sweden, Germany and Spain
Supply, demand and tenancy
Quick cases: party preferences in Britain, the Netherlands, Sweden, Germany and Spain
Housing and discrimination
Quick cases: housing discrimination and politics in France and Denmark
6 Housing and the future
Shared responsibility mortgages
Preference for covered bonds
Foreign investment restrictions
Inheritance restrictions
The power of the supply side
Looking ahead
Bibliography
Index
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Gregory Fuller,Political Economy,Housing Financialization,Comparative Political Economy
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