Abstract
Hypotheses are put forward about the operating principles of major private-sector institutions, and the consequences of their policies in urban areas are illustrated by a discussion of the building societies. Some specific points are noted from studies of building society activity in Leeds. It is then argued that there may be a potential conflict between principles of equal opportunity now being accorded increasing recognition by governments and the principles by which risk capital is managed in the mixed economy. The ways in which governments come to terms with this conflict may be important for urban change, urban politics, and patterns of relative welfare in cities.

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