Urban Economic Development

Urban Economic Development

In the past fifteen years, the health of the local economy has become the pressing urban policy issue. Although the older manufacturing cities are
most in need of an energetic policy, the issue is a top priority for virtually every city administration. A review of city strategies reveals a common wisdom on economic development. Development policy that stresses manufacturing is derided as “smokestack chasing” while local governments pursue tourists, shoppers, and corporate offices. Furthermore, most cities are willing to provide hefty public subsidies to stimulate that kind of private investment in their downtown areas.

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