Front Cover

Title Page

Copyright

Contents

Figures, Tables and Boxes

Acknowledgements

Abbreviations

Glossary

Foreword by John Muellbauer

1: Introduction

1.1: What Is Land?

1.2: What Is the Value of Land?

1.3: Landownership and Economic Rent

1.4: Summary of Chapters

2: Landownership and Property

2.1: Introduction

2.2: Landownership: Origins of the Theory and Forms

2.3: Landownership as Freedom: Secure Title and Economic Growth

2.4: Landownership as Theft: Power and Economic Rent

2.5: Hypothesis: Property Is Liberty, Property Is Theft

2.6: Responses to the Ownership Paradox

2.7: Conclusion

3: The Missing Factor: Land in Production and Distribution

3.1: Introduction

3.2: Classical Political Economy: Land and Economic Rent

3.3: Land Tax or Separation as a Solution to the Problem of Economic Rent

3.4: Neoclassical Economics and the Conflation of Land with Capital

3.5: Problems with the Neoclassical Account: Fundamental Differences Between Land and Capital

3.6: Political Reasons for the Disappearance of Land from Economic Theory

3.7: Land and Socialism

3.8: Consequences of the Conflation of Land and Capital Today

3.9: Conclusion

4: Land for Housing: Land Economics in the Modern Era

4.1: Introduction

4.2: The Industrial Revolution and the Growth of Cities

4.3: 1900–1970: World Wars and the Golden Age of Capitalism

4.4: 1970 Onwards: the Emergence of ‘Residential Capitalism’

4.5: The New Political Economy of Housing

4.6: Conclusion

5: The Financialisation of Land and Housing

5.1: Introduction

5.2: House and Land Prices, Income and Bank Credit

5.3: Mortgage Finance, the ‘Lifecycle’ Model and the Role of Collateral

5.4: The History of Mortgage and Real Estate Finance in the UK

5.5: Macroeconomic Effects of the Liberalisation of Mortgage Credit

5.6: The Property–Credit Nexus and Financial Fragility

5.7: Conclusion

6: Land, Wealth and Inequality

6.1: Introduction

6.2: Trends in Economic Inequality

6.3: Traditional Explanations for Increasing Inequality

6.4: The Role of Land and Economic Rent in Increasing Inequality

6.5: Why Inequality Matters

6.6: Conclusion

7: Putting Land Back into Economics and Policy

7.1: Introduction

7.2: Ownership

7.3: Tax Reform

7.4: Financial Reform

7.5: Reforms to Tenure

7.6: Planning Reform

7.7: Changes to Economics and National Accounting

7.8: Conclusion

Bibliography

Index

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