Strategic Foreclosure as an Indicator of Eroding Institutional Structures

Redmond, William H.

doi:10.2753/jei0021-3624460232

Cited by 3 publications

(3 citation statements)

References 8 publications

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“…The health of social institutions plays a key role in future developments in the economic, political, and social spheres. The housing bust has left many questioning the place of homeownership as a central value in the American Dream (Redmond 2012).…”

Section: Discussionmentioning

confidence: 99%

A Marketing Systems View of the US Housing Crisis

Redmond

2013

Journal of Macromarketing

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The US housing market involves a network of specialized actors servicing the buying and selling of homes. In the years leading to the housing bubble, this network underwent a significant evolution in response to environmental changes. Prior to the bubble, traditional actors such as local banks, savings and loans, Fannie Mae, and Freddie Mac predominated. During the bubble, new actors such as mortgage brokers, investment banks, and institutional investors came to displace the traditional ones. Attention is drawn to the activities of new players in the housing market, to the changed roles of traditional players, and to inactivity among regulators. This article presents an overview of system dynamics in terms of the market actors involved and their interrelationships, which culminated in the bursting of the housing bubble. Although many features of this case are unique, some general lessons for marketing systems can be drawn. Marketing systems can come to be dominated by actors formerly in supporting roles; new system structures can fail to serve customers well; and unfounded assumptions can cloud business and policy decisions.

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Section: Discussionmentioning

confidence: 99%

A Marketing Systems View of the US Housing Crisis

Redmond

2013

Journal of Macromarketing

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“…The ideology of home ownership rooted in the American dream creates stable demand for houses (Redmond 2012), which is perhaps the key institution nurtured within the marketing system to reduce uncertainty (Ménard and Shirley 2005). Such stability could also become a means of risk reduction that investors desire.…”

Section: Conducting An Analysis Of Symptomsmentioning

confidence: 99%

“…Another case in point is the U.S. housing crisis, where the demand for housing became interpreted and responded to as an investment vehicle (Redmond 2013;Stiglitz 2010). The ideology of home ownership rooted in the American dream creates stable demand for houses (Redmond 2012), which is perhaps the key institution nurtured within the marketing system to reduce uncertainty (Ménard and Shirley 2005). Such stability could also become a means of risk reduction that investors desire.…”

Section: Conducting An Analysis Of Symptomsmentioning

confidence: 99%

Investigating Chrematistics in Marketing Systems

Kadirov

Varey

Wolfenden

2015

Journal of Macromarketing

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Contributing to the analytical capacity of critical thinking in macromarketing, we develop a research framework that would enable researchers to investigate chrematistics in marketing systems. Chrematistics refers to regulative influences on marketing systems' structure and operations of market action perpetuated by actors with power/dominance. We outline the research framework consisting of a seven-step process that helps to scrutinize the transformative effect of chrematistic practices on the design and regulation of marketing systems.

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Marketing systems: critical realist interventions towards better theorizing

Simmonds

Gazley

2018

Journal of Critical Realism

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Strategic Foreclosure as an Indicator of Eroding Institutional Structures

Cited by 3 publications

References 8 publications

A Marketing Systems View of the US Housing Crisis

A Marketing Systems View of the US Housing Crisis

Investigating Chrematistics in Marketing Systems

Marketing systems: critical realist interventions towards better theorizing

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