For your consideration regarding Detroit – something I wrote about in 2010 on Chapter 9 bankruptcies. You can explore the Google Trends on “chapter 9” including metro regions searching for the term here.
234-years ago, Adam Smith published the Wealth of Nations. While some see confirmation of Smith’s beliefs in the return of robber barons, others believe Smith did not mean what you think he meant. We see that the Adam Smith we have come to know is actually only 60-years young, and came from Chicago:
…Lost Legacy has never been slow in criticizing the ‘Chicago Adam Smith’, a person with ideas that are far from the ideas of the Adam Smith born in Kirkcaldy in 1723.
George Stigler’s boast that “Adam Smith is alive and well and lives in Chicago (1976) reflects to invention of the Adam Smith of the “invisible hand (a mere metaphor for Adam Smith whose single use of it in Wealth Of Nations referred to the unintended consequences of the risk-avoidance of some, but not all merchants … who preferred the home trade), and had nothing to do, at least in Adam Smith’s mind, with how markets worked, … or how the price system worked.
The belief that the “invisible hand was a significant ‘idea’, ‘concept’, ‘theory’, or ‘paradigm’ was wholly invented in the 1950s by neo-classical economists on the back of general equilibrium mathematics … and in support of a worthy criticism of Cold War, Soviet central planning. It is now taught in every economics 101 class as if it had historical validity, mainly by people who have never bothered to read Wealth Of Nations. …
Would the actual Adam Smith agree with Reagan that “Government was not the solution, Government was the problem ? Would he worship the wealthy? Would he have opposed the Stimulus Act? Would he have cozied up to corporations? Would Smith pass the litmus test of the teabaggers and the Mount Vernon Statement? Would he have been a free-market deregulation ideologue? Would he even recognize capitalism as we know it?