In current theoretical and policy debates concerning social cohesion, the neighbourhood has re-emerged as an important setting for many of the processes which supposedly shape social identity and life-chances. It is in this context of a renewal of interest in local social relations and particularly the deployment of notions of social capital that this paper offers a critical review of a wide-ranging literature. The paper explores initially and briefly the idea that societies face a new crisis of social cohesion and outlines the key dimensions of societal cohesion. The core of the paper is then devoted to an examination of where the contemporary residential neighbourhood fits into these wider debates, particularly in relation to the interaction between social cohesion and social capital. In this context, some of the key debates around the concept of social capital are outlined. In moving beyond abstraction, the paper also shows how social capital can be broken down into relevant domains for policy action at the neighbourhood level and how concepts such as social cohesion and social capital can be operationalised for research purposes.

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This paper argues that the relentless logic of commodification has served to undermine a key element of the social cement of contemporary capitalism: home ownership. In addressing this issue, the paper explores the development of the post war 'social project' of home ownership with particular reference to mature home ownership societies such as the USA, Japan, Britain and Australia. The paper then outlines the new fault lines and fractures which have emerged in postcrisis home ownership systems and the way in which a more vigorous, financialised private landlordism has emerged from the debris of the subprime meltdown. A key argument is that in a new and more intensified process of housing commodification, the social project promise of home ownership for a previous generation has shifted to a promise of private landlordism for current generations. In summary, the social project of Keynesian-embedded liberalism has been undermined by the economic project of neoliberalism.

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Neoliberalism has dominated policy discourse and policy formulation for at least two decades and has been particularly influential in reshaping housing systems and housing opportunities. The timing, pace and impact of these policy developments have, however, varied between and within societies. This article explores the experiences of Japan and the UK as a way of illustrating that while there has been a shared discourse of neoliberalism, there have been important contextual differences in relation to the economic cycle, welfare systems and political complexion. These have affected the progress and development of neoliberal policy reforms in housing and in other related spheres and the extent of global financial integration. In both countries, a key social change is the striking reduction in levels of home ownership among younger age groups. The article explores the common and different causes and consequences of these trends and points to the significance of these emerging generational fissions for the neoliberal project. Copyright (c) 2009 The Authors. Journal Compilation (c) 2009 Joint Editors and Blackwell Publishing Ltd.