Thinkers & Ideas The Land Trap with Mike Bird
Nov 25, 2025
Mike Bird, Wall Street editor at The Economist and author of The Land Trap, discusses the complex dynamics of land as the ultimate asset. He explains why land is unique and poses a 'trap,' linking it to systemic economic risks and inequality. The conversation explores the historical evolution of land ownership and its ties to major financial crises, such as the 2008 subprime collapse. Bird examines the rise of superstar cities and innovative governance models, shedding light on how businesses leverage land value in today's economy.
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Why Land Becomes A Trap
- The 'land trap' is that rising or falling land prices create extreme zero-sum outcomes and destabilize economies.
- High land prices concentrate wealth, while busts threaten banking systems because land is used as collateral.
Colonial America Turned Land Into Money
- Colonial America had abundant land but little cash, so colonists mortgaged land to create currency and foster commerce.
- Benjamin Franklin and others pioneered turning land into money, foreshadowing mortgage-backed finance.
The Rise And Fall Of Georgism
- Henry George argued in the late 19th century that land monopolies explained Progress and Poverty and sparked a global Georgist movement.
- Georgism surged politically but failed to embed into modern left-right politics and faded by mid-20th century.
