CCTP005: Big Game Hunting

with Michael Shuman

CCTP005: Big Game Hunting

with Michael Shuman

From Big Game Hunting to Growing Our Own – The Shift in Economic Development with Michael Shuman

A clear-eyed review of the past practices of going after big companies rather than developing local companies.


Michael Shuman takes a deep look at classic economic development strategies. He describes why shopping for big companies, competing against neighboring towns and paying for jobs, is a strategy that often results in a loss rather than a long term gain. This “attract and retain” policy costs time and money small communities can rarely afford.

 

In this episode you’ll learn:

  • Why “attract and retain” policies rarely result in the anticipated job gains.
  • Hear about Sarasota, Florida and what happened from their bid for a large pharmaceutical company
  • What a literature review of attract and retain strategies found.
  • The perception that outside money is essential to building local economic strength is a myth.
  • Every community is constantly importing outside goods and services for things that they are not producing for themselves, but could be.

“This form of economic development has spawned an arms race effectively where different jurisdictions are bidding ever higher amounts of money to lure a company, maybe it’s a grant, maybe it’s a capital improvement, maybe it’s free road work, maybe it’s a tax abatement….”

Michael Shuman

Provocateur 

Amy Pearl, Hatch Innovation

Guest

Michael Shuman, Economist and Author

Are you in?

Meet us at ComCap17 in Monterey, CA

Interested in bringing capital back to your community?

Are you in?

Meet us at ComCap17 in Monterey, CA

Interested in bringing capital back to your community?