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Category: Real Estate

The Real Class War

Since at least 2016, the divide between the “working class” and the “elite” has been considered a defining issue in American (and Western) politics. This divide has been defined in occupational terms (“blue collar” versus “information workers”), geographic terms (rural and exurban regions versus major urban cores), and meritocratic terms (non-college-educated versus those with elite…

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America’s Drift toward Feudalism

America’s emergence in the eighteenth and nineteenth centuries represented a dramatic break from the past. The United States came on the scene with only vestiges of the old European feudal order—mostly in the plantation economy of the Deep South. There was no hereditary nobility, no national church, and, thanks to George Washington’s modesty, no royal…

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China’s City Clusters: Pioneering Future Mega-Urban Governance

The coordination of development within city clusters in the Peo­ple’s Republic of China (PRC) is a striking case for organizing institutions, planning, infrastructure, and economic development across many local administrative boundaries in very large urban re­gions, some as large as European countries. To benefit from the many efficiencies that could be reaped from such coordination,…

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The New Shame of Our Cities

Perhaps no song has been belted out more often than the one that claims that America is moving “back to the city.” Newspapers, notably the New York Times, devote enormous space to this notion. It gained even more currency when the Obama administration sec­retary of Housing and Urban Development, Shaun Do­novan, pro­claimed that the suburbs were “over” as people were “voting with their feet” and moving to dense, transit-oriented urban centers. This celebration perhaps reached its crescendo when Amazon initially announced its move to Crystal City, Virginia, and Queens…

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Managed Obsolescence: Homelessness in America’s Gilded Cities

It was last July, somewhere around Malibu on the Pacific Coast Highway, when I first noticed the RVs. Miles and miles of vintage cream-colored RVs parked bumper to bumper along the inland shoulder of the PCH. My first thought was that they must have belonged to tourists spending a day at the beach. But they…

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How the Financial Crisis Did Not Change the World

The tenth anniversary of the 2008 financial crisis came and went with surprisingly little reflection. Adam Tooze’s Crashed: How a Decade of Financial Crises Changed the World was perhaps the most celebrated attempt to analyze the crisis with the benefit of hindsight. Unfortunately, much of the book offers little more than a chronology of newspaper headlines, displaying superficial…

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What Another Irish Housing Bubble Says about the EU Technocracy

On January 20, the Financial Times reported that the European Central Bank (ECB) would start the process of hiring its new chief economist. At the top of the list, the article said, was Irish central bank governor Philip Lane. The article noted that Lane is popular among European diplomats and is a key ally of…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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The Open Office and the Spirit of Capitalism

It would be too much to say that the office is the prime locus of utopian aspirations in American life. But the claim wouldn’t be entirely misleading, either, and it might even shed some light on what the office actually is. From their earliest days as dingy counting houses in Boston and Manhattan, American offices have…

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Sweden’s Ambivalence on Immigration

In 2015, immigration to Sweden reached an all-time high. At its peak, more than 10,000 people arrived in a single week. The total for the entire year was 162,877 people—1.6 percent of the Swedish population. In September, Prime Minister Stefan Löfven welcomed the immigrants, saying that his Europe does not build walls. A month and…

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