Economics

Currency Crisis: Fool's Gold, The Euro, The Pound and The Dollar

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Lost in the obituaries of the Euro — the European currency — is the extent to which the continent remains a fractured reservoir of national monies. To be sure, the Euro circulates in the larger economies of Western Europe, notably France, Germany, Italy, Spain, and the Netherlands. But as a traveling European, I also have in my wallet Polish złoty, Czech crowns, Serbian dinars, Swiss francs, and British pounds, testaments to the nationalist sentiment that every country should have it own money. (Which is similar to the notion that every country should have its own airline, no matter how much it costs.)  read more »

The Broken Ladder: The Threat to Upward Mobility in the Global City

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Since the beginnings of civilization, cities have been the crucibles of progress both for societies and individuals. A great city, wrote Rene Descartes in the 17th Century, represented “an inventory of the possible”, a place where people could create their own futures and lift up their families.

In the 21st Century – the first in which the majority of people will live in cities – this unique link between urbanism and upward mobility will become ever more critical. Cities have become much larger. In 1900 London was the world’s largest urban center with seven million people. Today there are three dozen cities with larger populations.  read more »

The Limits Of The Green Machine

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Environmentalism is strangely detached from the public's economic goals.

The awful oil spill in the Gulf--as well as the recent coal mine disaster in West Virginia--has added spring to the step of America's hugely influential environmental lobby. After years of hand-wringing over global warming (aka climate change), the greens now have an issue that will play to legitimate public concerns for weeks and months ahead.

This is as it should be. Strong support for environmental regulation--starting particularly under our original "green president," Richard Nixon--has been based on the protection of public health and safety, as well as the preservation of America's wild spaces.  read more »

Santa Fe-ing of the World, Bridging the Digital Divide

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This is the second of a two-part piece. Read part one.

If we accept that many rich people are going to find attractive this scenario of dramatically different settlement patterns that feature new aggregation – widely dispersed – the question then becomes whether information technology will ever become a global influence on the built environment, shaping the way the middle class and even the working class live, the way railroads, jets, and automobiles did.  read more »

Santa Fe-ing of the World

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This is part one of a two-part piece. Read Part two.

Human settlements are always shaped by whatever is the state of the art transportation device of the time. Shoe-leather and donkeys enabled the Jerusalem known by Jesus. Sixteen centuries later, when critical transportation has become horse-drawn wagons and ocean-going sail, you get places like Boston. Railroads yield Chicago – both the area around the “L” (intraurban rail) and the area that processed wealth from the hinterlands (the stockyards). The automobile results in places with multiple urban cores like Los Angeles. The jet passenger plane allows more places with such “edge cities” to rise in such hitherto inconvenient locations as Dallas, Houston, Seattle and Atlanta and now Sydney, Lagos, Cairo, Bangkok, Djakarta, and Kuala Lumpur.  read more »

It's the Jobs, Stupid: Infrastructure Matters

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It may surprise you to know that some policy makers and academics believe that “nothing matters” when it comes to infrastructure -- the physical structures that make water, energy, broadband and transportation work -- and economic prosperity. The thrust of the idea that infrastructure doesn’t matter may have started with Larry Summers, appointed by President Obama as Director of the National Economic Council in 2009. The New York Times says he is “the only top economic adviser with a West Wing office” – meaning he is very powerful in Washington terms.  read more »

Immigration Is U.S.

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You can sing about sea to shining sea or amber waves of grain, but it's immigration that provides America's basic rhythm. Nothing distinguishes the American experience from that of other nations more than the mass migration of people from elsewhere to here. We are truly a nation of immigrants: Close to 90% of the population--excluding Native Americans and those who were forced here in shackles--moved here out of their own volition.  read more »

Houston: Model City

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Do cities have a future? Pessimists point to industrial-era holdovers like Detroit and Cleveland. Urban boosters point to dense, expensive cities like New York, Boston and San Francisco. Yet if you want to see successful 21st-century urbanism, hop on down to Houston and the Lone Star State.

You won't be alone: Last year Houston added 141,000 residents, more than any region in the U.S. save the city's similarly sprawling rival, Dallas-Fort Worth. Over the past decade Houston's population has grown by 24%--five times the rate of San Francisco, Boston and New York. In that time it has attracted 244,000 new residents from other parts of the U.S., while older cities experienced high rates of out-migration.  read more »

Is It Game Over for Atlanta?

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With growth slowing, a lack of infrastructure investment catching up with it, and rising competition in the neighborhood, the Capital of the New South is looking vulnerable.

Atlanta is arguably the greatest American urban growth story of the 20th century. In 1950, it was a sleepy state capital in a region of about a million people, not much different from Indianapolis or Columbus, Ohio. Today, it's a teeming region of 5.5 million, the 9th largest in America, home to the world's busiest airport, a major subway system, and numerous corporations. Critically, it also has established itself as the country's premier African American hub at a time of black empowerment.  read more »

Mr. Rudd’s Unproductive Ideas on Urban Productivity

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For urban planners, the compact city is a central dogma. All else hangs off it. There can be no planning without urban growth boundaries, the iron curtains beyond which urbanisation must cease.  read more »