Recent US economic history is rife with examples of cities and regions that have experienced significant decline. Many of those localities began to slide after decades, even generations, of feeling immune to economic disaster. Boeing and Kodak, the steel industry in Pittsburg, and the automotive industry in Detroit all expected to make it golden in
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
Economic Revitalization is unique in that it discusses leading revitalization strategies in the context of both city and suburban settings, offering case studies of program development and implementation. In Economic Revitalization: Cases and Strategies for City and Suburb Fitzgerald and Leigh answer the need for a text that incorporates social justice and sustainability into how we think about and practice economic development. It is one of the first to talk about how revitalization strategies are implemented in both cities and suburbs, particularly inner-ring suburbs that are experiencing decline previously associated only with inner-city neighborhoods. After setting the context with a brief history of economic development practice and its shortcomings, Fitzgerald and Leigh focus on six economic development strategies: sectoral strategies, Brownfield redevelopment, industrial retention, commercial revitalization, industrial and office property reuse, and workforce development. Each of these chapters begins with an overview of the strategy and then presents cases of how it is being implemented. The cases draw from Atlanta, Chicago and its suburbs, Emeryville, Kalamazoo, Louisville, New Haven, Portland, Sandy Springs, and Seattle (and suburban King County). They illustrate the tradeoffs often made in achieving one goal at the expense of another. Although they admit that some of the cases come up short in illustrating a more equitable and sustainable economic development practice, Fitzgerald and Leigh conclude with an optimistic view that the field is changing. The book is aimed at students and practitioners of economic development planning who seek to foster stronger economies and greater opportunity in inner cites and older suburbs. It is also meant to assist planners in thriving new towns and suburban communities seeking to avoid future economic decline as their communities mature. Economic Revitalization: Discusses practice in both suburban and inner-city settings Integrates the planning values of social justice and sustainability into the discussion of implementation strategies Includes cases that reveal the political nature of the planning process and the types of tradeoffs that often must be made Provides insights for planners seeking to adopt "best practice" programs from other localities
Recent US economic history is rife with examples of cities and regions that have experienced significant decline. Many of those localities began to slide after decades, even generations, of feeling immune to economic disaster. Boeing and Kodak, the steel industry in Pittsburg, and the automotive industry in Detroit all expected to make it golden in
“A fascinating story of regeneration. Using a social history perspective over different periods, it offers a wonderful case study of urban reinvention.” —Shiri M. Breznitz, Economic Geography Formerly prosperous cities across the United States, struggling to keep up with an increasingly global economy and the continued decline of post-war industries like manufacturing, face the issue of how to adapt to today’s knowledge economy. In Invention and Reinvention, authors Mary Walshok and Abraham Shragge chronicle San Diego’s transformation from a small West Coast settlement to a booming military metropolis and then to a successful innovation hub. This instructive story of a second-tier city that transformed its core economic identity can serve as a rich case and a model for similar regions. Stressing the role that cultural values and social dynamics played in its transition, the authors discern five distinct, recurring factors upon which San Diego capitalized at key junctures in its economic growth. San Diego—though not always a star city—has been able to repurpose its assets and realign its economic development strategies continuously in order to sustain prosperity. Chronicling over a century of adaptation, this book offers a lively and penetrating tale of how one city reinvented itself to meet the demands of today’s economy, lighting the way for others. “This is an important, pioneering book that contributes to our unique understanding of how one place, San Diego, has achieved what most places want: the capacity to evolve and meet the challenges of a constantly changing global economic environment. Walshok and Shragge help us understand why some places thrive while others wither.” —David B. Audretsch, author of Everything in Its Place
Reinventing economic development as if small business mattered In cities and towns across the nation, economic development is at a crossroads. A growing body of evidence has proven that its current cornerstone—incentives to attract and retain large, globally mobile businesses—is a dead end. Even those programs that focus on local business, through buy-local initiatives, for example, depend on ongoing support from government or philanthropy. The entire practice of economic development has become ineffective and unaffordable and is in need of a makeover. The Local Economy Solution suggests an alternative approach in which states and cities nurture a new generation of special kinds of businesses that help local businesses grow. These cutting-edge companies, which Shuman calls “pollinator businesses,” are creating jobs and the conditions for future economic growth, and doing so in self-financing ways. Pollinator businesses are especially important to communities that are struggling to lift themselves up in a period of economic austerity, when municipal budgets are being slashed. They also promote locally owned businesses that increase local self-reliance and evince high labor and environmental standards. The book includes nearly two dozen case studies of successful pollinator businesses that are creatively facilitating business and neighborhood improvements, entrepreneurship, local purchasing, local investing, and profitable business partnerships. Examples include Main Street Genome (which provides invaluable data to improve local business performance), Supportland (which is developing a powerful loyalty card for local businesses), and Fledge (a business accelerator that finances itself through royalty payments). It also shows how the right kinds of public policy can encourage the spread of pollinator businesses at virtually no cost.
National drug chains squeeze local pharmacies out of business, while corporate downsizing ships jobs overseas. All across America, communities large and small are losing control of their economies to outside interests. Going Local shows how some cities and towns are fighting back. Refusing to be overcome by Wal-Marts and layoffs, they are taking over abandoned factories, switching to local produce and manufactured goods, and pushing banks to loan money to local citizens. Shuman details how dozens of communities are recapturing their own economies with these new strategies, investing not in outsiders but in locally owned businesses.
Argues that the economy can only be improved through major changes that will make it more decentralized and cooperative, including such novel ideas as energy self-sufficiency, interest-free financing, affordable housing, local food systems and more. Original.
Local Dollars, Local Sense is a guide to creating Community Resilience. Americans' long-term savings in stocks, bonds, mutual funds, pension funds, and life insurance funds total about $30 trillion. But not even 1 percent of these savings touch local small business-even though roughly half the jobs and the output in the private economy come from them. So, how can people increasingly concerned with the poor returns from Wall Street and the devastating impact of global companies on their communities invest in Main Street? In Local Dollars, Local Sense, local economy pioneer Michael Shuman shows investors, including the nearly 99% who are unaccredited, how to put their money into building local businesses and resilient regional economies-and profit in the process. A revolutionary toolbox for social change, written with compelling personal stories, the book delivers the most thorough overview available of local investment options, explains the obstacles, and profiles investors who have paved the way. Shuman demystifies the growing realm of local investment choices-from institutional lending to investment clubs and networks, local investment funds, community ownership, direct public offerings, local stock exchanges, crowdfunding, and more. He also guides readers through the lucrative opportunities to invest locally in their homes, energy efficiency, and themselves. A rich resource for both investors and the entrepreneurs they want to support, Local Dollars, Local Sense eloquently shows how to truly protect your financial future--and your community's.
Just as economists struggle today to justify the free market after the global economic crisis, an earlier generation revisited their worldview after the Great Depression. In this intellectual history of that project, Burgin traces the evolution of postwar economic thought in order to reconsider the most basic assumptions of a market-centered world.
