For liberals, the main issues that need to be discussed always focus on what the government is going to do. Since I live in the metropolitan New York area, there is never a shortage of such debates. Some are important, but many border on the absurd. Even so, one subject that is rarely the center of discussion is what private individuals or big companies can do that will affect the future. Obviously, these are not "either-or" types of discussions; actions taken by individuals and companies are affected by government action, but the focus is clearly private action. Today, I want to focus on what those private actions are doing in just one city close to here: Stamford, Connecticut.
Stamford is not a big city by American standards. It has about 125,000 people, making it the third largest city in the state. It is a bit more diverse than the rest of Connecticut; the city is 65% white, 14% black and 24% Hispanic.
I want to focus on just one part of the city, the southern portion that lies between Interstate 95 and Long Island Sound. Fifteen years ago, much of this was best described as an industrial wasteland. There were large warehouses, old and empty factory buildings, some empty lots and a few rather poor neighborhoods. On the shore of the sound, there were much more upscale areas, but for the most part, this section of the city was pretty barren.
Life was then breathed back into this area. The stimulus was an invasion of new businesses in a surprising industry. It was antiques. Many of the empty warehouses were converted into antique markets. In these buildings, hundreds of different shops sprang up selling all manner of antiques. Imagine going to a building to find fifty different antique stores on three floors with a wide variety of merchandise. Because the buildings were already there and the rent was so low, the antique markets were a great way for antique vendors to set up shops. They brought life back into areas that had been destitute for years.
Not long after the antique stores appeared, other sorts of developments began as well. That trend continued until today, the area is the home to one of the largest waterfront development projects in the nation. There are literally thousands of apartments and millions of feet of commercial and office space being built. Much has been completed and residents are already in place. The southern section of Stamford and the adjoining areas in downtown are filled with new restaurants and businesses. The area has attracted thousands of people in the 18 to 35 age group. In fact, this area has a higher percentage of residents in this age bracket than anywhere else in the state. What had been a sparsely populated destitute industrial area is transformed into a vibrant new heart for the city.
The point of all this for me is that it was achieved by private investment. Oh, the city and the state governments were involved as they are in any real estate project. There were some zoning changes and some real estate tax agreements along the way, but the market and private individuals and businesses created all this.
It is worth remembering that this is just the way that America came to be a great economic power. Individuals took risks and invested in the future. They prospered as many of those investments turned out to be successful. The government did not decide what businesses or industries were needed; it was the market. The ruthless efficiency of the market forced American companies to get ever better in order to survive. The result was widespread prosperity and a rising standard of living for everyone.
Today, many in this country seem to have lost their way. It is worth remembering how we got here in the first place. Nothing has actually changed except for the political rhetoric which has distorted reality to a point that Americans are forgetting that the best way forward is for us to return to a reliance on the discipline of the market. We need to get the government out of the way so that the private economy can restore the prosperity that this country can easily achieve.
Stamford is not a big city by American standards. It has about 125,000 people, making it the third largest city in the state. It is a bit more diverse than the rest of Connecticut; the city is 65% white, 14% black and 24% Hispanic.
I want to focus on just one part of the city, the southern portion that lies between Interstate 95 and Long Island Sound. Fifteen years ago, much of this was best described as an industrial wasteland. There were large warehouses, old and empty factory buildings, some empty lots and a few rather poor neighborhoods. On the shore of the sound, there were much more upscale areas, but for the most part, this section of the city was pretty barren.
Life was then breathed back into this area. The stimulus was an invasion of new businesses in a surprising industry. It was antiques. Many of the empty warehouses were converted into antique markets. In these buildings, hundreds of different shops sprang up selling all manner of antiques. Imagine going to a building to find fifty different antique stores on three floors with a wide variety of merchandise. Because the buildings were already there and the rent was so low, the antique markets were a great way for antique vendors to set up shops. They brought life back into areas that had been destitute for years.
Not long after the antique stores appeared, other sorts of developments began as well. That trend continued until today, the area is the home to one of the largest waterfront development projects in the nation. There are literally thousands of apartments and millions of feet of commercial and office space being built. Much has been completed and residents are already in place. The southern section of Stamford and the adjoining areas in downtown are filled with new restaurants and businesses. The area has attracted thousands of people in the 18 to 35 age group. In fact, this area has a higher percentage of residents in this age bracket than anywhere else in the state. What had been a sparsely populated destitute industrial area is transformed into a vibrant new heart for the city.
The point of all this for me is that it was achieved by private investment. Oh, the city and the state governments were involved as they are in any real estate project. There were some zoning changes and some real estate tax agreements along the way, but the market and private individuals and businesses created all this.
It is worth remembering that this is just the way that America came to be a great economic power. Individuals took risks and invested in the future. They prospered as many of those investments turned out to be successful. The government did not decide what businesses or industries were needed; it was the market. The ruthless efficiency of the market forced American companies to get ever better in order to survive. The result was widespread prosperity and a rising standard of living for everyone.
Today, many in this country seem to have lost their way. It is worth remembering how we got here in the first place. Nothing has actually changed except for the political rhetoric which has distorted reality to a point that Americans are forgetting that the best way forward is for us to return to a reliance on the discipline of the market. We need to get the government out of the way so that the private economy can restore the prosperity that this country can easily achieve.
No comments:
Post a Comment