From the very inception of the current downturn, sprawling places like southeast California's Inland Empire have been widely portrayed as the heart of darkness. Located on the vast flatlands east of Los Angeles, the region of roughly 3 million people has suffered one of the highest rates of foreclosures and surges in unemployment in the nation. read more »
The stealth Oscar winner Slumdog Millionaire, the Indian fable of love, heartbreak and overcoming the odds set against the backdrop of one of the world’s biggest urban slums has won fans all over the advanced industrial world – but may be less popular in India. read more »
Despite the assertions of some planners and urban boosters, urban core population loss has been the rule since mid-century throughout the metropolitan areas of Western Europe (see note below). For example, the ville de Paris lost a quarter of its population from 1954 to 1999, Copenhagen shrank 39 percent from 1950 to 1991, inner London (This includes the 13 inner boroughs and the “city” of London, which are roughly the former London County Council area) declined by a third from 1951 to 1991 while Milan‘s population declined by a quarter from 1971 to 2001. read more »
With the clock finally running out for Chrysler, I was reminded of a theme that has run through most of my corporate work, namely that corporate culture is the element of any organization most resistant to change. As I have read (and written) many times, senior management and new management schemes come and go, but the prevalent attitude among the permanent work force is “this too shall pass.” The senior managers move on, and the culture reverts. It takes a “burning platform” to effect real change. read more »
Over the past year, coverage of the economy appears like a soap opera written by a manic-depressive. Yet once you get away from the coasts – where unemployment is skyrocketing and economies collapsing – you enter what may be best to call the zone of sanity.
The zone starts somewhere in Texas and goes through much of the Great Plains all the way to the Mexican border. It covers a vast region where unemployment is relatively low, foreclosures still rare and much of the economy centers on the production of basic goods like foodstuffs, specialized equipment and energy. read more »
When I was in elementary school, I remember reading about the remarkable transformations that the future would bring: Flying cars, manned colonies on the moon, humanoid robotic servants. Almost half a century later, none of these promises of the future – and many, many more – have come to pass. Yet, in many respects, these visions from the future served their purpose in allowing us to imagine a world far more wondrous than the one we were in at the time, to aspire to something greater. read more »
I was thoroughly enjoying the broadcast of the March 23 final game of the recent World Baseball Classic at Dodger Stadium when I thought about steroids and sub-prime mortgages.
A seemingly odd leap, I’ll grant you – but hang in there on this one. read more »
By Richard Reep
The current economic crisis has many mixed impacts, including the shift of grocery customers to low-cost companies like Wal-mart. Yet at the same time we see a shift to local, community markets in an effort to cope with the new economy. While the global players deliver discounts due to their enormous volume, local community markets offer low-priced produce, goods, and services due to their microscopic volume. This common ground between individual efforts and enormous buying machines yields an interesting treasure trove of passion and hope. read more »
Everyone knows that subprime mortgages lie at the root of our current financial crisis. Lenders originated too many of them, they were securitized amidst an increasingly complex credit market, and the bubble popped. The rest is painful history. read more »
What kind of migration patterns will emerge as a result of the current economic downturn? The recession is uneven; some places are much worse off than others. Those differences can give labor cause to move. Economic geographer Edward Glaeser thinks cities with marginal manufacturing legacies should attract a lot of people because the well-educated, living in dense urban environments, should get through the crisis relatively unscathed. If Glaeser is correct, then shrinking Rust Belt cities can expect more of the same even after the recovery begins in earnest. Pittsburgh brains should continue to drain. read more »