‘The germ of future extension and perpetuity’: capitalism and the Peabody Trust

Abstract

Housing discourses are often framed along a public/private binary, between the polarities of anarchic capitalism versus planned order. But, as Fernand Braudel argues, ‘capitalism' represents the interests of monopoly and empire, and it has little in common with a ‘free market'. This article eschews the binary; instead, it considers how large amounts of capital produce different methods of architectural development. It does so by revisiting the Peabody Trust, a philanthropic initiative established in 1862 to provide affordable dwellings for the labouring poor of London. While this case has been well-rehearsed, what has been overlooked is how it was steered by scrupulous bankers and colonialists with a goal of long-term accumulation. The article investigates official records, housing projects, and personal biographies of the Trustees, drawing comparisons and connections between their housing strategies and other exploits. Money circulated between the colonies and housing projects in a pattern of logarithmic growth. Military hierarchies created efficient means to govern housing from a distance. The article also reveals unintended, but ultimately productive, side effects: the Peabody Trust's values of ‘extension and perpetuity’ in producing durable buildings, flexible floorplans, maintenance practices, and access to affordable land—qualities which are desirable in light of contemporary housing problems.