Glasgow: time to stop the private warehousing of land
In 1843, a newspaper named "The Economist" came into being with a mission that promised to discuss and promote ideas of fair trade, liberal economics, free markets and issues of taxation and rent.
Astoundingly, the Economist stuck to its mission, more or less, although one may - and one does - quibble with its flirtations with flailing neo-classical economics, coupled with some infatuation with permanent Keynesianism.
Happily, The Economist has rediscovered its core philosophy of classical economics, the old "political economy" modernized since the time of Adam Smith, John Stuart Mill and Henry George. The UK is still stumbling as it tries to shake off the effects of the Great Recession, brought on in no small measure by an easily avoidable land bubble.
This Power Point illustrating the great Japanese land bubble and subsequent swoon is remarkable in that acknowledges it was a LAND bubble, not a "real estate" bubble. the impacts were no different in the UK, Ireland, the US, etc.
The prescription by the Economist for this round of malaise is - happily - improving infrastructure (the "internal improvements" of old), providing liquidity to markets, not just banks, and a land value tax, to reverse the perverse incentives of taxation against wealth creation and community benefit.