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25 Jun 2009
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DescriptionReviewsContentsAuthors


Residential property is the single largest asset in people's everyday lives and its associated mortgage debt constitutes one of the biggest financial assets in most economies. Yet political economy largely ignores both. This volume argues that the kind of housing people occupy and their level of debt affects their preferences for the level of public spending, taxation, and inflation. Housing is intimately tied to welfare systems and can be seen as a social right or as a means to acquire wealth over one's life. Housing systems are built from political struggles over the distribution of welfare and wealth. The organization and transformation of housing finance systems affects both national economies and international financial stability. This book analyses the varieties of residential capitalism through a range of cases in Europe, America, and Australasia, as well as investigating the links between changes in housing finance systems and the current international financial crisis.


Description


Residential property is the single largest asset in people's everyday lives and its associated mortgage debt constitutes one of the biggest financial assets in most economies. Yet political economy largely ignores both. This volume argues that the kind of housing people occupy and their level of debt affects their preferences for the level of public spending, taxation, and inflation. Housing is intimately tied to welfare systems and can be seen as a social right or as a means to acquire wealth over one's life. Housing systems are built from political struggles over the distribution of welfare and wealth. The organization and transformation of housing finance systems affects both national economies and international financial stability. This book analyses the varieties of residential capitalism through a range of cases in Europe, America, and Australasia, as well as investigating the links between changes in housing finance systems and the current international financial crisis.


Reviews

'Schwartz and Seabrooke have done what most academics fail to do; produce a volume that is both timely and extremely relevant. As well providing us with a panoptic view of the global housing crisis, they frame it with a theoretical framework that clarifies the central causal and constitutive processes at the heart of the global crisis. If you want to understand why the financial world just blew up I cannot think of a better place to start.' - Mark Blyth, The Johns Hopkins University, USA


Contents

Varieties of Residential Capitalism and the Politics of Housing Market Crashes; H.M.Schwartz& L.Seabrooke
Housing, Global Finance and American Hegemony: Building Conservative Politics One Brick at a Time; H.M.Schwartz
Constituting Monetary Conservatives via the 'Savings Habit': The Incorporation of the Ongoing British Housing Market Bubble into a System of Asset-Based Welfare; M.Watson
The Social Consequences of Neoliberalism: The Politics of Property Booms in New Zealand; A.Broome
The Bubble, Bust and More Boom: The Political Economy of Housing in Norway; B.S.Tranøy
Housing as Social Right or Means to Wealth? The Fallout of Property Booms in Australia and Denmark; J.L.Mortensen& L.Seabrooke
Residential Capitalism in Italy and the Netherlands; M.B.Aalbers
The New Politics of Housing: Lessons from Real Estate Developers and Housing Policies in France and Spain since the 1980s; J.Pollard
Origins and Consequences of the US Subprime Crisis; H.M.Schwartz
Conclusion: The Politics and Policy of the Housing Market Crash; H.M. Schwartz& L.Seabrooke
Notes
Index
Bibliography


Authors


HERMAN SCHWARTZ is Professor of Politics at the University of Virginia, USA. A prolific author, his most recent book is Subprime Nation: American Power, Global Capital and the Housing Bubble. His other publications include Dominions of Debt and States versus Markets.

LEONARD SEABROOKE is Professor in International Political Economy in the Department of Politics and International Studies, and Director of the Centre for the Study of Globalization and Regionalization, at the University of Warwick, UK. His book publications include The Social Sources of Financial PowerUS Power in International Finance, Global Standards of Market Civilization (with Brett Bowden) and Everyday Politics of the World Economy (with John M. Hobson).