Virtual special issue editorial essay: ‘The shitty rent business’: What’s the point of land rent theory?

In this introduction to a virtual special issue on land rent, we sketch out the history of land rent theory, encompassing classical political economy, Marx’s political economy, the marginalist turn and subsequent foundations for urban economics, and the Marxist consensus around rent theory during geography’s spatial turn. We then overview some of the contemporary strands of literature that have developed since the break down of this consensus, namely political economy approaches centred on capital-switching, institutionalism of various stripes, and the rent gap theory. We offer a critical urban political economy perspective and a particular set of arguments run through the review: first, land is not the same as capital but has unique attributes as a factor of production which require a separate theorisation. Second, since the 1970s consensus around land rent and the city dissipated, the critical literature has tended to take the question of why/how the payment exists at all for granted and so has ignored the particular dynamics of rent arising from the idiosyncrasies of land. Amongst the talk of an ‘Anthropocene’ and ‘planetary urbanisation’ it is surprising that the economic fulcrum of the capitalist remaking of geography has fallen so completely off the agenda. It is time to bring rent back into the analysis of land, cities and capitalism.