Scorned hazards of urban land markets : the carnival of excess in late-nineteenth century Melbourne
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...[Show more]
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