(raw post via pjmedia) "Kelo, GM, and the Stimulus: Three Examples of Government-Induced Failure--Government-managed economic projects rarely deliver."
Page 1 of 2 Next ->Recent weeks have not been good to those who bitterly cling to the notion that governments can manage economic initiatives. Three of them — one in real estate, a larger one in manufacturing, and a colossal enterprise supposedly intended to revive a downward-spiraling economy — have all either failed miserably or foundered badly.
On November 9, pharmaceutical giant Pfizer announced that it would abandon its eight-year-old research and development facility in New London, Connecticut. That decision effectively ended the chances of any additional development taking place in the city’s Fort Trumbull area, the subject of June 2005’s infamous Kelo v. New London Supreme Court decision.
Citing what Justice John Paul Stevens called a “carefully formulated … development plan,” the Court’s decision allowed the city to condemn and bulldoze dozens of houses. Today, the area, except for the politically connected Italian Dramatic Club, is a vacant wasteland.
Hopes for anything substantive were already on life support. But Pfizer, whose 2011 departure coincides with the end of ten years of tax abatement originally granted by the city, applied the fatal blow...
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http://pajamasmedia.com/blog/big-bigger-biggest-three-examples-of-government-induced-failure/
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