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What Will It Take to Win the Global Competition Between Cities?
For Bloomberg, the 21st-century global economy has fundamentally changed what it means to run a city, as individuals and capital become ever more mobile. As Bruce Katz, Director of the Brookings Metropolitan Policy Program, recently discussed, cities are increasingly responsible for their own competitiveness on the global stage, and must take on obligations that traditionally have been the purview of national governments.
So what are the metrics by which success for cities can be judged? According, to Mayor Bloomberg, "For cities to have sustained success, they must compete for the grand prize: intellectual capital and talent."
"I have long believed that talent attracts capital far more effectively and consistently than capital attracts talent. The most creative individuals want to live in places that protect personal freedoms, prize diversity and offer an abundance of cultural opportunities. A city that wants to attract creators must offer a fertile breeding ground for new ideas and innovations."
"Economists may not say it this way but the truth of the matter is: being cool counts. When people can find inspiration in a community that also offers great parks, safe streets and extensive mass transit, they vote with their feet."