The World Trade Center's Surprising History

The history of the World Trade Center is a case study in why government should not be involved in private-sector development.
November 5, 2001, 5am PST | Chris Steins | @urbaninsight
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"...From the moment it opened its doors in the early 1970s, the center, owned and operated by the publicly funded Port Authority of New York and New Jersey, was really a grandiose monument to the ills of state capitalism, where government substitutes its bureaucratic and politically motivated thinking for the wisdom of the free market's invisible hand. Indeed, the WTC offers a case study in why government should not be in the business of developing and managing commercial property. As New York state and city officials move toward setting up a new public entity to oversee the rebuilding of lower Manhattan, the center's history provides a cautionary tale for everyone involved—starting with Governor George Pataki."

Thanks to The Practice of New Urbanism

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Published on Sunday, November 4, 2001 in City Journal
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