Land as a financialised object

Land has long occupied a peculiar position in political economy, partly due to its distinct characteristics.

- ANANYA SINGH

In The Land Trap: A New History of the World's Oldest Asset, Mike Bird seeks to re-centre land as a force that has shaped the economic trajectories and political outcomes of different nations. His argument rests on the notion that land is categorically distinct from other forms of capital. Its absolute rigidity of supply defines land. Unlike goods or instruments, land cannot be produced in response to its rising demand. This scarcity ensures that intensified investment fuels speculation and price inflation, often with destabilising consequences. Equally significant is land’s immobility. Its permanence allows it to function as a store of wealth and a cornerstone of collateral-based financial systems. As a result, fluctuations in land prices reverberate far beyond property markets, transmitting shocks throughout the broader economy. These characteristics explain why land has become a source of economic fragility.