But then it is not land prices itself but rather the availability of the credit that seems to be the fundamental disparity, isn't it? And you could question why there's such a big difference in credit availability, which comes down to accumulated capital and to productivity/technology. Not to disparage your argument, but aren't you just saying more productive/advanced regions have more expensive stuff?
I think American financial institutions and their clients have a slight advantage when it comes to getting dollar credit than financial institutions in developing countries. That's why when American companies get cheap money it does so much more overseas.
Why do American banks and their clients get this advantage? Does it come down to the historical fact that the US Dollar is a currency with a unique worldwide status?
