The Second-Rate City? by Aaron M. Renn, City Journal Spring 2012

Squandering the inheritance:

But that isn’t the whole story. Many of Chicago’s woes derive from the way it has thrown itself into being a “global city” and the uncomfortable fact that its enthusiasm may be delusional. Most true global cities are a dominant location of a major industry: finance in New York, entertainment in Los Angeles, government in Washington, and so on. That position lets them harvest outsize tax revenues that can be fed back into sustaining the region. Thus New York uses Wall Street money, perhaps to too great an extent, to pay its bills (see “Wall Street Isn’t Enough,” page 12).

Chicago, however, isn’t the epicenter of any important macro-industry, so it lacks this wealth-generation engine.

via The Second-Rate City? by Aaron M. Renn, City Journal Spring 2012.

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