This article examines the links between private property in land and the financial system. Private landed property (PLP) has played an important role in supporting the growth of modern banking and credit systems, industrialization, and economic democratization. However, since the 1980s, high-income economies have exhibited a strong preference for PLP as a form of tenure, in the form of home ownership in particular. This pattern has combined with financial liberalization and innovation to create a land-finance feedback cycle with negative social and economic outcomes. They include a housing affordability crisis for younger and poorer socioeconomic groups; rising wealth inequality as land rents have become more concentrated; economic stagnation due to capital misallocation; and increased financial fragility as household debt has exploded. We illustrate these historical processes in the Anglo-Saxon “home-owning democracies,” where they have been strongest, focusing in particular on the United Kingdom, Australia, and the United States. This article considers how alternative tenure arrangements and reforms to finance and taxation could help mediate these dynamics.

中文翻译：

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私有地产和金融：一段曲折的历史

本文考察了土地私有财产与金融体系之间的联系。私有土地财产 (PLP) 在支持现代银行和信贷体系的发展、工业化和经济民主化方面发挥了重要作用。然而，自 1980 年代以来，高收入经济体表现出强烈偏好 PLP 作为一种保有权形式，尤其是拥有房屋的形式。这种模式与金融自由化和创新相结合，创造了一个具有负面社会和经济结果的土地金融反馈循环。其中包括较年轻和较贫穷的社会经济群体的住房负担能力危机；随着土地租金变得更加集中，财富不平等加剧；资本配置不当导致经济停滞；随着家庭债务激增，金融脆弱性加剧。我们在盎格鲁-撒克逊“拥有房屋的民主国家”中说明了这些历史进程，在那里它们最为强大，尤其是英国、澳大利亚和美国。本文考虑了替代性保有权安排和财政和税收改革如何帮助调解这些动态。