As the process of urbanization continues, it’s crucial to understand why some cities succeed and others don’t. But some cities are thriving and others aren’t. Ben McAdams, Salt Lake County (Utah) MayorĪcross the globe, people are flocking to cities. Of course, money matters, but not as much as our will to collaborate across sectors in order to govern public resources well and improve lives. With examples and toolkits, The Public Wealth of Cities helps local leaders see our real responsibility: not to produce and manage public wealth but to advocate for residents served by it. The strategy: identify your economic, social, and human assets professionally manage assets and instead of show casing current interests or putting out fires, make long-term investments. The authors offer pragmatic solutions, linking better outcomes to asset management practices and new definitions of social capital that promote evidence-based investments. Willem Buiter, Chief Economist, Citibank ![]() A must-read for all mayors, city counsellors and those who elect them. Transparent, accountable, and professional governance of the economic, social, and human assets of our cities is achievable. It also moves us beyond a discussion limited to taxation and into a conversation about how municipal authorities can claw back some of the value they create, the same as we’d expect any firm in the private sector to do and in so doing, it offers sustainable ways to fund those functions that won’t make money, but that we’d like to see supported all the same.ĭrawing on the successes and failures of cities around the world and applying exemplary analysis, Detter and Fölster uncover a treasure trove of hidden urban assets. It touches on the organizational challenges of getting municipal finance right while speaking to what execution has to look like as well. In terms of the ideas presented, I loved the book. They build economic, social, and human wealth. The difference, argue the authors, is that successful cities focus intelligently on developing their long-term assets. This fascinating and important book has divided them into the “treadmill towns” that fail and the “turbo-cities” that succeed. ![]() Book Detailsīrookings Institution Press, July 18, 2017Ĭities are the locomotives of economic progress. Managing the city’s assets smartly through the authors’ proposed Urban Wealth Funds-at arms-length from short-term political influence-will enable cities to ramp up much needed infrastructure investments. ![]() Most cities could more than double their investments with smarter use of these commercial assets. With this in hand, taxpayers, politicians, and investors can better recognize the long-term consequences of political decisions and make choices that mobilize real returns rather than relying on more taxes, debt, or austerity.Įven poor cities own large swathes of poorly utilized real estate, or they control underperforming utilities and other commercial assets. A focus on public wealth shifts attention and resources from short-term spending to longer-term investments that can vastly raise the quality of life for many generations of urban residents.Ī crucial first step is gaining a proper understanding of the city’s balance sheet-an understanding that that too many cities now lack. The key is unlocking hidden social, human, and economic wealth in cities. This book by two Swedish experts in public finance describes a new way of restoring economic vitality and financial stability to cities, using steps that already have proven remarkably successful in some cities. These are common themes in cities, which too often struggle just to keep the lights on, much less make the long-term investments necessary for future generations. Poorly performing schools and other social services. ![]() Mobilizing existing resources to meet the current and future needs of cities.Ĭrumbling streets and bridges.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |