One of the striking effects of the Covid 19 pandemic has been the dramatic increase in the disconnection between finance and the real economy in the United States and Europe. In China there is a similarly growing disjuncture between house prices and economic fundamentals. Both cases show a process of asset inflation driven by a frenzy of investment in a context of deflationary pressure. But the comparison ends there, because the dynamics Conversation suggested by :
Natacha Aveline-Dubach
CNRS-UMR Géographie-cités, France of real estate investment in China respond to the logic of a sui generis[1] capitalist regime that has placed the extraction of land value at the heart of its economic model.
Far from being the result of a defined project, the institutional construction of land and property markets has been forged empirically during the period of economic transition. However, it received a major impetus in the mid-1990s, when the state secured property Continuer la lecture de Covid-19 in China: the pandemic exacerbates the speculative mechanism in residential real estate