Chapter 9: Globalization, Governance and the Housing Market
Ray Forrest INTRODUCTION Changes in housing provision and housing ﬁnance both reﬂect and require new forms of governance. Governance, for the purposes of this chapter, refers to the vertical and horizontal conﬁguration of institutions and agencies which are directly or indirectly involved in the regulation and provision of housing ﬁnance. By ‘housing market’ we are referring in the main to the purchase of dwellings by individuals or households for home ownership or investment. Most contemporary commentaries on housing tend to be nationally oriented and to explore and analyse shifts in government policies which have encouraged particular forms and patterns of provision. For example, the decline of private renting or the growth of mortgaged home ownership may be attributed in great part to changes in national subsidy and taxation regimes as well as cultural and other factors. Cross-national studies of trends in housing provision typically explore the extent to which there has been convergence or divergence in housing policy and provision and to seek explanations in the broader literature on the nature and evolution of welfare states and welfare regimes. For example, do countries with more market-oriented housing systems display a more general pattern of market orientation? Can we understand the nature of national housing markets in terms of the more fundamental character of particular welfare states? How far do more privatized and marketized housing systems reﬂect and act upon a more pervasive ideology of market-based individualism? (For a summary and development of these arguments see Kurz and...
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