Article(print)2004

The collapse of a noble idea

In: Regulation: the Cato review of business and government, Volume 27, Issue 4, p. 30-33

Krol, Robert; Svorny, Shirley

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Abstract

Traces the failure of the Los Angeles Community Development Bank (LACDB), demonstrating problems inherent in US urban industrial policy. It is contended that the LACDB did a poor job assessing loan risk and investment prospects. Design flaws in development banks are pointed out before arguing against government lending. It is concluded that policymakers should avoid ineffective loan programs, focusing instead on fostering the urban conditions for economic growth in the form of basic public goods.

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