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Influence of the political system on house prices


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One of my idle thoughts today was this:  I wonder if the type of government a country has correlates with house price inflation.  By this, I don't mean a comparison between Labour and Conservative policies in the UK - but, rather, a consideration of the fundamental structure of government.  With this in mind, I hit Wikipedia (the fountain of almost all knowledge) and was surprised at how young it claimed some the regimes to be.  I learned:

  • France - Fifth Republic (established 1958 - so just 62 years old).
  • Italy - Democratic Republic (established 1946 - so just 74 years old).  I was also surprised to read that the Italian constitution states: "Italy is a democratic Republic founded on labour."  I am absolutely baffled by what that phrase might mean.
  • Belgium - Parliamentary Monarchy (established 1831 - but substantially reformed in 1993... so perhaps 189 years old - or perhaps 27?)
  • Netherlands - Monarchy (since 1815); Parliamentary Democracy (since 1948) - but had previously been a republic (1581 to 1806) and a kingdom (1806 to 1810) - and there was that brief period (1810 to 1813 - when it was French.)
  • Germany - a democratic, federal parliamentary republic (since 1949 - so just 71 years old).
  • Spain - a parliamentary system (established in 1978 - so just 42 years old)
  • Portugal - a republic (established in 1934 - so 186 years old... though their constitution dates from 1976... after the military coup of 1974 - so, in that sense, 44 years old).
  • Hungary - a multi-party democracy (since 1990 - so... 30 years old)

Any ideas or insights?

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5 minutes ago, A.steve said:

 

  • Italy - Democratic Republic (established 1946 - so just 74 years old).  I was also surprised to read that the Italian constitution states: "Italy is a democratic Republic founded on labour."  I am absolutely baffled by what that phrase might mean.

The Italians are great engineers. Truly. They also enjoy chilling in the sun. Not sure what that points to.

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1 hour ago, Si1 said:

The Italians are great engineers. Truly. They also enjoy chilling in the sun. Not sure what that points to.

While I'm still confused by the phrase "founded on labour"...  I don't think it has anything to do with specific professions.  Could it refer to 'organized labour' (AKA Unions)?  Or does it suggest that the Italian constitution is defined in such a way as to value work?  Might it mean something completely different?

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On 14/03/2020 at 19:01, A.steve said:

One of my idle thoughts today was this:  I wonder if the type of government a country has correlates with house price inflation.

I think it's more to do with the natures of property rights and property taxation.

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How old would you say the UK was compared to the countries above?  Perhaps only 93 years?

From wikipedia https://en.wikipedia.org/wiki/United_Kingdom

Quote

the union between England and Scotland in 1707 to form the Kingdom of Great Britain, and the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. The UK's current name was adopted in 1927 to reflect the change.

Could argue that the nature of the UK government is intrinsically tied to the legacy of these changing or re-invented constitutional settlements.

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On 17/03/2020 at 12:39, Will! said:

I think it's more to do with the natures of property rights and property taxation.

I don't oppose an answer to the correlation between type of government and property rights and property taxation.

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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