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

Author

Listed:
  • Ray Forrest

    (City University of Hong Kong, Hong Kong)

  • Yosuke Hirayama

    (Kobe University, Japan)

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.

Suggested Citation

  • Ray Forrest & Yosuke Hirayama, 2015. "The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership," Urban Studies, Urban Studies Journal Limited, vol. 52(2), pages 233-244, February.
    • Handle: RePEc:sae:urbstu:v:52:y:2015:i:2:p:233-244
    DOI: 10.1177/0042098014528394
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    References listed on IDEAS

    as
    1. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(2), pages 379-415, April.
    2. Greg Hannsgen, 2007. "A Random Walk Down Maple Lane? A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth," Review of Political Economy, Taylor & Francis Journals, vol. 19(1), pages 1-20.
    3. Ruggie, John Gerard, 1997. "Globalization and the embedded liberalism compromise: The end of an era?," MPIfG Working Paper 97/1, Max Planck Institute for the Study of Societies.
    4. Fumio OHTAKE, 2008. "Inequality in Japan," Asian Economic Policy Review, Japan Center for Economic Research, vol. 3(1), pages 87-109, June.
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    Cited by:

    1. Manuel B. Aalbers, 2017. "The Variegated Financialization of Housing," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 542-554, July.
    2. Alvaro Luis Dos Santos Pereira, 2017. "Financialization of Housing in Brazil: New Frontiers," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 604-622, July.
    3. Hulse, Kath & Parkinson, Sharon & Martin, Chris & Hayward, Richard Donald, 2018. "Inquiry into the future of the private rental sector," SocArXiv 6sb8r, Center for Open Science.
    4. Rory Coulter & Michael Thomas, 2019. "A new look at the housing antecedents of separation," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 40(26), pages 725-760.
    5. Michael Byrne, 2019. "The financialization of housing and the growth of the private rental sector in Ireland, the UK and Spain," Working Papers 201902, Geary Institute, University College Dublin.

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