A Market That Could Not Emerge
This book has shown that transplanting American housing institutions to Russia failed both as housing policy and legitimation strategy. It has explained how market failure was overdetermined by economic constraint and illiquidity on the one hand, and cultural resistance on the other. The result is a regime of property without markets, in which housing chances and mobility strategies depend mainly on networks of property relations within extended families. The government's attempt to instill a mortgage culture with maternity capital backfired. This book concludes by arguing that property without markets is unlikely to be a transitory phenomenon, and that housing will remain a source of social suffering and political discontent even after the latest economic crisis eases unless the state stops basing its housing policy on U.S. mortgage institutions. It also discusses the implications of its findings for housing in the United States, especially with regards to mortgages.
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