Creating Analytical Question
Have global financial markets influenced U.S city activities?
The global financial market facilitates redevelopment of U.S cities such as Chicago. The municipalities resolved into the adoption of financialization of the urban development policy after the collapse of the international monetary management system (IMMS) in 70’s. Redevelopment requires enormous budget which the local governments cannot manage to raise by themselves. As a result, most of them turn to global markets for finances to fund the redevelopment of various projects within the United States cities. The cities have undergone numerous activities such as land acquisition, construction, and demolitions in line with development efforts most of which receive finance from the financial markets. Most of the financial assistance comes from outside markets from Asia, USA, and Europe (Weber, 2010).
Secondly, in the United States, a majority of cities has experience change on provisions of public goods. Such has been made possible by municipal councils capitalizing on their access to global financial markets as their anchor to pressure federal agencies and private sectors into offering better services such as enhanced education and infrastructure to its citizens (Weber, 2010).
The collapse of the IMMS resulted in increased efforts in the privatization of the financial sector in the United States. Th…
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