Space and Environment
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- P-ISSN1225-6706
- E-ISSN2733-4295
- KCI
ISSN : 1225-6706
Land and Housing Bank to Cope with New Normal of Global Financial Crisis: Focusing on US Cases
Abstract
There is a lot of controversy among Marxist researchers about the nature of modern capitalism, but many researchers note that financialization of economy is deepening. Along with the financialization of economy, securitization of financing and globalization are making the financial crisis a global phenomenon. The housing crisis not only destroys the base of living of individual households but also accelerates the deterioration of the communities. It is necessary to actively respond to these crises and to increase public control and sharing of urban basic resources of living including housing. This paper shows that the U.S. land bank, which contribute to overcoming of the subprime mortgage crisis, can be an important tool toward sharing economy. Theoretical review consider the changing nature of contemporary capitalism and examine the impact on the housing crisis. And this paper analyzes the characteristics and functions of the U.S. land bank system such as the acquisition of property, tax foreclosure proceedings, expedited quiet title action, tax recapture agreement as a key financial instrument, evolution of legal institutions. Finally, it suggests that the land bank to cope with the financial crisis can contribute to the development of a sharing economy model.
- keywords
- 부채자본주의, 부실채권, 금융화, 금융자본주의, 토지은행, 공유경제, debt capitalism, non performing loan, financialization, financial capitalism, land bank, sharing economy
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