Scorned hazards of urban land markets : the carnival of excess in late-nineteenth century Melbourne
|Collections||ANU Urban Research Unit/Program|
|Title:||Scorned hazards of urban land markets : the carnival of excess in late-nineteenth century Melbourne|
Coles, Rita C
|Publisher:||Canberra, ACT : Urban Research Program. Research School of Social Science. Australian National University.|
|Series/Report no.:||Urban Research Program Working papers: No. 43|
This paper proposes, however, that an insufficient understanding of land as an investment and the scope of speculation in urban and suburban property helped push Melbourne into a crisis. Swift government action might have had little effect, because die want of confidence in Victorian banking was more than psychologically based.7 Financial institutions had entangled diemselves in a web of loans that tied them to the building cycle; depositors who widtdrew reacted rationally to revelations that many financial institutions—not merely a corrupt few—had heaps of over-valued securities.
|apo-nid124971-524736.pdf||7.91 MB||Adobe PDF|