From feudalism to financialization





Access, control, and ownership of the land was restructured throughout history, moving from a dispersed to centralized form of land management, then to enclosure, and then to capitalist accumulation. The UK has historically and systematically favoured wealthy landowners and continuously privatized the land.



From the 11th century, the land was distributed hierarchically; all land was owned by the monarch, who granted estates to lords, who then distributed land among tenants. Lords and tenants had obligations of taxation, military service, and work. Serfs, at the bottom of this hierarchy, were bound by law to labour on their lord's land. Serfs and peasants could access less desirable lands, or "wastelands," for subsistence. Additionally, common lands, owned by an individual or a collective of individuals, constituted part of the estate. Occupiers of that plot of land, known as "commoners," held certain rights to use and extract resources from the land.
After the Black Death pandemic, the number of peasants was greatly reduced. Due to the shortage of labour, peasants gained bargaining power, some negotiating their "freedom" from landlords, and feudalism broke down.

From 1604, a series of Enclosure Acts in England divided the land into private holdings, which were managed by the lord of the manor and purposed for private uses such as hunting, agriculture, fishing, or resource extraction. These Enclosure Acts granted lords permission to enclose previously common land. Consequently, as many landowners enclosed their land for more profitable uses, the number of common lands diminished and peasants were displaced. The continued partitioning of land for private use and profit through the 17th century culminated in mass evictions of peasants from rural lands.

Following the Tenures Abolition Act of 1660, landlords no longer had to serve in the military, but instead paid taxes to the Crown annually. Later, the Enclosure Act of 1773 resulted in the process of enclosure becoming less transparent, as landowners held meetings to discuss enclosure in private with their own lawyers as opposed to holding these meetings publicly (as they were obligated to).

A subsequent Enclosure Act in 1801 entailed a standing commission to conduct and regulate the enclosure of common lands. The purpose of this act was twofold: to bring fresh land into cultivation and to eliminate the old customs of cultivation by scattered parcels. Increased population and increased urbanization combined to make common lands very valuable for recreation and as tempting sites for speculative building near the expanding industrial towns.
This pattern of privatization continued through the industrial period. The Agricultural Revolution increased agricultural productivity, resulting in fewer workers required to work in the agricultural sector. As the Industrial Revolution in the 18th to 19th century accelerated the growth of urban centers, demanding labour from a working class, displaced peasants migrated to urban areas for work. Landowners increasingly used the land they owned for conspicuous displays of wealth and landscaping, rather than for agriculturally productive purposes.

From the late 19th century, policies became oriented toward opening up land for sale. Real Property Act of 1845 and the Conveyancing Acts of 1881 and 1882 eased the transfer of real estate. Additionally, the Land Transfer Act of 1875 was introduced to encourage registration of land for transparency and to encourage putting land on the market, but this was not obligatory.


20th century land reforms, on the other hand, were more social in nature; following WWI, the government funded the construction of social housing for former soldiers. The Housing Act of 1919, for example, initiated the development of state-owned housing on council estates. This act prodivded subsidies to local authorities to construct new homes.

However, land and property were increasingly becoming profitable assets, and drew investment from banks, mortgage lenders, and the real estate sector. From the mid-20th century, mortgages became increasingly accessible to the middle class, and home ownership became a desirable investment.
In the 1980s, neoliberal policies enacted under Thatcher further transformed property into a profitable investment. Thatcher firmly drove the idea of family and property ownership, believing that anyone could earn enough to buy property through hard work and thrift. This marked the beginning of England's obsession with property ownership.

Most notably, the Housing Act of 1980 enacted Right to Buy - 5 million council homes across England and Wales (previously state-owned) would be made available for their tenants to purchase from the local authority. Tenants who had lived in their homes for a minimum of three years could buy at 33% discount of the market price and 44% discount for a flat. If one was a tenant for over 20 years they got a 50% discount. Right To Buy was a defining characteristic of Thatcherism; Labour Party firmly opposed at first, noting that this policy would negatively impact poorer families and the homeless, but later ceased to oppose the policy.


The understanding of the land and its corresponding legislations of ownership is demonstrated in this section through time. The first instance illustrates a reciprocal relationship with the land having minimal human interventions. The enclosure times fragmented the land into parcels for private use, with landlords owning everything above and beneath the soil. The industrial period exploits natural resources and the neoliberal property speculation led to drastic urbanisation.

Consequently, the current system of land ownership and management is opaque and unjust; as a result of continuous privatization and speculation, land and property prices have risen and access to land has diminished. England faces a shortage of affordable housing, rising property and land prices, food insecurity, and unsustainable industrial practices.

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