The real thing that I don't see anyone talking about is that not every place can become a tech hub or a tourism stop. It's quite difficult to envision any of these approaches realistically working out on a consistent basis without providing fundamental overhauls to systems on the national level. I also think this video makes a poor job of drawing the line between poor-rich divides that occur because of general shifts in society and technology like the American Rust Belt/England's Industrial Belt and areas that were just historically left behind and underinvested in (eg the American South, England's broader North). Though there is often overlap between these regions and problems, I think the lesson we should learn from mainland Europe (a la the example of Leipzig) isn't just that it's important to invest regionally, but what specifically to invest in (eg infrastructure, health, urban planning, education, sustainability) in cohesive, well-planned breaths that simultaneously address local issues. As others have stated, betting on tech and other boom-industries is just setup for another inevitable Rust Belt made of silicone.
Definitely one of the biggest problems is industry packing up and moving to cheaper countries, we need to become more self sufficient again. Open textile and other sorts of factories at home, even if the wages are higher. Not everyone is cut out for big marketing, tech or finance jobs. A lot of people are very happy to just work blue collar jobs and make an earnest living. The more people working jobs, the less that will run into crime, anti-social behaviour and or simply homelessness.
@@son_o_day Exactly, it's practically blind with regards to demographics to expect literally everyone to work these hyper-specific, long-training time jobs.
Making every city into a tourist trap, shopping mall or the center of the next boom industry won't fix anything. What needs to happen is regional self a sustainability and breaking up the massive corporate monopolies that drain the blood out of local economies
Representative Democracy hasn't worked in over 50 years because politicians will always come from the monied classes and be beholden to their Corporate Donors, only way we avoid this apocalypse is to stage a Velvet Revolution to install a Scaled Direct Democracy. Citizen Initiated Referendums with thresholds and a Social Contract using Blockchain technology means communities can vote their own policies without parties or politicians. Banning Beef, Oil, and Fishing Subsidies would stall climate change and habitat degradation overnight. Thorium Energy renders their global oil monopoly obsolete. Police can be actively policed by an independent public authority with the power to prosecute bad actors in our own courts. Or we can bend over and accept our Orwellian future
I would also add that what is important to prioritize is - 1. a sustainable and multi-faceted regional transport network 2. The embracing of city-centres / downtowns 3. Regionalization of culture/architecture to make sure places stay unique 4. Emphasis on public places where people of all backgrounds can gather My parents moved to St. Catharines, Ontario and the Niagara Region is a place that needs more of these elements!
Having grown up in PA as all the factories shut down, I believe that 21st Century Pittsburgh is a perfect example of how a formerly Industrial Giant can transform itself into a Tech Hub. For anyone talented who lives in the region, it can offer them opportunities to build a great career and comfortable life.
I definitely agree but there’s also the factor of those “less talented” due to lack of access to resources (i.e. affordable education/vocational training programs). Then there are the coal miners hating government for trying to implement better environmental energies. They are not interested in changing careers/get additional training just to keep up with the changing world.
I wrote a paper about this in college around 2009 using US Census date from 2000. By comparing Pittsburgh and Cleveland, two towns that were huge steel hubs in the industrial age, I found that Cleveland at the time in 2000 had about 18 percent of its residents as college educated adults, while Pittsburgh was around 33 percent. Also, I wrote this after PNC bought National City Bank and Giant Eagle bought Stop-N -Shop. Cleveland hasn't been business-friendly in decades while The Steel City was okay not having to rely just on steel. Got an A on the paper btw.
I lived in South London for some time, an area that was devastated by poverty and crime. As the inevitable gentrification was underway it had attracted many young professional from other areas and wealthy investors to embrace the boom, many of the already despaired locals enjoyed little to no incentive from this area growth. Many were under-qualified for the decent new jobs on offer there, rent almost doubled and others had to vacate their property as their council estate was due for demolition to make space for new developments, so ironically this economic shift forced locals from their homes to go out and seek other poor, suffering but affordable areas, and the cycle continues. Considering that most social issues derive from economic downturn and deprivation and essentially these gentrification reforms are essential, however it also seems counterintuitive to attract the competent and privileged from outside the area and dismiss the inept citizens who are crippled by the same place they call home.
YES!! That's what's infuriating about this documentary. Absolutely NO mention of the inevitably horrible effects of gentrification. This is exactly what has been happening here in New Orleans for some time, especially since 2005 when Hurricane Katrina hit. Now, the locals who have been forced out of their homes in one way or another can no longer afford to move back home even if they wanted to.
If you are renting, the neighbourhood does not matter to you, you are just a tourist. If it mattered to you, you would get a 25-year loan and nobody would be able to make you move out. If enough people are just tourists, don't complain about "gentrification", because you made it possible.
@@anonymoususer3561 that's not fair. Many people would like to set roots in the area they grew up in, but it might just be too expensive to get a deposit together for a mortgage, so they have rent in a houseshare
It's the political system itself that causes this. First past the post voting (which the US and UK both have), leads to governments who don't truly represent the population, and therefore don't really care about all sections of the population.
Actually having lived in many countries in the west, the system in the US is the most democratic . Look at Canada, government can do stuff which 90% of the population doesn’t want.
I live in Sunderland, a city in Northern England very close to Middlesbrough. After decades of neglect some effort is now being made to rejuvenate the city. Lots of money is being put into modernised transport links, new sustainable housing and new offices in the city centre. It's very interesting comparing this to Tulsa and Pittsburgh, as it is apparent that we are adopting the same playbook. Hopefully it is successful!
Why care about the “town”? It’s just buildings. 10:15 Germany is making the sensible choice. Focus on the people. Help the people move to where the jobs are.
Relocating wealthy people is a way to make a region rich. Ming emperor relocated wealthy families by force from all China to capital city Beijing in order to make it rich. Indeed, it became rich city since. Professor Greg Clark discovered that both English and Chinese elite families status remained unchanged for over 800 years from feudal time to modern days.
We could also, you know, tax the wealthiest in society, pay fairer wages, and invest that into social schemes that benefit the wider community so that even people on minimum wage can afford a comfortable life instead of expecting everyone to become a software developer.
If it’s taxing capital gains and exclusively dividends then yes, that would make sense, but taxing fortunes is unfair because most millionaires and billionaires have there fortune locked up in companies that they can’t easily realize. High Property tax for huge sized properties is a much better way of directly taxing rich people or their investment companies and removing any tax deduction for properties owned by investment companies. I personally think a much better approach is creating strong labor laws that protect people from exploitation and provide them with individual negotiation rights as well as protection laws for unions so after they are established they can’t be demolished by scrupulous business practices. Lastly allow regional governments to sett a minimum wage that reflect the highest cost of living in the region and that regional governments are automatically obliged to yearly adjust minimum wage with inflation.
0:02: 🌍 Regional inequality is a pressing issue in many rich countries, including Britain and America, with rising prices exacerbating the problem. 4:20: 🏛 Addressing regional divides in countries with unhealthy centralization by empowering local mayors and providing more resources. 9:20: 📈 Investment in infrastructure and education is revitalizing declining regions in Germany and Pittsburgh. 13:16: 🏢 Innovative companies and large tech firms can help struggling areas by creating jobs and training local people. 17:02: 💼 Offering cash incentives to attract new inhabitants to cities is a promising but not widely effective solution for revitalizing neglected regions. Recap by Tammy AI
The North-East of the UK is sitting on a renewable energy gold mine, which only needs to be opened up. All this talk about the esoterica of "levelling up" is so much hot air. Develop wind farms, generate not only enough energy for the entire UK, but 2 or 3x that much, and export the excess to Germany. All it needs is leadership!
In other words, gentrification. Which causes local housing and cost of living to skyrocket, pushing local residents into even worse poverty, and forcing them into homelessness.
The underlying mistake in this video is the tendency to think that giving out money is the key to solving this issue. It isn't. The issue is that some people do more to help others than other people. In other words, some are more productive than others. The solution is, therefore, to find ways to help more people be more productive (i.e. help others more). If this is done then the initial results will probably be perplexing - little or no improvement in blighted areas. This will be because people who have become more productive will often have moved elsewhere. They may want a home in better condition, with more attractive retail, and less crime.
@@RM-jb2bv I don't think that having more powerful mayors will help if they have the same money-focused ideas for trying to solve the problem. It does not matter if they are leftist or not.
While some of the sentiments may be correct, *your mindset is what led to these in the first place.* The pretends of 'conservative' thinking is that if there are poverty, it's just people not being "productive" enough or people need to "budget" better, etc etc. Excuses after excuses. *Money does need to be given out to key areas,* because national economic health is about money circulating across all parts, but the system are design to funnel it upwards instead of spreading it around. You can find as many people to be helpful but without the money to implement. It's pointless. Conservatives tend to talk about any kind of magical thinking that never involve money, because their priority is always making sure the money going to the top. They almost always think in terms of growing personal wealth, but national finance don't work that way. There is only ever a set amount of capital a nation can have at any given time, if that capital isn't circulating in an equitable manner to all parts, then the economy is effectively dead. It's like blood not reaching your entire body. The system we currently have is one that deliberately cuts off blood flow in favor of a section hoarding it all. Money always matter because it's our only way of measuring logistics, nothing to do with ideology or being "money-focused", only math. Blighted area is itself a very different issue altogether. Less to do with financing and more to do with developmental viability. Consider a mining town, whose entire existence was founded for a specific purpose, and when the mine runs dry. The developmental prospects disappears.
@@biocapsule7311 you’re so clueless it’s frightening. It’s even more frightening that other people think like you and will also remain clueless. Wealth inequality, poverty etc is the predictable outcome of government taking over the money supply and implementing failed Kenysian economics which states that aggregate spending is the prime driving force for economic prosperity. THAT is the real “magical thinking.” Look where it’s gotten us! The government doesn’t have money to give to people. It doesn’t have any money except from what it confiscates from productive citizens and reallocatws it at minimum efficiency. If doling out money worked, the government should just give everyone a million dollars and we’d all be rich. We basically did a micro version of that during COVID and now eggs are $9 a dozen. Predictabley.
@@biocapsule7311 i think part of the issue is how the money is being spent. For example, one of the biggest flaws with no child left behind is that schools who struggle are punished with less funding and schools who did well get more funding. The failure of this system doesn't mean we shouldn't fund education, it just means that more ideas need to be given WITH the funding
Great video - Thanks! As a german living in the old „coal and steel“ Ruhr area it is exciting to watch how cities like Middlesbrough or Pittsburgh face similar issues and how they deal with it. I did not expect a part of the video showing Leipzig and the history of the last 30 years here. Interesting quotations here: „not even Germany‘s economy could sustain the level of investment needed to revive every poor area of the country.“ … „Germany has decided that only large cities can be made economically dynamic.“ I absolutely agree with those views, only one thing to add: Germany has decided not only to focus on large cities , but also on the fact that those cities have to be in the east of Germany… which is a pure political decision to overcome the differences after reunification. So Leipzig is for sure a success story , but we also have our „Middlesbroughs“ and still not a plan or investment to overcome the problems here… just come to the Ruhr area in the west (Duisburg, Gelsenkirchen, Dortmund) where I am afraid of the future and hope that German politics will start to look at the whole country again without dividing between east and west …
I agree with you on everything but one point: Duisburg, Gelsenkirchen and Dortmund all have their problems, but those problems are a lot smaller than the ones of Middlesbrough. It is true, though, that the problems of those cities were "forgotten" by federal politics for many years, while they concentrated on getting the economy of eastern Germany into shape.
@@karlvoigt5194 you might be right , I can’t disagree as I haven’t been to Middlesbrough area, I only have the experience of living in „lost areas“ like Wanne-Eickel. The bitter truth might be that it is a very long run and that you need an awful lot of money to help every poor region and their biggest cities there. I just hope economy will be strong enough the coming years that Germany can create more Leipzig stories all over the country.
@@lb3764 If you compare, for example, GDP in PPS, you will see that fifteen years ago, the Ruhr area was slightly above EU-standard (en par with most French regions), while the Cleveland area (to which Middlesbrough belongs) and the eastern German states were slightly below (en par with southern Spain). Nowadays, the Cleveland area would be significantly below EU-standard (en par with Bulgaria, Romania), whereas the Ruhr area is significantly above EU-standard (I know, it feels different, but the region as a whole didn't decline, but improve) and the eastern German states are slightly above EU-standard (en par with most French regions).
@L B That’s not the full story: While there still is an income tax component used to subsidize the eastern part of Germany (which I think is still necessary unfortunately), there are other mechanisms that are not bound to east/west. The biggest one being a mechanism of exchange between the federal states and the central government, the „Länderfinanzausgleich“. But there are also important EU programs for which the regions and cities apply independently. Germany being the biggest EU budget contributer, this can also be seen as assistance of the federal government to individual regions
"Lifting communities out of poverty requires innovative solutions! Investing in the financial market can create a new paradigm for wealth generation. Micro-investing, financial literacy programs, and community-driven initiatives can empower residents, foster economic growth, and transform underserved areas into thriving hubs of opportunity and prosperity!"
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
If companies would allow fully remote work a bit more, and the railway system was improved I think it would help a lot for certain areas. I get the idea of hybrid work, and I do like it, but I would rather live in a quiet city particularly with family.
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
@@cassyhard7436 Most People intend to chase money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@julietrings8104Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing.
@@poltykelsey4890 That's true.. But Talking of investment! Is there any one who knows what one can invest in and be successful because I really need to invest to avoid rat race during retirement. do you have knowledge about any?
As a former Pittsburgh resident now in DC I can say that whatever is coming to Pittsburgh is too little and too late. The big tech offices are very small and employ limited number of people compared to the big hubs. The Era of big steel was the golden Era of Pittsburgh.
As a former DC resident who moved to another northern rust belt city, this rings true in a much bitter way. There are parts of America that are just 20-30 years behind when it comes to industry and tech literacy, it’s truly sobering.
Could always ship out government jobs to Pittsburgh. I lived in DC and it’s very telling how our capital and it’s metro is the wealthiest in the country. Federal employees could have a better cost of living in Pittsburgh and wouldn’t have to rush to booz allen to find a way to live in the beltway
@@MuadDib27 If only more areas were ONLY 20-30 years behind. A lot are 100 years behind. Without wealth and entrepreneurship there is no growth and self-sustenance.
@@Tounguepunchfartbox that’s abnormal in American history buddy… perhaps you never knew the US is a federal system and rather than all wealth being centered in one area in had multiple poles such as Chicago and NYC… DC was a dump until the structure of the county started to become more centralized. There’s no reason for wealth to be there it’s anti democratic and prone to corruption hence why all defense companies now have headquarters there which again us not normal and started with Lockheed
Making a poor area rich usually just entails displacing the locals and replacing them with other peoples. I was displaced from my home city in NC I couldn’t afford to live there even if I wanted to do so.
Sadly, this seems like the worst period. Started investing recently when the market prices were a bit high, today I am more than 60% down! Hopefully, the markets will go back up.
Ur doing it wrong.....then.... I bought oil stocks when the market crashed as no one wanted the oil during covid.... paid a buck 50 for the stock...., it's now NOT a buck 50.....
Brilliant! I’m working on rejuvenating blighted regions in Southern Africa and income inequality is way worse here so I can relate to everything in this video. Will definitely be looking up the initiatives featured here.
Some fundamental things about a capitalist society haven't changed since feudalism. Those who have wealth can build things and employ people and then take it all away. The working class and poor have little with which to invest and build their own wealth.
The dangerous thing is rather that the poorest fifth in UK are 20 % poorer than in France or Germany, so they have less buffer for harder times. I hope more will be done now and I'm glad that the media are reporting more about these issues.
One solution could be government intervention. Building new infrastructure, create parks and recreation areas and start building modern inviting facilities like schools, public spaces. Rebuilding old housing or demolishing and building new, when enough of this is real and in place people with money and jobs will start moving into the areas and a self reinforcing cycle starts with money and talent moving inn business start moving to where the talent is moving and then local business like restaurants, cafes, recreational facilities, all start to apper to provide services to people. But the cycle can’t start without the government taking the initial risk of investment, businesses is usually not willing to take that kind of risk without knowing the government is investing into the area they are going to operate in.
1. Work 2. Save 3. Pass your gains onto your kids 4. Kids work 5. Kids save 6. Kids pass on the combined gains to grandkids 7. Repeat Simple fact is wealth comes from time that most people don’t have. You work so your kids can have it better than you and they will work for the same reason. If you’re not producing anything and/or your kids aren’t inheriting it then they’re starting the loop over at zero each generation.
The problem is there are always winners and losers. You could’ve moved to the Rust Belt during the 1950s/60s and it’d have been a great investment. But by the 80s/90s they were in squalor. Broadway in NYC was squalor beforehand and is now booming. Harlem is currently gentrifying. The thing is: if you’re poor you are always destined to lose because the system will never favor you. If you’re moderately wealthy then and only then do you have the opportunity to win or lose.
@@jdur7987 Black fathers not in the home! Blacks dont even bother graduating from high school! How can you respect people whao are ok being ignorant? Poor people are idiots!
We don't want to make poor areas richer. We want to make poor people wealthier, monetarily and otherwise. If we just gentrify an area, we're not helping anyone who deserves help.
Education in virtues, values and morality along with education in the trades, crafts and economics can uplift any region or population. People must endeavour to produce services and things useful to their society.
Does it really make sense to talk about helping a geographical region, rather than helping types of people: the poor, the under-educated, etc. People with job skills will move to where the jobs are. It's those that are left behind that make a region poor, not the other way around. The solution is to create jobs for the unskilled/ low skilled, not to move high-skilled jobs to an area where high-skilled workers have already fled. The real question is "What do we do with low-skill, low-competence people?" not "What do we do with this or that region?"
Let's be honest, the powers that be have 0 care for the 'poor'. No political leader is going to come along and make you wealthy. However, especially in the west, if you are willing to work hard, sacrifice and 'Sharpen yourself' you will have a decent standard of living at the least. I am saying this as a 27 Yr old black man in London. The minute I stopped complaining, blaming politicians ; the growth has been RIDICULOUS. whether it be my bank, brokerage accounts, credit, employability etc... This is just my opinion derived from my experience. Build yourself, nobody is coming along to save you
PLEASE, don't see Pittsburgh as an example. Pittsburgh has inequality issues JUST like you were describing in Germany. The poor neighborhoods in Pittsburgh are not being healed. Pittsburgh is NOT prioritizing the issues with its public schools. It is NOT prioritizing housing equality. It's ignoring cleaning up its streets. Inequality is clear in the city. The working class are not seeing benefit in this current Burgh strategy.
Look to Scandinavia: High rates of unionization (50-70% with another 20% in each country who are not unionized covered by union rates) and financial transparency. In Norway, after providing one's national ID #, a person can see anyone else's net income, net assets and tax paid. Crushing of labor and financial opacity help increase income, wealth and power inequality. Unionization and financial transparency decrease it.
Investing is considered a bedrock in making generational wealth. Most people don't know when, where or what to invest in. Fortunately, great investors of the past and present can provide us with guidance and ideas. Meaningful contributions are always welcomed.
@@noelleancona7917 Yes, you're right, it's not watching all videos wasting time on strategies, I was ignorant doing so till I met Rheagan Max Deplonty last year at a startup funding event in Washington DC.
There was A LOT of fluff in this reporting. It pointed out case studies without digging deeper. For example, Carnegie Mellon is a prestigous, expensive, and highly competive school that is not available to the maority of high school graduates. Access to higher education is decreasing in the States which will continue to drive income inequality. Instead, Robotics research is being touted as the savior for Pittsburgh, without mentioning who has access to those opportunities.
this is a rebranded version of the localist argument that took over after regional development policies were trashed by neoliberalism and that caused all the problems in the first place...
As there is a saying goes like this education is the bed rock of a nation. Investment is a key factor to eradicate poverty by doing so we need to engage the people from different backgrounds to give their intake, as a saying goes like this two head together make make something positive rather than one head. And unity in a country can develop the economy of the country.
It’s not an accident. It’s the predictable outcome of government’s and central banks around the world (led by the USA / Federal reserve) creating asset bubbles with the same reckless policies that have been the demise of dozens of civilizations bf
Honestly, encouraging remote jobs and getting fiber internet in rural communities with low cost of living will bring people to those dying towns. Create nice shared office spaces that people would choose to work from a few days a week for the human interaction and if they need a workspace away from home distractions a few days a week.
I really enjoyed Tulsa when I visited. Always been in a city but I’d contemplate living there. Only thing is it doesn’t have a major airport which makes visiting/traveling a hassle
my experience was that, when i was visiting a couple of friends i met thru DIFM forums back in the 2000s, some of their neighbors made fun of me for voting for John Kerry back in 2005. like, they were taken aback that i would vote democrat (i live in California) when it's better to vote in a chimp you would rather have a beer with rather than an environmentalist trying to save us from extinction. i hope they suffered greatly during the 2008 crash for that arrogance. so i'm utterly gobsmacked that Tulsa, a town that reads backwards a slur for promiscuous women (according to Larry the Cable Guy), has somehow made itself into a hub for remote working. yeah, sure, let me know when they have a universal ban on assault rifles and there aren't any mass shootings happening at pride bars and festivals; i like being able to breath and not bleed to death, tyvm.
I’m from Tulsa. It’s a fantastic city and the Tulsa International Airport is growing. It wouldn’t hurt to write to the Tulsa Airport Authority and express your concerns. It couldn’t hurt.
You don't need to make the area richer, you need to make the PEOPLE RICHER. landlords are charging higher prices as if you lived 2 towns over and nobody can afford it.
Decentralization isn't great either, I mean look at the US, there are states which can't afford to do anything for it's people like Mississippi or they choose to discriminate against certain races, if all power is decentralized then nothing can be done to help these people.
Of all the factors that have resulted in the NW/NE of England's relative decline, the one which I believe to be the most significant is the highly centralised nature of British governance. The lack of local agency of sufficient weight to be an effective counterbalance to the central authority results in these long-term outcomes. Australia is a federated state, with significant state powers enshrined in the constitutional arrangements that govern the relationship between the Commonwealth and the states. Thus Tasmania an island off the southern coast of Australia, with 2% of Australia's population, enjoys sufficient governmental power to be an effective counter balance to ensure that federal government does not overlook or neglect them.
On the contrary. The UK has been working very hard since the 1980's to imitate Reaganite trickle down policies and a for-profit private insurance based healthcare system. The Tories and their foreign investor friends are quite excited now they've nearly stripped the NHS so it can be sold for parts.
@@ChadSimplicio Yeah. We already feel like we never should've done Brexit. It's just a question of how long the UK media can keep misleading the majority of voters on the causes of their sudden drop in living standards, and how many years before they can do anything about it at the ballot box.
Gov should get big companies to open businesses in these poor areas. Jobs with living wages reduce poverty. Chip making company, car company,meat factory, plane making factory, big shopping mall with many different businesses selling cell phones,clothing,food etc.
I grew up in Tulsa. Tulsa is a great city and it really always has been. It's even better now, however. It hasn't turned from a poor to a rich region. The oil money brought immense wealth to Tulsa 80 years ago. Lately, Tulsa has had to reinvent itself, but this remote work incentive is only a minor issue in the city. We have much more going on besides that. At the same time, the poor in Tulsa realistically aren't getting wealthier and neither are the poor parts of the city. All that's really happening is the rejuvenation of certain areas that were nice 50-80 years ago and have gone into some decline. The educated outsiders who come to the city to work are not truly changing the plight of the poor and uneducated in the city. I am grateful that I was fortunate to be educated at an excellent school and come from a successful and hard-working family. The reality is that there are many opportunities in Britain and Germany (both countries I've lived in), but that in England I noticed that many of the young people had a very pessimistic outlook on their chances of escaping poverty (in Crewe, where I lived, at least), whereas in Germany I didn't get that sense. People generally had a positive outlook and were exploring avenues to further educate themselves to be productive. There is a cultural issue in the US and especially Britain which keeps many down with generational poverty. I couldn't believe the difference between the wealthy and poor in Britain. It wasn't just their finances. It was the way they spoke, their outlook on life, and even their morals. It was truly shocking. You don't get that sense very much in Germany. The poor and uneducated in the US sometimes don't fall into this trap, but frequently they do, as well.
I come from a rural area and Rural Broadband initiatives are essential to reviving rural areas. I have friends who are a married couple. He is part owner of a specialized IT company who works remote 90% of the time and spends the other 10% of the time flying around the country to do on-site troubleshooting. Her parents owned a house in a region that does not have broadband, but in which broadband companies claim they don't have to install broadband as they are legally required to by their license to operate in the state, because you could get a mobile hotspot if you wanted to pay thousands of dollars a month. Her parents moved to take care of her grandparents and wanted to sign the mortgage over to their daughter, but my friends could not take the house because he wouldn't be able to work his remote job anymore.
So are we making the people that already live in poor areas richer or are we making these places more amenable for the rich to come and steal the original inhabitants’ last potential opportunity for future prosperity?
Well, if the place is a hole then people like teachers and doctors wouldn't want to work there, and if by some miracle any local kids taught by the local shaman become half "successful" they'd all leave. So at least some amenities are needed.....
I would suggest signing the homeless people and drug addicts to work on construction grounds etc? since the first step out of "depression" and complexity of helplessness is when you physically work a lot.
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The Standard & Poor's broad-based index of U.S. consumer confidence has reached historic lows, primarily due to inflation and recession. The decrease in retail spending, home-building, and manufacturing output has led consumers, who play a crucial role in the U.S. economy, to reduce their spending on non-essential items like appliances and services. Despite the current market conditions, it is essential to encourage saving and wise investment decisions. As for profiting from the present market turbulence, I am contemplating whether to sell my high six figure ETF/Growth Stock portfolio.
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Regional inequality is normal. It is very efficient to have a central hub for finance and start ups. It doesn't split families and it's easier for companies to find talent.
You mean the average yinzer didn’t take out a 400K loan to get a masters in robotics from CMU? Or that the upshot of all these “robotics” is a sweeping wave of automation and AI, that coupled with horrendous monetary policy will plunge these cities into abysses
@@RM-jb2bv When thinking about the automation dream, people often believe it’s going to create a net positive impact. And that may be so. But if history has shown us anything, it’s that history is filled with mass famine, death and forced relocation without so much as a whimper for millions of lives lost over the course of a generation. And that’s my fear. That it’s starting already and in 50 years we’re gonna have someone do the math who’s just discovered the population has been mostly slipping off the radar and passing away in poverty, than being uplifted by the promise of automation.
You can't eliminate tax havens, both of your suggestions are ignorant and only create more poverty with fewer opportunities. Learn some economics. There are no quick fixes for any large scale socio-economic problems. Anyone trying to sell you on one either has no idea what they're talking about or is purposefully lying to you.
While eds and meds is largely credited for Pittsburgh's resurgence; I would argue that civic pride and the political climate were larger contributors. I have traveled extensively and realized that my hometown has a civic pride that is largely unmatched. Additionally, the city itself is very very small and while it's extremely left leaning the suburbs that surround the city are largely more purple, and the exurbs are extremely red. This more balanced political environment creates a need to compromise that helps balance the needs of the haves and the have-nots.
London has become rich from exploiting the resources of oil in Scotland and coal in Wales (both nations still resource rich - now extended to renewables and water). The end result has been London being too expensive to live in - and people have nowhere else to go.
Britain is turning into CATASTROPHE for its own citizens, Imigration is high , but it hides a RECORD emigration of NATIVES as far away from UK as they can get to Australia and Canada, people are tired of excuses why things are imploding. Britain is experiencing ECONOMIC MELTDOWN as we speak, by the end of decade it will leave place of 6th largest economy and end somewhere in 14th place. UK right now is making look Argentina like fantastic place to live and UK like best place TO LEAVE.
as long as there is systemic racism in real estate -- aka housing appraisal prices are lower when the "poor" neighborhoods are non-white, there are no ways to ensure poor areas get richer. In the US, "richness" only comes with gentrification. And gentrification means, whites move in, harass the people of color that live there and own homes, drive up the property taxes so that the people of color that own in the area are essentially prices out. And then when the majority of the people of color are driven out, the property that was deemed "worthless" becomes multi-million dollar real estate.
What! That is mind blowing how it went from the biggest & richest empire in human history to this *"half the country today in the UK is poorer than the poorest U.S states"*
This is why we need younger people in politics cause they know what industries are working and can use remote working and what areas need fixing. It also depends on what type of poor people are living in those areas either with drugs, spending problems, or not able to adjust to the new work environments. Another way is to find places that have a lot of junk lying around and try to get trash companies to recycle them such as old cars and trucks just left to rot we could refurbish them and with the new EV kits coming out soon make them drivable again, or let shop classes buy them cheap and when they are done make sure they can be recycled if clean up those parts of the city more new bussniess might come in and help the local economy.
We do not necessarily need "younger people in politics cause they know what industries are working". Those who have their nose at the grindstone do not necessarily discern trends beyond the immediate goals they seek to accomplish. Some level of experience and maturity capable of evaluating dispassionately the info flow can maybe favour those who are not quarrying at the rock face.
Urban environments are really bad for our psychology. We are depressed and sad in cities, especially poor people that dont live near vegetation. And no grass lawns are not ”vegetation”
In economies where global markets determine the prices of goods, small communities simply cannot become economically viable for anything except maybe agriculture. These small communities that do exist, there's not much that can realistically be done for them, it's just throwing money into a fire. We can offer them support to move to more prosperous areas, but beyond that, we should be lifting whatever restrictions have been placed on their land-use and transportation policies so that they can figure out what will actually work for them.
I live in a small market town in Norfolk, UK where the market and town (shops) have virtually disappeared. Our industry was based on agriculture and fishing. Campbell’s Soup, who chose the town to place their European base in have long gone. We had a large input of Eastern European workers who mostly returned home after one of the largest Brexit votes in the country and Covid . Now we are left as a carbuncle on the edge of a very affluent North Norfolk, made up of a London elite. I can’t see where a town like ours would get economic growth from. I suspect they think the wealth will seep west rather than trickle down. The future is bleak. Even our hospital is falling down around the patients and staff’s feet. … and yes, crime is rising!
Perhaps taking a look at the price per M2 in England's hosing over the last 30 years will give you an idea of how the wealth is being spread from London and now covers the SE, SW, and is spreading as far as Norfolk. Look at the wealth per captia
I liked that. Big money is the answer whether it comes from the public or private sector. It is hard to get big, sustained federal money, and for big businesses to go to undesirable places, they need to be given enormous incentivizes that blind us from and put at risk the long-term benefits.
To attract a large business or businesses, the political set-up must rid the area of gangs and other criminals. I'm not going to go shop at a store where I have to carry a gun so that I might make it out alive with what I bought.
that's why Warren's billionaire tax would help. under the current hypercapitalistic system, private sectors only focus on profits over people once their contribution to innovation has met with the shareholder's glut for more money.
Great video but if you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life, Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life too 🙏🙏🙏
Problem is even if you open business in poorer areas, it is also difficult to find talented people . Because most talented people in these areas are just waiting to finish education and leave!!.
Thank you 🙏 it’s a great thought beginning with very simple yet important question. Agree with many comments. What I am not certain I understand from this video is discussion about making job market more diverse; we talk about tech, AI, robotics a lot and it seems to me we are just trying to replace one big thing “Steel” with another one big thing “tech” There are many areas that can not only help create more jobs but help with critical issues like climate change, healthcare, education etc
Lot of indians in IT jobs on fake resume fake degree Elon has fired many and many companies are firing Trust me in few months this will be flash news indians in IT in us large chunk on fake resume fakecdegree fake experience
‘Leave’ it to the Economist to propose a small government solution to any and every problem. Government can never be too small if you ask them. Of course, it can be, and in certain aspects, already is. The real purpose of this dogmatic refrain is to enable big business to more easily shape the decisions of small government to suit their own aims.
Why don't we just pay the people working there better, so they can afford to live in their towns and have extra discretionary income to improve the local economies?
@2:54, Britain is a socialist nation due to the powerful, wealthy, influential, and popular labor unions. The militant labor unions demand for higher wages, benefits, and perks eventually made British steel too expensive to be competitive. Government subsidies could not sustain the these steel factories indefinitely, and in time they all went bankrupt.
Leipzig isn’t a great example. Its people vote for the far left and the far right. Better examples are Estonia, Ireland, and Switzerland. If you create the right fiscal incentives, effective education policies, and get out of the way of people, you’d be surprised how crafty they are in creating a better future for themselves. This is liberalism 101. It’s frustrating seeing populist politicians wanting an ever larger state as if it’s a solution for anything.
Tell me, tell us, in those better example countries, when they do create better infrastructures, what happens next that brings business investment and growth?
@@markhathaway9456 Hi Mark, not sure what you’re asking exactly. GDP growth occurs via a plethora of reasons, and policy needs to incentivise it, rather than the opposite. The former prime minister of Estonia Mart Laar has a great write up on the Estonian economic miracle that I recommend reading for those interested in this subject.
If all countries behaved like Ireland, the countries of the EU would be bankrupt within some years. Their great model is luring companies into their tax-territory by offering them tax-cuts, tax-exemptions and a jurisdiction that looks to the other side in case of infrictions. For them, it works, but if other countries started luring the companies away from Ireland by offering even lower taxes and laxer courts, they would get bust.
My problem with this approach is that they are framing everything from the aspect of “productivity”. They’re still trying to solve societal issues from a purely capitalist perspective and that just won’t work
I knew at 14 the area I grew up in wasn’t going to be for me, heavily hospitality focused and expensive. The young people need to plan to leave get better opportunities elsewhere. If the industry that brought people a generation ago to a area then fails then people need to move for new work opportunities. Languishing in a area 50-60 years post it’s hay day asking the government to bring industry back takes way to long.
Personally, I've been interested in two grassroots groups called the Next System Project and the Democracy Collaborative. They have devised a way to keep production local for key anchor institutions and contract service to cooperatives. They have helped multiple cities struggling with job loss due to factory closures build back their communities, in the US and UK. In addition, trade unions, collectives, public banks, credit unions, community land trusts, CSA's, and many other democratically controlled institutions can work together to create democratic networks outside the market to create an economy that doesn't reduce people, their governments, and the environment to a monetary value. I think this can be a viable strategy to give people the autonomy over their work. I believe economic democracy is the only way people who work for the economy will have the economy work for them, their families, and the planet too. This way of revitalizing communities by building community wealth has helped many communities all over the globe, and it is utilized by the UK labor party and touted by Jeremy Corbyn. Preston, Lancashire became the most improved city in the UK because of community wealth building. Not to mention, much of the progress in labor rights has been due to union's collective power. The thing that draws my conviction to the movement is that I can see it now, helping empower people to live happier, healthier, and wealthier lives.
😧 What you describe is the essence of democratic socialism. Bottom up and local based enterprises are the humane way of organising communities. Surplus funds are used as dividends for the workers and / or reinvested in the enterprise as a cooperative. No theft by another name of resources belonging to the people.
Representative Democracy hasn't worked in over 50 years because politicians will always come from the monied classes and be beholden to their Corporate Donors, only way we avoid this apocalypse is to stage a Velvet Revolution to install a Scaled Direct Democracy. Citizen Initiated Referendums with thresholds and a Social Contract using Blockchain technology means communities can vote their own policies without parties or politicians. Banning Beef, Oil, and Fishing Subsidies would stall climate change and habitat degradation overnight. Thorium Energy renders their global oil monopoly obsolete. Police can be actively policed by an independent public authority with the power to prosecute bad actors in our own courts. Or we can bend over and accept our Orwellian future
I really don't think the solution is hoping for major corporations to create jobs to combat brain drain. You need to build a regional hub where locals can start their own businesses and build them into regional powerhouses.
"Invest into things that bridge the gap between the rich and poor"... and what returns do you expect on your investment? If you want to bridge the gap between rich and poor, simply tax the rich till they are poor and redistribute wealth among the poor till they're a bit closer to middle class. I never said "everyone will be rich at the same time" ;)
The real thing that I don't see anyone talking about is that not every place can become a tech hub or a tourism stop. It's quite difficult to envision any of these approaches realistically working out on a consistent basis without providing fundamental overhauls to systems on the national level. I also think this video makes a poor job of drawing the line between poor-rich divides that occur because of general shifts in society and technology like the American Rust Belt/England's Industrial Belt and areas that were just historically left behind and underinvested in (eg the American South, England's broader North). Though there is often overlap between these regions and problems, I think the lesson we should learn from mainland Europe (a la the example of Leipzig) isn't just that it's important to invest regionally, but what specifically to invest in (eg infrastructure, health, urban planning, education, sustainability) in cohesive, well-planned breaths that simultaneously address local issues. As others have stated, betting on tech and other boom-industries is just setup for another inevitable Rust Belt made of silicone.
Well said!
@@JayForsure Thank you kindly :)
Definitely one of the biggest problems is industry packing up and moving to cheaper countries, we need to become more self sufficient again. Open textile and other sorts of factories at home, even if the wages are higher. Not everyone is cut out for big marketing, tech or finance jobs. A lot of people are very happy to just work blue collar jobs and make an earnest living. The more people working jobs, the less that will run into crime, anti-social behaviour and or simply homelessness.
@@son_o_day Exactly, it's practically blind with regards to demographics to expect literally everyone to work these hyper-specific, long-training time jobs.
Do check out some of Raj Chettys research work. Very interesting...especially the opportunity atlas project
Making every city into a tourist trap, shopping mall or the center of the next boom industry won't fix anything. What needs to happen is regional self a sustainability and breaking up the massive corporate monopolies that drain the blood out of local economies
Representative Democracy hasn't worked in over 50 years because politicians will always come from the monied classes and be beholden to their Corporate Donors, only way we avoid this apocalypse is to stage a Velvet Revolution to install a Scaled Direct Democracy. Citizen Initiated Referendums with thresholds and a Social Contract using Blockchain technology means communities can vote their own policies without parties or politicians. Banning Beef, Oil, and Fishing Subsidies would stall climate change and habitat degradation overnight. Thorium Energy renders their global oil monopoly obsolete. Police can be actively policed by an independent public authority with the power to prosecute bad actors in our own courts.
Or we can bend over and accept our Orwellian future
The people are the problem! Poor people arent educated!
a bit too naive, i may say, but fair.
Yes. Once they have drained all the government and local money, they move on to the next city .
Eduarte hit it spot on. naive but fair take.
I would also add that what is important to prioritize is -
1. a sustainable and multi-faceted regional transport network
2. The embracing of city-centres / downtowns
3. Regionalization of culture/architecture to make sure places stay unique
4. Emphasis on public places where people of all backgrounds can gather
My parents moved to St. Catharines, Ontario and the Niagara Region is a place that needs more of these elements!
Unique housing isn't NASA Innovative.
The public doesn't value your 4 points
@James, most people don’t want those things.
@@ChiSpire and why not?
Having grown up in PA as all the factories shut down, I believe that 21st Century Pittsburgh is a perfect example of how a formerly Industrial Giant can transform itself into a Tech Hub. For anyone talented who lives in the region, it can offer them opportunities to build a great career and comfortable life.
I definitely agree but there’s also the factor of those “less talented” due to lack of access to resources (i.e. affordable education/vocational training programs).
Then there are the coal miners hating government for trying to implement better environmental energies. They are not interested in changing careers/get additional training just to keep up with the changing world.
Į thought IT was all healthcare
@@danrook5757 microtransactions
I wrote a paper about this in college around 2009 using US Census date from 2000. By comparing Pittsburgh and Cleveland, two towns that were huge steel hubs in the industrial age, I found that Cleveland at the time in 2000 had about 18 percent of its residents as college educated adults, while Pittsburgh was around 33 percent. Also, I wrote this after PNC bought National City Bank and Giant Eagle bought Stop-N -Shop. Cleveland hasn't been business-friendly in decades while The Steel City was okay not having to rely just on steel.
Got an A on the paper btw.
Love how they use the Philly skyline in a slide about Pittsburgh ...
I lived in South London for some time, an area that was devastated by poverty and crime. As the inevitable gentrification was underway it had attracted many young professional from other areas and wealthy investors to embrace the boom, many of the already despaired locals enjoyed little to no incentive from this area growth. Many were under-qualified for the decent new jobs on offer there, rent almost doubled and others had to vacate their property as their council estate was due for demolition to make space for new developments, so ironically this economic shift forced locals from their homes to go out and seek other poor, suffering but affordable areas, and the cycle continues. Considering that most social issues derive from economic downturn and deprivation and essentially these gentrification reforms are essential, however it also seems counterintuitive to attract the competent and privileged from outside the area and dismiss the inept citizens who are crippled by the same place they call home.
same over here
YES!! That's what's infuriating about this documentary. Absolutely NO mention of the inevitably horrible effects of gentrification. This is exactly what has been happening here in New Orleans for some time, especially since 2005 when Hurricane Katrina hit. Now, the locals who have been forced out of their homes in one way or another can no longer afford to move back home even if they wanted to.
If you are renting, the neighbourhood does not matter to you, you are just a tourist. If it mattered to you, you would get a 25-year loan and nobody would be able to make you move out. If enough people are just tourists, don't complain about "gentrification", because you made it possible.
@@anonymoususer3561 that's not fair. Many people would like to set roots in the area they grew up in, but it might just be too expensive to get a deposit together for a mortgage, so they have rent in a houseshare
Tulsa Oklahoma was settled by black americans that were genocided governments neglect human atrocities morally wrong is to not affirm reparations.
It's the political system itself that causes this. First past the post voting (which the US and UK both have), leads to governments who don't truly represent the population, and therefore don't really care about all sections of the population.
Reported for antisemitism
Democracy is dumb, because people are dumb.
@@coolguysupercool4292 what did he say? I noticed a concerning increase of the far-right on youtube
Germany doesn’t have first past the post yet regional inequality there is rising at the same rate…
Actually having lived in many countries in the west, the system in the US is the most democratic . Look at Canada, government can do stuff which 90% of the population doesn’t want.
I live in Sunderland, a city in Northern England very close to Middlesbrough. After decades of neglect some effort is now being made to rejuvenate the city. Lots of money is being put into modernised transport links, new sustainable housing and new offices in the city centre. It's very interesting comparing this to Tulsa and Pittsburgh, as it is apparent that we are adopting the same playbook. Hopefully it is successful!
Why care about the “town”? It’s just buildings. 10:15 Germany is making the sensible choice. Focus on the people. Help the people move to where the jobs are.
@@TheBooban we don’t want the whole of the U.K. to centralise entirely on London.
"Gave up the bright lights of Houston" has to be the funniest sentence ever uttered. The entire city is a giant parking lot.
Relocating wealthy people is a way to make a region rich. Ming emperor relocated wealthy families by force from all China to capital city Beijing in order to make it rich. Indeed, it became rich city since.
Professor Greg Clark discovered that both English and Chinese elite families status remained unchanged for over 800 years from feudal time to modern days.
@@alexoolau very interesting insight, do you have a paper i could reference about the legacies of families through generations
That and the thing about never hearing of Tulsa, Ok. As an American, that’s shameful. I hope they were joking.
@@Lightyourboatonfire thats on you bruh, im a european and know tulsa
@@duck8624 In the video he said that he had never heard of Tulsa. I’m saying that’s absurd. Thanks for making my point though.
We could also, you know, tax the wealthiest in society, pay fairer wages, and invest that into social schemes that benefit the wider community so that even people on minimum wage can afford a comfortable life instead of expecting everyone to become a software developer.
If it’s taxing capital gains and exclusively dividends then yes, that would make sense, but taxing fortunes is unfair because most millionaires and billionaires have there fortune locked up in companies that they can’t easily realize. High Property tax for huge sized properties is a much better way of directly taxing rich people or their investment companies and removing any tax deduction for properties owned by investment companies.
I personally think a much better approach is creating strong labor laws that protect people from exploitation and provide them with individual negotiation rights as well as protection laws for unions so after they are established they can’t be demolished by scrupulous business practices.
Lastly allow regional governments to sett a minimum wage that reflect the highest cost of living in the region and that regional governments are automatically obliged to yearly adjust minimum wage with inflation.
0:02: 🌍 Regional inequality is a pressing issue in many rich countries, including Britain and America, with rising prices exacerbating the problem.
4:20: 🏛 Addressing regional divides in countries with unhealthy centralization by empowering local mayors and providing more resources.
9:20: 📈 Investment in infrastructure and education is revitalizing declining regions in Germany and Pittsburgh.
13:16: 🏢 Innovative companies and large tech firms can help struggling areas by creating jobs and training local people.
17:02: 💼 Offering cash incentives to attract new inhabitants to cities is a promising but not widely effective solution for revitalizing neglected regions.
Recap by Tammy AI
Hi! How did you get the AI to do this?
The North-East of the UK is sitting on a renewable energy gold mine, which only needs to be opened up. All this talk about the esoterica of "levelling up" is so much hot air. Develop wind farms, generate not only enough energy for the entire UK, but 2 or 3x that much, and export the excess to Germany. All it needs is leadership!
Really great video and I like how it highlights regional cities in the US and UK and Germany.
In other words, gentrification. Which causes local housing and cost of living to skyrocket, pushing local residents into even worse poverty, and forcing them into homelessness.
Indeed.
What a tedious crutch to use.
Uh ... no? The point was that the local residents would be getting better jobs, so just the opposite in fact.
The underlying mistake in this video is the tendency to think that giving out money is the key to solving this issue. It isn't. The issue is that some people do more to help others than other people. In other words, some are more productive than others. The solution is, therefore, to find ways to help more people be more productive (i.e. help others more). If this is done then the initial results will probably be perplexing - little or no improvement in blighted areas. This will be because people who have become more productive will often have moved elsewhere. They may want a home in better condition, with more attractive retail, and less crime.
You forgot the other half of the equation was to give the leftist/ socialist mayors who oversee these modern day wastelands hellscapes more power.
@@RM-jb2bv I don't think that having more powerful mayors will help if they have the same money-focused ideas for trying to solve the problem. It does not matter if they are leftist or not.
While some of the sentiments may be correct, *your mindset is what led to these in the first place.* The pretends of 'conservative' thinking is that if there are poverty, it's just people not being "productive" enough or people need to "budget" better, etc etc. Excuses after excuses. *Money does need to be given out to key areas,* because national economic health is about money circulating across all parts, but the system are design to funnel it upwards instead of spreading it around. You can find as many people to be helpful but without the money to implement. It's pointless. Conservatives tend to talk about any kind of magical thinking that never involve money, because their priority is always making sure the money going to the top. They almost always think in terms of growing personal wealth, but national finance don't work that way. There is only ever a set amount of capital a nation can have at any given time, if that capital isn't circulating in an equitable manner to all parts, then the economy is effectively dead. It's like blood not reaching your entire body. The system we currently have is one that deliberately cuts off blood flow in favor of a section hoarding it all. Money always matter because it's our only way of measuring logistics, nothing to do with ideology or being "money-focused", only math.
Blighted area is itself a very different issue altogether. Less to do with financing and more to do with developmental viability. Consider a mining town, whose entire existence was founded for a specific purpose, and when the mine runs dry. The developmental prospects disappears.
@@biocapsule7311 you’re so clueless it’s frightening. It’s even more frightening that other people think like you and will also remain clueless.
Wealth inequality, poverty etc is the predictable outcome of government taking over the money supply and implementing failed Kenysian economics which states that aggregate spending is the prime driving force for economic prosperity. THAT is the real “magical thinking.” Look where it’s gotten us!
The government doesn’t have money to give to people. It doesn’t have any money except from what it confiscates from productive citizens and reallocatws it at minimum efficiency.
If doling out money worked, the government should just give everyone a million dollars and we’d all be rich. We basically did a micro version of that during COVID and now eggs are $9 a dozen. Predictabley.
@@biocapsule7311 i think part of the issue is how the money is being spent. For example, one of the biggest flaws with no child left behind is that schools who struggle are punished with less funding and schools who did well get more funding. The failure of this system doesn't mean we shouldn't fund education, it just means that more ideas need to be given WITH the funding
Great video - Thanks!
As a german living in the old „coal and steel“ Ruhr area it is exciting to watch how cities like Middlesbrough or Pittsburgh face similar issues and how they deal with it.
I did not expect a part of the video showing Leipzig and the history of the last 30 years here.
Interesting quotations here:
„not even Germany‘s economy could sustain the level of investment needed to revive every poor area of the country.“ … „Germany has decided that only large cities can be made economically dynamic.“
I absolutely agree with those views, only one thing to add: Germany has decided not only to focus on large cities , but also on the fact that those cities have to be in the east of Germany… which is a pure political decision to overcome the differences after reunification.
So Leipzig is for sure a success story , but we also have our „Middlesbroughs“ and still not a plan or investment to overcome the problems here… just come to the Ruhr area in the west (Duisburg, Gelsenkirchen, Dortmund) where I am afraid of the future and hope that German politics will start to look at the whole country again without dividing between east and west …
I agree with you on everything but one point: Duisburg, Gelsenkirchen and Dortmund all have their problems, but those problems are a lot smaller than the ones of Middlesbrough. It is true, though, that the problems of those cities were "forgotten" by federal politics for many years, while they concentrated on getting the economy of eastern Germany into shape.
@@karlvoigt5194 you might be right , I can’t disagree as I haven’t been to Middlesbrough area, I only have the experience of living in „lost areas“ like Wanne-Eickel.
The bitter truth might be that it is a very long run and that you need an awful lot of money to help every poor region and their biggest cities there. I just hope economy will be strong enough the coming years that Germany can create more Leipzig stories all over the country.
@@lb3764 If you compare, for example, GDP in PPS, you will see that fifteen years ago, the
Ruhr area was slightly above EU-standard (en par with most French regions), while the Cleveland area (to which Middlesbrough belongs) and the eastern German states were slightly below (en par with southern Spain). Nowadays, the Cleveland area would be significantly below EU-standard (en par with Bulgaria, Romania), whereas the Ruhr area is significantly above EU-standard (I know, it feels different, but the region as a whole didn't decline, but improve) and the eastern German states are slightly above EU-standard (en par with most French regions).
@L B That’s not the full story: While there still is an income tax component used to subsidize the eastern part of Germany (which I think is still necessary unfortunately), there are other mechanisms that are not bound to east/west. The biggest one being a mechanism of exchange between the federal states and the central government, the „Länderfinanzausgleich“. But there are also important EU programs for which the regions and cities apply independently. Germany being the biggest EU budget contributer, this can also be seen as assistance of the federal government to individual regions
"Lifting communities out of poverty requires innovative solutions! Investing in the financial market can create a new paradigm for wealth generation. Micro-investing, financial literacy programs, and community-driven initiatives can empower residents, foster economic growth, and transform underserved areas into thriving hubs of opportunity and prosperity!"
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
@@rougeur I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
If companies would allow fully remote work a bit more, and the railway system was improved I think it would help a lot for certain areas. I get the idea of hybrid work, and I do like it, but I would rather live in a quiet city particularly with family.
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
Yeah! I agree with you sir.If you want to be successful have the mindset of the rich, spend less and invest More. Don't give up your dreams.
@@cassyhard7436 Most People intend to chase money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@michealdouglas8206 That's true...some wants to do what the 99% does but wants to get results that are fit for the 1%, but it doesn't work that way
@@julietrings8104Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing.
@@poltykelsey4890 That's true.. But Talking of investment! Is there any one who knows what one can invest in and be successful because I really need to invest to avoid rat race during retirement.
do you have knowledge about any?
As a former Pittsburgh resident now in DC I can say that whatever is coming to Pittsburgh is too little and too late. The big tech offices are very small and employ limited number of people compared to the big hubs. The Era of big steel was the golden Era of Pittsburgh.
As a former DC resident who moved to another northern rust belt city, this rings true in a much bitter way. There are parts of America that are just 20-30 years behind when it comes to industry and tech literacy, it’s truly sobering.
Could always ship out government jobs to Pittsburgh. I lived in DC and it’s very telling how our capital and it’s metro is the wealthiest in the country. Federal employees could have a better cost of living in Pittsburgh and wouldn’t have to rush to booz allen to find a way to live in the beltway
@@MuadDib27 If only more areas were ONLY 20-30 years behind. A lot are 100 years behind. Without wealth and entrepreneurship there is no growth and self-sustenance.
@@TopeRopeTom the capital of the wealthiest and most powerful country in the history of the world is extremely wealthy? Who woulda thought.
@@Tounguepunchfartbox that’s abnormal in American history buddy… perhaps you never knew the US is a federal system and rather than all wealth being centered in one area in had multiple poles such as Chicago and NYC… DC was a dump until the structure of the county started to become more centralized. There’s no reason for wealth to be there it’s anti democratic and prone to corruption hence why all defense companies now have headquarters there which again us not normal and started with Lockheed
Making a poor area rich usually just entails displacing the locals and replacing them with other peoples. I was displaced from my home city in NC I couldn’t afford to live there even if I wanted to do so.
Sadly, this seems like the worst period. Started investing recently when the market prices were a bit high, today I am more than 60% down! Hopefully, the markets will go back up.
@Carmella Carie Most of the pros here on YT and lg copytrade him. That is how they make enormous profits from the seemingly unknown market.
@@lebronj5491 Lol. I am one of them. Not an pro though... Started last year in all honesty, wish I had known about him earlier.
@Carmella Carie I have seen Frenvesting's video about him.
Ur doing it wrong.....then....
I bought oil stocks when the market crashed as no one wanted the oil during covid....
paid a buck 50 for the stock...., it's now NOT a buck 50.....
@Kentucky it is exactly the bad days or years you want....... only with chaos comes expansive change....
Brilliant! I’m working on rejuvenating blighted regions in Southern Africa and income inequality is way worse here so I can relate to everything in this video. Will definitely be looking up the initiatives featured here.
@@JDVRadio this is a scam probably a bot
faegit
🇿🇦we need to become a trillion dollar economy
Your work sounds very important!
What works are you planning? I'm working on a projects in Tanzania. HMU!
Too many career, politicians, not enough people in politics who have had proper jobs
Seeing the wage disparity in the UK made me feel a little better. We are not completely alone in our self destruction.
It's everywhere. Everywhere. You just have fewer ways out of it because Brexit....🫣
Some fundamental things about a capitalist society haven't changed since feudalism. Those who have wealth can build things and employ people and then take it all away. The working class and poor have little with which to invest and build their own wealth.
The dangerous thing is rather that the poorest fifth in UK are 20 % poorer than in France or Germany, so they have less buffer for harder times. I hope more will be done now and I'm glad that the media are reporting more about these issues.
"We produce more students than we have jobs for" it's like he's talking about widgets not people.
One solution could be government intervention. Building new infrastructure, create parks and recreation areas and start building modern inviting facilities like schools, public spaces. Rebuilding old housing or demolishing and building new, when enough of this is real and in place people with money and jobs will start moving into the areas and a self reinforcing cycle starts with money and talent moving inn business start moving to where the talent is moving and then local business like restaurants, cafes, recreational facilities, all start to apper to provide services to people.
But the cycle can’t start without the government taking the initial risk of investment, businesses is usually not willing to take that kind of risk without knowing the government is investing into the area they are going to operate in.
1. Work
2. Save
3. Pass your gains onto your kids
4. Kids work
5. Kids save
6. Kids pass on the combined gains to grandkids
7. Repeat
Simple fact is wealth comes from time that most people don’t have. You work so your kids can have it better than you and they will work for the same reason. If you’re not producing anything and/or your kids aren’t inheriting it then they’re starting the loop over at zero each generation.
Save are you nuts, there is nothing left after bills.
No, read financial books to be finacially literate and apply it to your life
The problem is there are always winners and losers. You could’ve moved to the Rust Belt during the 1950s/60s and it’d have been a great investment. But by the 80s/90s they were in squalor. Broadway in NYC was squalor beforehand and is now booming. Harlem is currently gentrifying. The thing is: if you’re poor you are always destined to lose because the system will never favor you. If you’re moderately wealthy then and only then do you have the opportunity to win or lose.
Study, make your kids go to school,
Half the homeless are because of medical bills.
The problem isn't poor people. The problem is rich people.
The problem is poor people not interested in taking responsibility for their actions. In America, the blacks dont value education or family!
How so?
@@jdur7987 Black fathers not in the home! Blacks dont even bother graduating from high school! How can you respect people whao are ok being ignorant? Poor people are idiots!
@@jdur7987 Because they create a world in which someone has to ask a question like the one you did.
@@phaedrussmith1949 so you don't have an actual answer. Okay then
We don't want to make poor areas richer. We want to make poor people wealthier, monetarily and otherwise. If we just gentrify an area, we're not helping anyone who deserves help.
Really great reporting on this issue that we all see but nobody is reporting on.
Through equipping the poverty victims with necessary skills and knowledge /education is the only way to permanently eradicate poverty
First, start with safety. If a place is dangerous, property values fall. Because no ones wants to live in dangerous neighborhoods.
Education in virtues, values and morality along with education in the trades, crafts and economics can uplift any region or population. People must endeavour to produce services and things useful to their society.
Does it really make sense to talk about helping a geographical region, rather than helping types of people: the poor, the under-educated, etc. People with job skills will move to where the jobs are. It's those that are left behind that make a region poor, not the other way around. The solution is to create jobs for the unskilled/ low skilled, not to move high-skilled jobs to an area where high-skilled workers have already fled. The real question is "What do we do with low-skill, low-competence people?" not "What do we do with this or that region?"
Awesome video, Pittsburgh is such an underrated city! One comment, at 13:00 the image shown is actually Philadelphia.
LOL
No it’s not. And I’ve lived in both lol
@Jazmin Jackson, it definitely is Philadelphia. You can see City Hall off the the right. The Comcast buildings are right in the center.
@@jazmeenkiddo Uh, yeah it is. I can see that skyline right now ... and I'm in Philly. The Pittsburgh skyline is at 13:30 - not the same at all.
Let's be honest, the powers that be have 0 care for the 'poor'. No political leader is going to come along and make you wealthy. However, especially in the west, if you are willing to work hard, sacrifice and 'Sharpen yourself' you will have a decent standard of living at the least. I am saying this as a 27 Yr old black man in London. The minute I stopped complaining, blaming politicians ; the growth has been RIDICULOUS. whether it be my bank, brokerage accounts, credit, employability etc... This is just my opinion derived from my experience. Build yourself, nobody is coming along to save you
PLEASE, don't see Pittsburgh as an example. Pittsburgh has inequality issues JUST like you were describing in Germany. The poor neighborhoods in Pittsburgh are not being healed. Pittsburgh is NOT prioritizing the issues with its public schools. It is NOT prioritizing housing equality. It's ignoring cleaning up its streets. Inequality is clear in the city. The working class are not seeing benefit in this current Burgh strategy.
Look to Scandinavia: High rates of unionization (50-70% with another 20% in each country who are not unionized covered by union rates) and financial transparency. In Norway, after providing one's national ID #, a person can see anyone else's net income, net assets and tax paid. Crushing of labor and financial opacity help increase income, wealth and power inequality. Unionization and financial transparency decrease it.
Investing is considered a bedrock in making generational wealth. Most people don't know when, where or what to invest in. Fortunately, great investors of the past and present can provide us with guidance and ideas. Meaningful contributions are always welcomed.
Trading with an expert has been the best way of making huge returns from crypto currency.
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@@noelleancona7917 Yes, you're right, it's not watching all videos wasting time on strategies, I was ignorant doing so till I met Rheagan Max Deplonty last year at a startup funding event in Washington DC.
He had some interesting things to say about the state of algorithmic trading today, obviously I'm seeing results, and my trading is going smoothly.
@@noelleancona7917 Crypto is a pyramid scam and you and your post is part of that scam.
There was A LOT of fluff in this reporting. It pointed out case studies without digging deeper. For example, Carnegie Mellon is a prestigous, expensive, and highly competive school that is not available to the maority of high school graduates. Access to higher education is decreasing in the States which will continue to drive income inequality. Instead, Robotics research is being touted as the savior for Pittsburgh, without mentioning who has access to those opportunities.
The modern Economist never misses a chance to promote the answer to any problem, real or supposed, is government.
And we all laugh!
this is a rebranded version of the localist argument that took over after regional development policies were trashed by neoliberalism and that caused all the problems in the first place...
As there is a saying goes like this education is the bed rock of a nation. Investment is a key factor to eradicate poverty by doing so we need to engage the people from different backgrounds to give their intake, as a saying goes like this two head together make make something positive rather than one head. And unity in a country can develop the economy of the country.
Reviving of abandoned cities and buildings can solve the problems of homeless families and economic stagnation.
What's crazy is that so many Western countries are all having a houses crisis at the same time
It’s not an accident. It’s the predictable outcome of government’s and central banks around the world (led by the USA / Federal reserve) creating asset bubbles with the same reckless policies that have been the demise of dozens of civilizations bf
Mass immigration doesn't help at all.
Honestly, encouraging remote jobs and getting fiber internet in rural communities with low cost of living will bring people to those dying towns. Create nice shared office spaces that people would choose to work from a few days a week for the human interaction and if they need a workspace away from home distractions a few days a week.
I really enjoyed Tulsa when I visited. Always been in a city but I’d contemplate living there. Only thing is it doesn’t have a major airport which makes visiting/traveling a hassle
my experience was that, when i was visiting a couple of friends i met thru DIFM forums back in the 2000s, some of their neighbors made fun of me for voting for John Kerry back in 2005. like, they were taken aback that i would vote democrat (i live in California) when it's better to vote in a chimp you would rather have a beer with rather than an environmentalist trying to save us from extinction. i hope they suffered greatly during the 2008 crash for that arrogance.
so i'm utterly gobsmacked that Tulsa, a town that reads backwards a slur for promiscuous women (according to Larry the Cable Guy), has somehow made itself into a hub for remote working. yeah, sure, let me know when they have a universal ban on assault rifles and there aren't any mass shootings happening at pride bars and festivals; i like being able to breath and not bleed to death, tyvm.
I’m from Tulsa. It’s a fantastic city and the Tulsa International Airport is growing. It wouldn’t hurt to write to the Tulsa Airport Authority and express your concerns. It couldn’t hurt.
You don't need to make the area richer, you need to make the PEOPLE RICHER. landlords are charging higher prices as if you lived 2 towns over and nobody can afford it.
Decentralization isn't great either, I mean look at the US, there are states which can't afford to do anything for it's people like Mississippi or they choose to discriminate against certain races, if all power is decentralized then nothing can be done to help these people.
Of all the factors that have resulted in the NW/NE of England's relative decline, the one which I believe to be the most significant is the highly centralised nature of British governance. The lack of local agency of sufficient weight to be an effective counterbalance to the central authority results in these long-term outcomes. Australia is a federated state, with significant state powers enshrined in the constitutional arrangements that govern the relationship between the Commonwealth and the states. Thus Tasmania an island off the southern coast of Australia, with 2% of Australia's population, enjoys sufficient governmental power to be an effective counter balance to ensure that federal government does not overlook or neglect them.
It is amazing how this country always looks up to the US and Germany but never learned anything from neither.
On the contrary. The UK has been working very hard since the 1980's to imitate Reaganite trickle down policies and a for-profit private insurance based healthcare system. The Tories and their foreign investor friends are quite excited now they've nearly stripped the NHS so it can be sold for parts.
Soon, the UK will feel like they never should've done Brexit.
@@ChadSimplicio Yeah. We already feel like we never should've done Brexit. It's just a question of how long the UK media can keep misleading the majority of voters on the causes of their sudden drop in living standards, and how many years before they can do anything about it at the ballot box.
Gov should get big companies to open businesses in these poor areas. Jobs with living wages reduce poverty. Chip making company, car company,meat factory, plane making factory, big shopping mall with many different businesses selling cell phones,clothing,food etc.
I grew up in Tulsa. Tulsa is a great city and it really always has been. It's even better now, however. It hasn't turned from a poor to a rich region. The oil money brought immense wealth to Tulsa 80 years ago. Lately, Tulsa has had to reinvent itself, but this remote work incentive is only a minor issue in the city. We have much more going on besides that. At the same time, the poor in Tulsa realistically aren't getting wealthier and neither are the poor parts of the city. All that's really happening is the rejuvenation of certain areas that were nice 50-80 years ago and have gone into some decline. The educated outsiders who come to the city to work are not truly changing the plight of the poor and uneducated in the city. I am grateful that I was fortunate to be educated at an excellent school and come from a successful and hard-working family. The reality is that there are many opportunities in Britain and Germany (both countries I've lived in), but that in England I noticed that many of the young people had a very pessimistic outlook on their chances of escaping poverty (in Crewe, where I lived, at least), whereas in Germany I didn't get that sense. People generally had a positive outlook and were exploring avenues to further educate themselves to be productive. There is a cultural issue in the US and especially Britain which keeps many down with generational poverty. I couldn't believe the difference between the wealthy and poor in Britain. It wasn't just their finances. It was the way they spoke, their outlook on life, and even their morals. It was truly shocking. You don't get that sense very much in Germany. The poor and uneducated in the US sometimes don't fall into this trap, but frequently they do, as well.
I come from a rural area and Rural Broadband initiatives are essential to reviving rural areas.
I have friends who are a married couple. He is part owner of a specialized IT company who works remote 90% of the time and spends the other 10% of the time flying around the country to do on-site troubleshooting. Her parents owned a house in a region that does not have broadband, but in which broadband companies claim they don't have to install broadband as they are legally required to by their license to operate in the state, because you could get a mobile hotspot if you wanted to pay thousands of dollars a month.
Her parents moved to take care of her grandparents and wanted to sign the mortgage over to their daughter, but my friends could not take the house because he wouldn't be able to work his remote job anymore.
So are we making the people that already live in poor areas richer or are we making these places more amenable for the rich to come and steal the original inhabitants’ last potential opportunity for future prosperity?
Well, if the place is a hole then people like teachers and doctors wouldn't want to work there, and if by some miracle any local kids taught by the local shaman become half "successful" they'd all leave. So at least some amenities are needed.....
I would suggest signing the homeless people and drug addicts to work on construction grounds etc? since the first step out of "depression" and complexity of helplessness is when you physically work a lot.
To much focus on unemployment rate. Focus on employed PAY! Millions of working poor is costing us too.
Berlin is a capital city and part of the biggest economy in Europe. It's achievements can't be replicated by a small town. It's a terrible comparison.
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potentials
any area can become better, but then prices go up and people will complain about that.
The Standard & Poor's broad-based index of U.S. consumer confidence has reached historic lows, primarily due to inflation and recession. The decrease in retail spending, home-building, and manufacturing output has led consumers, who play a crucial role in the U.S. economy, to reduce their spending on non-essential items like appliances and services. Despite the current market conditions, it is essential to encourage saving and wise investment decisions. As for profiting from the present market turbulence, I am contemplating whether to sell my high six figure ETF/Growth Stock portfolio.
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Regional inequality is normal. It is very efficient to have a central hub for finance and start ups. It doesn't split families and it's easier for companies to find talent.
I live in Pittsburgh. Robotics is not alleviating our homelessness problem. Things are deteriorating faster than they are improving
You mean the average yinzer didn’t take out a 400K loan to get a masters in robotics from CMU? Or that the upshot of all these “robotics” is a sweeping wave of automation and AI, that coupled with horrendous monetary policy will plunge these cities into abysses
@@RM-jb2bv When thinking about the automation dream, people often believe it’s going to create a net positive impact. And that may be so. But if history has shown us anything, it’s that history is filled with mass famine, death and forced relocation without so much as a whimper for millions of lives lost over the course of a generation. And that’s my fear. That it’s starting already and in 50 years we’re gonna have someone do the math who’s just discovered the population has been mostly slipping off the radar and passing away in poverty, than being uplifted by the promise of automation.
Top down governance leaves vast swaths of poverty cause of corporate influence on government
We could raise wages and eliminate tax havens...
Tax large corporations
Or you could read some marx. Start with critique of the gotha.
How?
You can't eliminate tax havens, both of your suggestions are ignorant and only create more poverty with fewer opportunities. Learn some economics.
There are no quick fixes for any large scale socio-economic problems. Anyone trying to sell you on one either has no idea what they're talking about or is purposefully lying to you.
@@tjmarx why you can't eliminate tax heavens?
É só encher essas cidades de Cearences, onde o povo do Ceará encosta, enche de negócios.
While eds and meds is largely credited for Pittsburgh's resurgence; I would argue that civic pride and the political climate were larger contributors. I have traveled extensively and realized that my hometown has a civic pride that is largely unmatched. Additionally, the city itself is very very small and while it's extremely left leaning the suburbs that surround the city are largely more purple, and the exurbs are extremely red. This more balanced political environment creates a need to compromise that helps balance the needs of the haves and the have-nots.
London has become rich from exploiting the resources of oil in Scotland and coal in Wales (both nations still resource rich - now extended to renewables and water). The end result has been London being too expensive to live in - and people have nowhere else to go.
Britain is turning into CATASTROPHE for its own citizens, Imigration is high , but it hides a RECORD emigration of NATIVES as far away from UK as they can get to Australia and Canada, people are tired of excuses why things are imploding. Britain is experiencing ECONOMIC MELTDOWN as we speak, by the end of decade it will leave place of 6th largest economy and end somewhere in 14th place. UK right now is making look Argentina like fantastic place to live and UK like best place TO LEAVE.
as long as there is systemic racism in real estate -- aka housing appraisal prices are lower when the "poor" neighborhoods are non-white, there are no ways to ensure poor areas get richer. In the US, "richness" only comes with gentrification. And gentrification means, whites move in, harass the people of color that live there and own homes, drive up the property taxes so that the people of color that own in the area are essentially prices out. And then when the majority of the people of color are driven out, the property that was deemed "worthless" becomes multi-million dollar real estate.
The issue is Capitalism and governance being mixed. Deal with the two separately.
The issue is laziness, and the tendency to blame hardworking people.
@@XOPOIIIO LOL yes the entire part of tyhe country mentioned in the video went from being hard working to not hardest working in 2 to 3. years.
@@Thebreakdownshow1 You should hard work to learn how to save money.
What does it mean to "deal with" capitalism?
What! That is mind blowing how it went from the biggest & richest empire in human history to this *"half the country today in the UK is poorer than the poorest U.S states"*
This is why we need younger people in politics cause they know what industries are working and can use remote working and what areas need fixing. It also depends on what type of poor people are living in those areas either with drugs, spending problems, or not able to adjust to the new work environments. Another way is to find places that have a lot of junk lying around and try to get trash companies to recycle them such as old cars and trucks just left to rot we could refurbish them and with the new EV kits coming out soon make them drivable again, or let shop classes buy them cheap and when they are done make sure they can be recycled if clean up those parts of the city more new bussniess might come in and help the local economy.
We do not necessarily need "younger people in politics cause they know what industries are working". Those who have their nose at the grindstone do not necessarily discern trends beyond the immediate goals they seek to accomplish. Some level of experience and maturity capable of evaluating dispassionately the info flow can maybe favour those who are not quarrying at the rock face.
Poor people are failures because theyre ignorant and uneducated! Its got nothing to do with picking up garbage!
6:40
yeah, the rich 1% and the poor 99%, and we all are part of the poor 99%.
until slavery is abolished we all will be slaves.
I feel like poor economies usually lead to environmental degradation
Strange trivia, statistically proven: Plant trees. Trees increase property value, REDUCE CRIME, reduce traffic problems. No one's sure why, but there's a causality link.
Urban environments are really bad for our psychology. We are depressed and sad in cities, especially poor people that dont live near vegetation. And no grass lawns are not ”vegetation”
@@karigrandii it’s not that humans are sad in cities, they’re sad in terribly planned cities (cities with no parks, poor transportation)
As if a rich economy are taking care of the environment any better.
because they get paid by rich economies to do it
In economies where global markets determine the prices of goods, small communities simply cannot become economically viable for anything except maybe agriculture. These small communities that do exist, there's not much that can realistically be done for them, it's just throwing money into a fire. We can offer them support to move to more prosperous areas, but beyond that, we should be lifting whatever restrictions have been placed on their land-use and transportation policies so that they can figure out what will actually work for them.
4:00 Growing wealth gap
7:20 German reunification and wage gap 26% - large cities rejuvenated only
I live in a small market town in Norfolk, UK where the market and town (shops) have virtually disappeared. Our industry was based on agriculture and fishing. Campbell’s Soup, who chose the town to place their European base in have long gone. We had a large input of Eastern European workers who mostly returned home after one of the largest Brexit votes in the country and Covid . Now we are left as a carbuncle on the edge of a very affluent North Norfolk, made up of a London elite. I can’t see where a town like ours would get economic growth from. I suspect they think the wealth will seep west rather than trickle down. The future is bleak. Even our hospital is falling down around the patients and staff’s feet. … and yes, crime is rising!
Then your town wont make it! Simple!
Perhaps taking a look at the price per M2 in England's hosing over the last 30 years will give you an idea of how the wealth is being spread from London and now covers the SE, SW, and is spreading as far as Norfolk. Look at the wealth per captia
I think this video very difficult but its has a lot of information or news👍👍👍👍👍👍👍👍👍👍
I liked that. Big money is the answer whether it comes from the public or private sector. It is hard to get big, sustained federal money, and for big businesses to go to undesirable places, they need to be given enormous incentivizes that blind us from and put at risk the long-term benefits.
To attract a large business or businesses, the political set-up must rid the area of gangs and other criminals. I'm not going to go shop at a store where I have to carry a gun so that I might make it out alive with what I bought.
@@michaelmullin7941 Agreed a community's culture comes first. If it isn't positive and productive, you are throwing money in the trash.
that's why Warren's billionaire tax would help. under the current hypercapitalistic system, private sectors only focus on profits over people once their contribution to innovation has met with the shareholder's glut for more money.
Great video but if you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life, Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life too 🙏🙏🙏
Problem is even if you open business in poorer areas, it is also difficult to find talented people . Because most talented people in these areas are just waiting to finish education and leave!!.
Thank you 🙏 it’s a great thought beginning with very simple yet important question. Agree with many comments.
What I am not certain I understand from this video is discussion about making job market more diverse; we talk about tech, AI, robotics a lot and it seems to me we are just trying to replace one big thing “Steel” with another one big thing “tech”
There are many areas that can not only help create more jobs but help with critical issues like climate change, healthcare, education etc
Lot of indians in IT jobs on fake resume fake degree
Elon has fired many and many companies are firing
Trust me in few months this will be flash news indians in IT in us large chunk on fake resume fakecdegree fake experience
‘Leave’ it to the Economist to propose a small government solution to any and every problem. Government can never be too small if you ask them. Of course, it can be, and in certain aspects, already is.
The real purpose of this dogmatic refrain is to enable big business to more easily shape the decisions of small government to suit their own aims.
The answer is NOT to bombard it with other people's money
Why don't we just pay the people working there better, so they can afford to live in their towns and have extra discretionary income to improve the local economies?
great video! only problem is the a picture of Philadelphia was taken instead of pittsburgh
@2:54, Britain is a socialist nation due to the powerful, wealthy, influential, and popular labor unions. The militant labor unions demand for higher wages, benefits, and perks eventually made British steel too expensive to be competitive. Government subsidies could not sustain the these steel factories indefinitely, and in time they all went bankrupt.
Leipzig isn’t a great example. Its people vote for the far left and the far right. Better examples are Estonia, Ireland, and Switzerland. If you create the right fiscal incentives, effective education policies, and get out of the way of people, you’d be surprised how crafty they are in creating a better future for themselves. This is liberalism 101. It’s frustrating seeing populist politicians wanting an ever larger state as if it’s a solution for anything.
Tell me, tell us, in those better example countries, when they do create better infrastructures, what happens next that brings business investment and growth?
@@markhathaway9456 Hi Mark, not sure what you’re asking exactly. GDP growth occurs via a plethora of reasons, and policy needs to incentivise it, rather than the opposite. The former prime minister of Estonia Mart Laar has a great write up on the Estonian economic miracle that I recommend reading for those interested in this subject.
If all countries behaved like Ireland, the countries of the EU would be bankrupt within some years. Their great model is luring companies into their tax-territory by offering them tax-cuts, tax-exemptions and a jurisdiction that looks to the other side in case of infrictions.
For them, it works, but if other countries started luring the companies away from Ireland by offering even lower taxes and laxer courts, they would get bust.
My problem with this approach is that they are framing everything from the aspect of “productivity”. They’re still trying to solve societal issues from a purely capitalist perspective and that just won’t work
I knew at 14 the area I grew up in wasn’t going to be for me, heavily hospitality focused and expensive. The young people need to plan to leave get better opportunities elsewhere.
If the industry that brought people a generation ago to a area then fails then people need to move for new work opportunities. Languishing in a area 50-60 years post it’s hay day asking the government to bring industry back takes way to long.
How does importing people from other cultures help if you are unable to tend to the populations needs that are already there?
Personally, I've been interested in two grassroots groups called the Next System Project and the Democracy Collaborative. They have devised a way to keep production local for key anchor institutions and contract service to cooperatives. They have helped multiple cities struggling with job loss due to factory closures build back their communities, in the US and UK. In addition, trade unions, collectives, public banks, credit unions, community land trusts, CSA's, and many other democratically controlled institutions can work together to create democratic networks outside the market to create an economy that doesn't reduce people, their governments, and the environment to a monetary value. I think this can be a viable strategy to give people the autonomy over their work. I believe economic democracy is the only way people who work for the economy will have the economy work for them, their families, and the planet too.
This way of revitalizing communities by building community wealth has helped many communities all over the globe, and it is utilized by the UK labor party and touted by Jeremy Corbyn. Preston, Lancashire became the most improved city in the UK because of community wealth building. Not to mention, much of the progress in labor rights has been due to union's collective power. The thing that draws my conviction to the movement is that I can see it now, helping empower people to live happier, healthier, and wealthier lives.
😧 What you describe is the essence of democratic socialism. Bottom up and local based enterprises are the humane way of organising communities. Surplus funds are used as dividends for the workers and / or reinvested in the enterprise as a cooperative. No theft by another name of resources belonging to the people.
Representative Democracy hasn't worked in over 50 years because politicians will always come from the monied classes and be beholden to their Corporate Donors, only way we avoid this apocalypse is to stage a Velvet Revolution to install a Scaled Direct Democracy. Citizen Initiated Referendums with thresholds and a Social Contract using Blockchain technology means communities can vote their own policies without parties or politicians. Banning Beef, Oil, and Fishing Subsidies would stall climate change and habitat degradation overnight. Thorium Energy renders their global oil monopoly obsolete. Police can be actively policed by an independent public authority with the power to prosecute bad actors in our own courts.
Or we can bend over and accept our Orwellian future
I really don't think the solution is hoping for major corporations to create jobs to combat brain drain. You need to build a regional hub where locals can start their own businesses and build them into regional powerhouses.
Yes, the poor are waiting to be rescued! Thats unabecoming of an American!
Surprise you did this piece. Do more like this.
how do these cities balance growth from new residents vs. increases costs (**i.e. housing/rent) for lower-to-middle-income locals
"Invest into things that bridge the gap between the rich and poor"... and what returns do you expect on your investment? If you want to bridge the gap between rich and poor, simply tax the rich till they are poor and redistribute wealth among the poor till they're a bit closer to middle class.
I never said "everyone will be rich at the same time" ;)
IMO globalization was the reason most of my fellow workers lost their jobs and quality of life.
making poor areas rich is easy. doing it in such a way that the poor people benefit from it and aren't forced to leave... thats the hard part
How many kids can afford go to Carnage? It costs $100k+ USD per year include room and board.