The Detroit Syndrome
When the city of Detroit filed for bankruptcy last week, it became the largest such filing in US history. Detroit's fate should serve as a warning, not only for China, but for the next generation of urbanizing countries (for example, India) as well.
https://prosyn.org/zrLEsQS
SINGAPORE – When the city of Detroit filed for bankruptcy last week, it became the largest such filing in United States history. Detroit’s population has dropped from 1.8 million in 1950, when it was America’s fifth-largest city, to less than 700,000 today. Its industrial base lies shattered.