Friday, December 09, 2005
Detroit is having difficulty, in part because the old economic development formulas have not worked well for the city. Read more.
Detroit has followed what we can call the Thing Theory of economic development. Build a Big New Thing (a hotel, a casino, a stadium) and economic development will follow.
Not surprisingly, there are a lot of incentives that push the Thing Theory. Politicans like to broker the funds. Real estate developers like publicly financed anchors to open the door to more lucrative real estate development surrounding the anchor. And then, of course, bond lawyers, consultants, and investment bankers get their fees off the top.
To my mind, the biggest problem in Detroit is rooted in the failure of the business community to take a more regional approach earlier. Contrast the deep involvement of the business community in the region around Chicago. Chicago's business community provides the major force behind Chicago Metropolis 2020.
Now, a new regional approach in Detroit may be emerging. Read more.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
If you are using a news reader, here is the link to syndicate this site:
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
Figuring a new approach in Detroit
