The Power in the Land: An Inquiry into Unemployment, the Profits Crisis and Land Speculation

Overview

As the global depression deepens, the pressure on governments intensifies. Policy-makers are in a dilemma, for every prescription has its negative: monetarism - unemployment

Keynesianism - inflation

and the planned economy - authoritarianism. This dilemma, the author argues, stems from a distortion in our understanding of how the industrial economy works, a distortion he traces back to Adam Smith.

Adam Smith ...

See more details below
This Hardcover is Not Available through BN.com
Sending request ...

Overview

As the global depression deepens, the pressure on governments intensifies. Policy-makers are in a dilemma, for every prescription has its negative: monetarism - unemployment

Keynesianism - inflation

and the planned economy - authoritarianism. This dilemma, the author argues, stems from a distortion in our understanding of how the industrial economy works, a distortion he traces back to Adam Smith.

Adam Smith provided the captains of industry with a theoretical framework and moral justification for the new mode of production which sprang from the Industrial Revolution. He believed he was setting out the rules for a free market system but, inconsistently, he granted landowners an exemption enabling them to exert a monopoly influence on the market which remains to this day.

The Marxist critique blames the capitalist for the ills of the system, yet Marx himself acknowledged that the power of the owners of capital rested on the power inherent in land. Both Marx and Smith recognized the special role of landowners who, in the words of J.S.Mill, "grow richer in their sleep without working, risking or economizing", but neither pursued the macro-economic implications and, if anything, covered them up.

The author looks at the implications: the conflict between labour and capital is a false one that obstructs a rational strategy for rescuing the Western economy

the origins of the collapse of the 1980s are to be found in land speculation

this exploitation of the unique power, intrinsic to land, gives rise to inner city decay, urban sprawl, misallocation of resources, mass unemployment and the meteoric rise of property values.

The major industrial nations enter the1990s in the midst of land booms offering riches for a few but unemployment for many: banks in Texas have been bankrupted by massive speculation in real estate and even embassies have had to abandon their offices because they could not afford the rents in Tokyo. In Britain, the spoils from housing - the direct result of the way the land market operates - have enriched owner-occupiers but crippled the flow of workers into regions where entrepreneurs wanted to invest and lead the economy back to full employment.

Thus, it is the author's thesis that land speculation is the major cause of depressions. He shows how the land market functions to distort the relations between labour and capital and how land speculation periodically chokes off economic expansion, causing stagnation.

The remedy proposed by the author is a fiscal one which would remove the disruptive factor of land speculation and transfer the burden of taxes from labour and capital to economic rent, a publicly created revenue. This would create employment and higher growth rates, while avoiding the inflation-risk policy of deficit financing

increased consumption and investment would be generated by the private sector, not goverment.

Read More Show Less

Product Details

  • ISBN-13: 9780876634240
  • Publisher: Universe Publishing
  • Publication date: 10/1/1983
  • Series: Universe Bks.
  • Pages: 318

Table of Contents

Part 1 The unfree market: the fatal mistake
laissez faire - Adam Smith's version
monopoly and the veil of secrecy
the power loom puzzle. Part 2 A theory of recessions: speculation - a US hypothesis
18-year cycles - the UK evidence
under siege - the Englishman's castle. Part 3 The United States economy: the Hoyt heist
recycling the speculators
policies for pillage. Part 4 The Japanese "Miracle": spirit of the samurai
the conquest and collapse. Part 5 The Socialist models: Marxist theory and soviet experiment
nationalization and the mixed economy. Part 6 Land value taxation: the single tax and laissez faire
academic strictures - a critique
equity and creative financing
Australia - a case study. Part 7 The poverty of politics: 1974-1978 - operation lifeboat
1979 - the Reagan-Thatcher myth
1980s - policies for recovery. Part 8 Capitalism: requiem or revival?
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)