Market Cities: How City Leaders Use Smart Policy and the Power of the Market for Economic Development

T h e U n i t e d S tat e s has the most prosperous economy in the world, but American cities are not equal. Our cities are very diverse in terms of income levels, amenities, business climate, quality of life, and many other factors. This book analyzes economic differences between US cities and asks the questions, "To what extent can government improve a local economy?" and "Should government step back and let free market forces grow the economy?" For centuries scholars like Adam Smith and John M. Keynes have argued about the place of government in capitalist economies. Their theories, and the theories of others, have led to a vast array of economic development policies, practices, and programs employed at every level of government. This book explores the theoretical perspectives driving economic development policy, then examines current economic development practices, and finally, empirically evaluates the impact of the practices. The empirical data, cases studies, and anecdotes presented in the book consistently support the idea that cities where market principles are applied are the most prosperous. These Market Cities serve as examples of how to improve a local economy through the power of free enterprise.