Bankless Land: The $180 Trillion Asset That Runs the World | Mike Bird, The Economist
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Nov 4, 2025 
Mike Bird, Editor at The Economist and author of The Land Trap, explores the intriguing world of land as a $180 trillion asset. He discusses how superstar cities struggle with underbuilding, leading to skyrocketing housing costs. Bird reveals how mortgages link banks to land, amplifying credit cycles. The conversation dives into historical property records, Japan's land bubble, and China's unique land markets. He also offers solutions for the land trap, suggesting policy remedies like taxing land-value uplift to fund essential infrastructure.
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Homeownership Killed Georgism
- Georgism declined as mass homeownership spread and political coalitions changed in the 20th century.
- Pro-homeownership policies made attacking land ownership politically difficult.
The Three Unique Traits Of Land
- Land is unique: fixed in supply, immobile, and non-depreciating, making it ideal collateral.
- These traits amplify scarcity, local value differences, and long-term wealth accumulation.
Bronze Age Land Records On Stone
- Ancient cadastral records like Babylon's kuduru recorded land ownership millennia ago.
- These early records show property registration was central to early states and power.
