Can Corporate Philanthropy Promote Regional Growth?

"Katz and Mills contend that Philadelphia’s future, like that of so many urban areas undergoing economic deterioration, depends on attracting a new breed of business and employee – designated in the FRB report as knowledge-based firms and workers – with the right kinds of jobs and environment... According to Katz, GPF attempted 'to evolve a strategy for the region ... that would take actions and support investments, programs and initiatives to help transform the region from a service-based to a knowledge-based economy. The central thesis of this strategy is that the factories of the 21st century are the universities, the medical research institutions and the laboratories.'" Editor's note: Free registration is required to access this article.

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