The “Creative Destruction” of Detroit – An Urban Journey
by Hood Research • February 13, 2012 • 0 Comments
Written By David Rambeau
The economics classic, “Capitalism, Socialism and Democracy” by Joseph Schumpeter contains a chapter on the topic, “Creative Destruction”. His seminal concept, which he describes in elegant detail in chapter 6, could be applied to the city of Detroit by its mayor, David Bing, by the forthcoming emergency manager (EM) to be appointed by Michigan governor, Rick Snyder, or by a federal bankruptcy judge. Any of the three could use the outline offered below based on the capitalist principle of creative destruction. As you’ve probably read in the local media, the city is $200 million in deficit for the current fiscal year, 2011 – 2012, which ends June 30.
Read more →