Introduction

An investor-subject critique is at the heart of criticisms of financial inclusion. This critique is driven by the idea that people are shifted from the security of the welfare state to the insecurity of financial markets. This chapter studies the case of housing. It does this because housing is arguably one of the most important investments made by investor-subjects and this case highlights the connections that exist between the financial system and other parts of the economy. Hofman and Aalbers (2019: 91; see also Jordà et al, 2014) comment that the:

Smith (2008) underlines the connection between housing and the financial system. Drawing on two qualitative studies done in the UK, she explores the conceptual links between housing, home and finance. Smith (2008) argues that ‘home’ has a variety of meanings. In the English-speaking world, she claims that the notion of home has become closely bound up with the idea of an investment. This means that the homeowner is seen to be an investor rather than a propertyowning citizen. Smith (2008) argues that these home investors need access to mortgage markets to be able to make investments and so housing is bound up with financial markets. She writes that in places such as the US and UK: