In order for the new economy to grow, it needs new companies fed by new ideas. Several cities in the United States are now giving Silicon Valley a run for its money. And money, in the form of venture capital, is as key an ingredient as brain power.
Over the years Detroit has become synonymous with urban blight and the demise of US manufacturing. Other cities in similar circumstances have turned a corner. If, as it seems, Detroit has hit bottom, then hope may be springing up from the vacant lots.
Two of the top Republican candidates have proposed a flat tax to jump-start the US economy. It’s simple and makes for catchy slogans. But as the campaign heats up, they will have to convince skeptics that it won’t simply widen the wealth gap.