 | The Public Wealth of Cities: How to Unlock Hidden Assets to Boost Growth and Prosperity How to leverage existing resources to meet the current and future needs of cities Crumbling streets and bridges. Poorly performing schools and inadequate social services. These are common complaints in cities, which too often struggle just to keep the lights on, much less make the long-term investments necessary for future generations. It doesn't have to be this way. This book by two internationally recognized experts in public finance describes a new way of restoring economic vitality and financial stability to cities, using steps that already have been proven remarkably successful. The key is unlocking social, human, and economic wealth that cities already own but is out of sight--or "hidden." A focus on existing public wealth helps to shift 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. A crucial first step is to understand a city's balance sheet--too few cities comprehend how valuable a working tool this can be. 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 rely on more taxes, debt, or austerity. Another hidden asset is real estate. Even poor cities own large swathes of poorly utilized land, or they control underperforming utilities and other commercial assets. Most cities could more than double their investments with smarter use of these commercial assets. Managing the city's assets smartly through the authors' proposed Urban Wealth Funds--at arm's-length from short-term political influence--will enable cities to ramp up much needed infrastructure investments. " Stephen Breyer has been an associate justice of the U.S. Supreme Court since 1994. He received his law degree from Harvard Law School, clerked for Associate Justice Arthur J. Goldberg in the 1964-65 Supreme Court term, and taught at Harvard for nearly two decades before joining the U.S. Court of Appeals for the First Circuit in 1980. President Clinton nominated Breyer to succeed Harry Blackmun on the Supreme Court in 1994. Dag Detter is Managing Director of Detter & Co, specializing in unlocking public wealth. Previously he was the President of Stattum, the Swedish government holding company, and Director of State Enterprises at the Ministry of Industry. Stefan Fölster is Director of the Reform Institute in Sweden and Associate Professor of economics at the Royal Institute of Technology, in Stockholm. He has been the chief economist at the Confederation of Swedish Enterprise, and the author of many books on economic growth and social developments. Detter and Fölster are the authors of The Public Wealth of Nations , named by both The Economist and The Financial Times as among the best books of 2015. Thiru Vignarajah , who served as a law clerk for Justice Breyer the year of the Parents decision, is a partner at DLA Piper and previously served as a prosecutor in Baltimore and then deputy attorney general for Maryland. The son of public school teachers, Vignarajah himself attended public schools in Baltimore before studying at Yale University and Harvard Law School, where he was president of the Harvard Law Review . " |
