The gist of the article is that some economists and urban thinkers are advancing a theory that this recession will result in much more profound change than any recession in memory, and that, unlike in the Great Depression, the pain won't be universally shared. This “Great Disruption” will rapidly create a new geography of winners and tragic losers.
“If there is one constant in the history of capitalist development, it is the ever-more-intensive use of space. Today, we need to begin making smarter use of both our urban spaces and the suburban rings that surround them — packing in more people, more affordably, while at the same time improving their quality of life. That means liberal zoning and building codes within cities to allow more residential development, more mixed-use development in suburbs and cities alike.”
"Some cities and regions will eventually spring back stronger than before. Others may never come back at all. As the crisis deepens, it will permanently and profoundly alter the country's economic landscape. I believe it marks the end of a chapter in American economic history, and indeed, the end of a whole way of life."
"Because America’s tendency to over-consume and under-save has been intimately intertwined with our postwar spatial fix — that is, with housing and suburbanization — the shape of the economy has been badly distorted, from where people live, to where investment flows, to what’s produced. Unless we make fundamental policy changes to eliminate these distortions, the economy is likely to face worsening handicaps in the years ahead.”
"Just as important, though, we need to make elite cities and key mega-regions more attractive and affordable for all of America’s classes, not just the upper crust."
I'm curious how some of you believe the new reality will affect American cities.
http://www.theatlantic.com/doc/200903/meltdown-geography
