The Intelligence from The Economist Address the problem: the global housing blunder
Jan 17, 2020
Colm Williams, Senior economics writer at The Economist, and David Rennie, Beijing bureau chief, join to explore the intricate issues of global housing markets. They discuss how the belief in homeownership as a positive can fuel financial crises and populism. The conversation shifts to China's unique approach to religion, particularly the veneration of the sea goddess Mazu amid state control and religious adaptation. They also touch on evolving attitudes towards alcohol consumption, especially among younger generations moving towards moderation.
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High Housing Costs
- Expensive housing has significant economic and political consequences, including financial crises and the rise of populism.
- It also leads to slower economic growth and dissatisfaction with the status quo.
Promoting Homeownership
- The belief that homeownership is inherently good was encouraged by governments, exemplified by Margaret Thatcher's policies.
- This has shaped Western societies for decades.
Homeownership vs. Renting
- Homeownership is often seen as superior to renting in Western societies.
- Renting is sometimes viewed negatively, even embarrassingly.