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What's something that prosperous cities have in common? They know better than to put all their eggs in one basket.
Or, rather, put all of their economic success in the hands of one source—be it company, plant or person. William Fulton, author of Romancing The Smokestack: How Cities And States Pursue Prosperity, explores the successes and failures of communities.
We continue to see cities, unsuccessfully, think that by getting the next big company to move to their city they'll reap economic benefits. But smart cities must encourage and help develop new business, skilled labor and research in order to reap in the economic gains.
Read more in his new book, Romancing The Smokestack: How Cities And States Pursue Prosperity, or read the excerpted article.