“Detroit’s sixty year decline, culminating in its recent bankruptcy, has many causes. But one that should not be ignored is the city’s extensive use of eminent domain to transfer property to politically influential private interests. For many years, Detroit aggressively used eminent domain to promote ‘economic development’ and ‘urban renewal.’ The most notorious example was the 1981 Poletown case, in which some 4000 people lost their homes, and numerous businesses were forced to move in order to make way for a General Motors factory. The Poletown takings ended up destroying far more development than they ever created.”
http://www.volokh.com/2013/07/22/eminent-domain-and-the-decline-of-detroit/
Related posts:
Mt. Gox and Ripple Founder Jed McCaleb Unveils Project ‘Stellar’
Two Guys On Reddit Are Chasing A Thief Who Has $220 Million In Bitcoins
950 million Android phones can be hijacked by malicious text messages
Pay me in gold: Romania's new term as it gets more of Rosia Montana
U.S. Dropped 23,144 Bombs on Muslim-Majority Countries in 2015
Russia Issuing ‘CryptoRuble’
Hackers now stashing child pornography on business websites
All You Need to Know About The U.S. Government
Greece Closes Banks and Stock Markets, Introduces Capital Controls
Captured And Enslaved? U.S. Says You Provide "Material Support" To Terrorists
One of the biggest Wall Street dealmakers sounds the alarm on M&A
Hopeless Savers: 0.26% on Money Markets
Federal judge orders Secret Service to release files on Internet activist Aaron Swartz
Europe's Political Response To Voters May Increase Violence
Slave Dollars: State Guarantee Private Prisons 96% Occupancy