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The Power in the Land (Paperback, 2nd edition)
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The Power in the Land (Paperback, 2nd edition)
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The major industrial nations enter the 1990s in the midst of land
booms offering riches for a few but unemployment for many. Banks in
TEXAS were bankrupted by massive speculation in real estate. Even
embassies 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 - enriched
owner-occupiers but crippled the flow of workers into regions where
entrepreneurs wanted to invest and lead the economy back to
full-employment. Fred Harrison's thesis is that land speculation is
the major cause of depressions. He shows how the land market
functions as a junction box which regulates the power flowing
between Labour and Capital. And how land speculation periodically
throws the switches on the productive power of men and machines,
causing economic stagnation. This theory was acknowledged by
philosophers such as Adam Smith and Karl Marx, and social reformers
ranging from Winston Churchill to Leo Tolstoy, but it has been
forgotten by today's economists and policy-makers. The hypothesis
is tested against the historical facts and the recent booms and
slumps, and is found to offer a powerful explanation for postwar
trends in unemployment and the distribution of income. The Power in
the Land challenges the pessimistic belief, nurtured by the
depressions of the last two decades, that unemployment is now a
permanent feature of late 20th century society. The author
elaborates policies, based on a radical reform of the tax system,
which would banish involuntary unemployment and generate continuous
economic growth. Author Details: Fred Harrison is Executive
Director for the Land Research Trust. He studied economics at
Oxford, first at Ruskin College and then at University College,
where he read Philosophy, Politics and Economics. His MSc is from
the University of London. Reviews: "This is a brilliantly-written
and extremely readable book ... not unduly difficult for those with
no more than an elementary grasp of economic concepts." Journal of
General Management "Harrison's book is a formidable challenge to
the apologists for the status quo which raises, and goes a long way
toward answering, the questions that gnaw at the intellects and
consciences of all thinking men and women." The American Journal of
Economics and Sociology "In his book, The Power in the Land, first
published in 1983, Harrison, correctly forecast property prices
would peak in 1989 as well as the recession that followed it." The
Full Interview with Ed Magnus is available here:
www.thisismoney.co.uk (Financial Website of the Year and part of
the Daily Mail Group)
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