By Carl Schramm
For eight decades, right up to the Depression, Syracuse
was one of the thirty largest cities in the country with one of the
best-educated and healthiest populations. For another thirty it was among the
50 largest cities. Not surprisingly, given its economic importance, it was also
one of the wealthiest cities. Everyone had good jobs. Household income was well
above the national average. Family bank accounts were at times higher than
those in Detroit and Philadelphia. Not surprisingly, its school system was one
of the best in the country.
Today Syracuse’s civic distinctions are embarrassing. The
city’s economy no longer works. A recent report from the state found that
average household income was $31,000 while the state average was $55,000. It
appears that its future is no longer dependent on the genius of its people but
the largesse of higher order governments both state and federal. It has lost
its ability to determine its own fate. [more...]
In his new book, "Better Capitalism: Renewing the Entrepreneurial Strength of
the American Economy," Mr. Schramm talks about the financial crisis and the recession
that followed and how it underscored for us that a sustained recovery and
higher long-run growth will require a heavier dose of entrepreneurship than we
had previously recommended. This book lays out some concrete ways to do that. In
the wake of the Great Recession and America's listless recovery from it,
economists, policymakers, and media pundits have argued at length about what
has gone wrong with the American capitalist system. Even so, few constructive
remedies have emerged. Better Capitalism cuts through the chatter and
offers a detailed, non-ideological, and practical blueprint to restore the
vigor of the American economy. [more...]
Posts
No comments:
Post a Comment