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The political economy of land value capture in the UK: rent and viability in Salford’s new municipalist turn

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  • Purcell, Thomas
  • Ward, Callum

Abstract

This paper contextualises the political economy of land value capture (LVC) within the shift to an increasingly financialised, rentier-dominated capitalism. Contributing to an emerging dialogue between social constructivist planning literature on performativity in LVC and the critical political economy literature on rents and rentiership, we overview Salford's planning policy trajectory in recent decades in order to highlight how the UK planning system has increasingly been reconfigured as a mechanism to increase land values. In doing so, we explore both Salford's shift to neoliberal planning and its municipal socialist counter-turn in recent years, reflecting on how the centrality of LVC to the latter still leaves it dependent on rentier logics. In doing so, we locate these policy conjunctures within the governance dynamics of Britain's transformation into a rentier economy; wherein the stimulation, disbursement and capture of land values have become central objects of spatio-economic policy.

Suggested Citation

  • Purcell, Thomas & Ward, Callum, 2023. "The political economy of land value capture in the UK: rent and viability in Salford’s new municipalist turn," LSE Research Online Documents on Economics 116664, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:116664
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    File URL: http://eprints.lse.ac.uk/116664/
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    References listed on IDEAS

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    More about this item

    Keywords

    Rentiership; financialisation; land; land value capture; new municipalism;
    All these keywords.

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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