Title

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

Document Type

Journal article

Source Publication

Urban Studies

Publication Date

2-1-2015

Volume

52

Issue

2

First Page

233

Last Page

244

Publisher

SAGE Publications Ltd

Keywords

financialisation, home ownership, neoliberalism, private landlordism, social project

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.

DOI

10.1177/0042098014528394

Print ISSN

00420980

E-ISSN

1360063X

Publisher Statement

Copyright © Urban Studies Journal Limited 2014.

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Recommended Citation

Forrest, R., & Hirayama, Y. (2015). The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership. Urban Studies, 52(2), 233-244. doi: 10.1177/0042098014528394