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The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership

The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership This paper argues that the relentless logic of commodification has served to undermine a key element of the social cement of contemporary capitalism: home ownership. In addressing this issue, the paper explores the development of the post war ‘social project’ of home ownership with particular reference to mature home ownership societies such as the USA, Japan, Britain and Australia. The paper then outlines the new fault lines and fractures which have emerged in post-crisis home ownership systems and the way in which a more vigorous, financialised private landlordism has emerged from the debris of the subprime meltdown. A key argument is that in a new and more intensified process of housing commodification, the social project promise of home ownership for a previous generation has shifted to a promise of private landlordism for current generations. In summary, the social project of Keynesian-embedded liberalism has been undermined by the economic project of neoliberalism. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Urban Studies: An International Journal of Research in Urban Studies SAGE

The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership

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References (31)

Publisher
SAGE
Copyright
© Urban Studies Journal Limited 2014
ISSN
0042-0980
eISSN
1360-063X
DOI
10.1177/0042098014528394
Publisher site
See Article on Publisher Site

Abstract

This paper argues that the relentless logic of commodification has served to undermine a key element of the social cement of contemporary capitalism: home ownership. In addressing this issue, the paper explores the development of the post war ‘social project’ of home ownership with particular reference to mature home ownership societies such as the USA, Japan, Britain and Australia. The paper then outlines the new fault lines and fractures which have emerged in post-crisis home ownership systems and the way in which a more vigorous, financialised private landlordism has emerged from the debris of the subprime meltdown. A key argument is that in a new and more intensified process of housing commodification, the social project promise of home ownership for a previous generation has shifted to a promise of private landlordism for current generations. In summary, the social project of Keynesian-embedded liberalism has been undermined by the economic project of neoliberalism.

Journal

Urban Studies: An International Journal of Research in Urban StudiesSAGE

Published: Feb 1, 2015

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