Published for the National Urban Coalition
Republished by Woodstock Institute in February 1980
Authors: Grzywinski, Ronald and Marino, Dennis
Summary
This report discussed the fact that after thirty years it was clear that the traditional “government as doer” approach to the economic integration of minorities, and the establishment of healthy living environments is bankrupt. No government program, no new development finance agency, of and by itself, can retain the will to adapt on a continuing basis to differing conditions, the internal self-confidence to encourage pluralistic approaches, the independence of political pressures to pursue a primary developmental mission in a relentless manner, or the spirit of profit from risk that compels forward movement, but at a prudent pace, Equally relevant, public funds do not exist on the scale required to rebuild the economies of America’s older neighborhoods. That goal can be achieved only by harnessing the power and resourcefulness of the private market economy. Financial institutions, along with their parent holding companies and appropriate affiliates, can combine better than any other private market organization the managerial and financial resources needed for massive and sustained pursuit of domestic development.
Download
