Did we win the war on poverty?
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© RW Ventures, LLC 2015
Did We Win the War on Poverty?Fighting the Good Fight – What Still Needs to Be Done?
Chicago Federal Executive BoardJune 16, 2015
Robert WeissbourdRW Ventures, LLC
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Launching the War on Poverty
“Our task is to help replace their despair with opportunity.
This administration today, here and now, declares unconditional war on poverty in America.”
- President Lyndon B. Johnson (January 8, 1964)
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War on Poverty in the “Great Society”
Nearly 200 pieces of legislation, many of which are still in place today:
"Our aim is not only to relieve the symptoms of poverty, but to cure it and, above all, to prevent it.“
Source: LBJ Library
Economic Opportunity Act of 1964
Food Stamp Act of 1964 (now SNAP)
Social Security Amendments of 1965
Elementary and Secondary of 1965
Housing & Urban Development Act of 1965
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Agenda
From Poverty Alleviation to Market Based Development2
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
Implications for the Federal Government5
Winning? The Numbers 1
4
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Agenda
From Poverty Alleviation to Market Based Development2
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
Implications for the Federal Government5
Winning? The Numbers 1
5
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Official Poverty Measure (OPM)
Source: U.S. Census Bureau, 2014
OPM = pre-tax income against mostly food needs.
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Official Poverty Measure (OPM)
Source: U.S. Census Bureau, 2014
By OPM: poverty rate has not declined
OPM = pre-tax income against mostly food needs.
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Supplemental Poverty Measure (SPM)
7
SPM = income + welfare/transfer payments – taxes against basic expenditures
Source: President’s Council on Economic Advisors, 2014
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Supplemental Poverty Measure (SPM)
7
By SPM: welfare programs have reduced poverty rate from 26% to 16%
SPM = income + welfare/transfer payments – taxes against basic expenditures
Source: President’s Council on Economic Advisors, 2014
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Market Poverty Measure
8
By MPM: welfare is significantly reducing poverty,but markets leaving more people behind
Source: President’s Council on Economic Advisors, 2014
Growing market poverty means wages and income are increasingly falling short
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Relative Poverty
9
“In order to participate fully in the social life of a community, individuals may need a level of resources that is not too inferior to the norms of a community.” - OECD
Source: CEPR, 2013
Relative poverty is high and getting worse
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Winning? By the numbers:
Major progress, but serious challenges remain:– Welfare works! Programs have kept over 300 million people
out of absolute poverty– Relative Poverty high & rising
Welfare is necessary, but not sufficient – Compensates for market failure & exclusion: alleviates but
doesn’t cure– Often creates alternative, dependency-based, programs,
rather than solving for the underlying market causes
We need to shift towards moving people & places back into the economic mainstream
10
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Agenda
From Poverty Alleviation to Market Based Development2
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
Implications for the Federal Government5
Winning? The Numbers 1
11
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Origins: From “Equity” to … “Equity”
12
Civil Rights
Empowerment
Economic Development: Assets
Economic Growth: Markets
Putting the ECONOMICS in Economic Development/Growth
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Poverty and Economic Growth
13
“… poverty has no causes. Only prosperity has causes. Analogically, heat is a result of active processes; it has causes. But cold is not the result of any processes; it is only the absence of heat. Just so, the great cold of poverty and economic stagnation is merely the absence of economic development. It can be overcome only if the relevant economic processes are in motion.”
-- Jane Jacobs
Photo from Shelf-Basin Interactions
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Therefore, to increase wealth in poor communities, expand market activity to the assets of those communities.
Market Based Development
14
The economic mechanism for investing in assets is the market
Wealth is created by investing in assets
To address poverty, create wealth
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Market Failure inLower Income Communities
15
• Employment networks• Entrepreneurial opportunities• Business, real estate investment• Expanded products and services• Competitive, healthy
communities
• Undervalued, underutilized assets
Poverty Productivity
Connectedness
Isolation
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Elements of Market Based Development
16
Increasing Productivity• Long term economic growth occurs through enhancing productivity of
individuals, businesses and institutions (including government) • Invest in technology, R & D, human capital, knowledge factors that
lead to innovation
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Elements of Market Based Development
16
Expanding Inclusiveness
Increasing Productivity• Long term economic growth occurs through enhancing productivity of
individuals, businesses and institutions (including government) • Invest in technology, R & D, human capital, knowledge factors that
lead to innovation
• Reincorporating wasted “market-ready” assets – such as underdeveloped land, underemployed labor or underserved markets – into the economy can increase efficiency and productivity
• This growth is not just good, but good for business – no trade-off between equity and growth
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Elements of Market Based Development
16
Developing Assets
Expanding Inclusiveness
Increasing Productivity• Long term economic growth occurs through enhancing productivity of
individuals, businesses and institutions (including government) • Invest in technology, R & D, human capital, knowledge factors that
lead to innovation
• Reincorporating wasted “market-ready” assets – such as underdeveloped land, underemployed labor or underserved markets – into the economy can increase efficiency and productivity
• This growth is not just good, but good for business – no trade-off between equity and growth
• Getting assets market-ready also makes economic sense• Also necessary for strong society: healthy economy and democracy
linked
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Low Alignment
High Alignment
MARKET INTERVENTIONMarket solution possible if market operations and environment changed through public policy and advocacy
MARKET REDEFININGMarket solution possible if market operations and market environment changed through private activities
MARKET REFININGMarket solution possible with new information, products or networks
PURE MARKETMarket solution possible; market already generates ED outcomes
NON-MARKETNo market solution; market is not the appropriate channel
Activities to Align Markets and Development
17
Market Interests
ED Goals
Adapted from Kahane-Weiser-Weissbourd/Ford CII
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Low Alignment
High Alignment
MARKET INTERVENTIONMarket solution possible if market operations and environment changed through public policy and advocacy
MARKET REDEFININGMarket solution possible if market operations and market environment changed through private activities
MARKET REFININGMarket solution possible with new information, products or networks
PURE MARKETMarket solution possible; market already generates ED outcomes
NON-MARKETNo market solution; market is not the appropriate channel
Market Interests
ED Goals
Adapted from Kahane-Weiser-Weissbourd/Ford CII
Make Market Work(Addressing Internal Imperfections)Change Market
Parameters(Using Market Mechanisms)Change Market
Parameters(Using Non-market Mechanisms)
Vital Work –but not market based!
Market Works:Company profits while providing Development impact.
Activities to Align Markets and Development
18
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NEXTOLD
Intervene:Low Income Housing Tax Credit
19
OBJECTIVE: Affordable housing
Large-scale, publicly-owned & operated, wholly subsidized
development
Tax credit to enable market development of affordable units
Image Sources: Art Gray (Flickr)
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NEXTOLD
Redefine: YearUp
20
OBJECTIVE: Human Capital Development
Provider orientation. Disconnected from market
demand. Outputs vs Impacts.
Tailored, demand-driven training linked with direct
placement opportunities and career pathways.
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NEXTOLD
Refine: ShoreBank
21
OBJECTIVE: Comprehensive Neighborhood Development
Heavily subsidized, fragmented, one-off deals.
Development activities disconnected from market.
Holding company with bank, venture fund, housing developer, & non-profit
– specialized knowledge and tools enabling mutually-reinforcing market
based investment.
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Agenda
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
Implications for the Federal Government5
Winning? The Numbers 1
22
From Poverty Alleviation to Market Based Development2
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A Fundamental Change in the Economy
23 Source: Brookings (data from Moody’s analytics)
No more “business as usual”
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% C
hang
e
• Human capital• Information technologies• Product innovation; flexible
customization• Firm, consumer and knowledge
networks• Increasing returns; divergence
The Global Economy is Undergoing a Fundamental Transformation
24Source: “Greenspan Weighs Evidence and Finds a Lighter Economy,” Wall Street Journal
Driven by Knowledge Assets
$s lbs0%
100%
200%
300%
400%
500%
600%GDP Growth, 1950 - 2000
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1920s 1990s0
20406080
Years Spent on the S&P Index
The Economy is More Dynamic(and Global)
25Sources: Newsweek, Manyika, Lund and Auguste, “From the Ashes,” 8.16.2010; Brookings Institution
15% 17% 19% 21% 23% 25% 27% 29% 31% 33%0%
10%20%30%40%50%60%70%80%90%
Churn and GRP Growth by MSA
Firm Starts and Closures (Churn) as % of All Firms
GRP
Gro
wth
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1920s 1990s0
20406080
Years Spent on the S&P Index
The Economy is More Dynamic(and Global)
25Sources: Newsweek, Manyika, Lund and Auguste, “From the Ashes,” 8.16.2010; Brookings Institution
21.4%Global GDP (2010)
BIC Countries
20.2%US
15% 17% 19% 21% 23% 25% 27% 29% 31% 33%0%
10%20%30%40%50%60%70%80%90%
Churn and GRP Growth by MSA
Firm Starts and Closures (Churn) as % of All Firms
GRP
Gro
wth
25.8%Global GDP (2015)
BIC Countries
18.3%US
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…and Centered in Metropolitan Areas
26
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Population
83.7%
Employm
ent
89.8%
Personal Income
96.3%
Know
ledge Industries (GD
P)
87%
Metros Share of U.S. Total
Source: Brookings Institution; Bureau of Economic Analysis, U.S. Patent and Trademark Office
Gross Product
90%
Patents
95.5%
…and Centered in Metropolitan Areas
26
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What Makes Metropolitan Regionsmore Productive in the Next Economy?
27
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Customize: Build on Distinctive Assets
Develop Institutional Capacity and Intentionality
Invest in Complementary Activities That Create Synergies
27
Metros Concentrate People andFirms to Achieve Efficiencies
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Leverage Points
for Sustainable and Inclusive
Prosperity
EnhanceRegional
Concentrations/Clusters
Market Levers on the Next Economy
28
Functional clustering Shift towards SMEs More deliberate, open,
flexible, collaborative
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations/Clusters
Market Levers on the Next Economy
28
Functional clustering Shift towards SMEs More deliberate, open,
flexible, collaborative
Mobility and matching
Segmented, continuous, contextual training
Occupational-technology-firm pools
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
Market Levers on the Next Economy
28
Functional clustering Shift towards SMEs More deliberate, open,
flexible, collaborative
Cluster restructuring new entrepreneurship and SME opportunities
Innovation Districts
Mobility and matching
Segmented, continuous, contextual training
Occupational-technology-firm pools
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
Create EffectivePublic & Civic
Culture & Institutions
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
Market Levers on the Next Economy
28
Functional clustering Shift towards SMEs More deliberate, open,
flexible, collaborative
Cluster restructuring new entrepreneurship and SME opportunities
Innovation Districts
Formal and informal economic networks
Cross Sector Initiatives
Transparency, openness
Mobility and matching
Segmented, continuous, contextual training
Occupational-technology-firm pools
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
Increase Spatial
Efficiency
Create EffectivePublic & Civic
Culture & Institutions
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
Market Levers on the Next Economy
28
Functional clustering Shift towards SMEs More deliberate, open,
flexible, collaborative
Cluster restructuring new entrepreneurship and SME opportunities
Innovation Districts
Formal and informal economic networks
Cross Sector Initiatives
Transparency, openness
Move towards compact, well-connected urban form
Mobility and matching
Segmented, continuous, contextual training
Occupational-technology-firm pools
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THE NEXT ECONOMY ENTAILS A FUNDAMENTALLY DIFFERENT APPROACH TO ECONOMIC GROWTH
29
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From the “Old Economy”…
30
Cities are centers of poverty and problems …
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…To New Principles forthe Knowledge Economy
31
Cities are the solution, ripe for investment
“Urban” is not a four-letter word
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From the “Old Economy”
32
Chicago MSA Job Growth/Loss, 1995-2010
3,498,0002,861,000
176,000
Costly and one-off firm attraction
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From the “Old Economy”
32
Chicago MSA Job Growth/Loss, 1995-2010
Net: -697,000 811,000 5,000
Source: YourEconomy.org; CAREFUL re: interpretation due to methodological issues concerning attributions by category.
3,498,0002,861,000
176,000
-4,195,000Opened/(all) Closed
-2,050,000-171,000
Expanded/Contracted Moved In (time of)/Moved Out
Stop competing to grow…
Costly and one-off firm attraction
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…To New Principles forthe Knowledge Economy
33
…and start growing to compete
Concentration of workers with IT &
design skillsHighly ranked
engineering schoolRelevant university
research activity
Strengthen entrepreneurial support
and ecosystem
Strengthen university-industry connections
commercialization and firm innovation
Innovation Accelerator (catalyze technology
commercialization, support new & existing firm growth)
Build on existing strengths and unique assets
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From the “Old Economy”…
34
Competing on low cost
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…To New Principles forthe Knowledge Economy
35
Compete on value added
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From the “Old Economy”…
36
Chasing the “Big Deal”
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…To New Principles forthe Knowledge Economy
37
Be strategic – understand your place and path in context
Deals as a tactic, driven by an underlying strategy
Source: World Business Chicago’s Plan for Economic Growth and Jobs
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From the “Old Economy”…
38
Focus on Consumption
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…To New Principles forthe Knowledge Economy
39
Focus on Production
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From the “Old Economy”…
40
Bureaucratic, top-down, inside-out government
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…To New Principles forthe Knowledge Economy
41
Transparent, outside-in, networked collaboration across sectors, subjects and borders
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From the “Old Economy”…
42
Transportation
Hou
sing
Tax Benefits
Education
Infrastructure
Job Placement
Delivering disconnected programs
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…To New Principles forthe Knowledge Economy
43
The whole is greater than the sum of its parts
Transportation
Hou
sing
Tax Benefits
EducationInfrastructure
Job Placement
Act in context, with integrated solutions
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From the “Old Economy”…
44
Lack of education
Investment
Homelessness
Lack of money
Unemploy-ment
Crime
Markets
Ownership
Connected Communities
Addressing poverty as isolated problem
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…To EmbracingNext Economy Dynamics
45
Productivity InclusivenessAsset
Development
“I N C L U S I V E G R O W T H”Constructive Government
Economic Place Making
Asset-Based Investment
Economics & Markets
Move people & places into the economic mainstream
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SUCCESS = Dynamic
Economic Growth
SUCCESS = Short Term
Jobs
Subsidize companies
Reduce taxes
Train the unemployed
Municipal competition
Government-led
Traditional economic development
New economic growth planning
Leverage regional strengths
Add value
Connect trainingto jobs
Regional collaboration
Public-private partnerships
New Principles for Economic Development
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Agenda
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
Implications for the Federal Government5
Winning? The Numbers 1
47
From Poverty Alleviation to Market Based Development2
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Why Inclusion Matters
48
Why Care Causes of Exclusion Fixes
ValuesSocial Erosion Moral Imperative
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Why Inclusion Matters
48
Why Care Causes of Exclusion Fixes
Values
Governance
Social
Political
Erosion
Corruption of Political System
Moral Imperative
Political Economy
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Why Inclusion Matters
48
Why Care Causes of Exclusion Fixes
Values
Governance
Prosperity
Social
Political
Economic
Erosion
Corruption of Political System
Returns to Capital
Moral Imperative
Political Economy
Inclusive Economic Growth
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Why Inclusion Matters
48
Why Care Causes of Exclusion Fixes
Values
Governance
Prosperity
Social
Political
Economic
Erosion
Corruption of Political System
Returns to Capital
Moral Imperative
Political Economy
Inclusive Economic Growth
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The Inclusive Growth Paradox
49
Drivers of growth exacerbate inequity
0.05.0
10.015.020.025.030.035.040.0
Changes in Share of Total Household Income, 1979 - 2007
1979 2007
Nonfinancial Corporations Sector
Labor Share
140
120
100
80
60
40
20
01940 1950 1960 1970 1980 1990 2000 2010 2020
2013 research.stlouisfed.org
Index 2005=100
Profits
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The Inclusive Growth Paradox
49
-.20
.2.4
.6W
age
Gro
wth
(199
0-20
00)
0 .1 .2 .3 .4Poverty Rate (1990)
Inequity is bad for growth Drivers of growth exacerbate inequity
0.05.0
10.015.020.025.030.035.040.0
Changes in Share of Total Household Income, 1979 - 2007
1979 2007
Sources: Federal Reserve Bank of St. Louis; Congressional Budget Office; RW Ventures Analysis
Nonfinancial Corporations Sector
Labor Share
140
120
100
80
60
40
20
01940 1950 1960 1970 1980 1990 2000 2010 2020
2013 research.stlouisfed.org
Index 2005=100
Profits
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The Inclusive Growth Paradox
49
-.20
.2.4
.6W
age
Gro
wth
(199
0-20
00)
0 .1 .2 .3 .4Poverty Rate (1990)
Inequity is bad for growth Drivers of growth exacerbate inequity
0.05.0
10.015.020.025.030.035.040.0
Changes in Share of Total Household Income, 1979 - 2007
1979 2007
Sources: Federal Reserve Bank of St. Louis; Congressional Budget Office; RW Ventures Analysis
INCLUSION is a
BUSINESS IMPERATIVE
Nonfinancial Corporations Sector
Labor Share
140
120
100
80
60
40
20
01940 1950 1960 1970 1980 1990 2000 2010 2020
2013 research.stlouisfed.org
Index 2005=100
Profits
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What is Inclusive Growth?
50
Tota
l Wea
lth
Distribution of Wealth
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What is Growth?
51
Tota
l Wea
lth
Distribution of Wealth
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What is Growth?
52
Distribution of Wealth
Tota
l Wea
lth
Change in Height (Accumulation)
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What is Equity?
53
Tota
l Wea
lth
Distribution of Wealth
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What is Equity?
54
Tota
l Wea
lth
Change in Slope of Line (Distribution)
Distribution of Wealth
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What is Inclusive Growth?
55
Tota
l Wea
lth
Distribution of Wealth
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What is Inclusive Growth?
56
Tota
l Wea
lth
Change in Accumulation and Distribution
Distribution of Wealth
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What is Inclusive Growth?
56
Tota
l Wea
lth
Change in Accumulation and DistributionHow can we enable this growth….
…with a more equitable distribution?
Distribution of Wealth
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The Growing Exclusion of the Poor
57
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The Growing Exclusion of the Poor
58
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The Growing Exclusion of the Poor
59
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The Growing Exclusion of the Poor
59
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The Growing Exclusion of the Poor
60
$1,133
-$213
-$439 -$354
-$128
Difference in $
Diff
eren
ce in
Bill
ions
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80
Principles for Poverty Alleviation through Inclusive Growth“It’s the Economy” Focus on opportunities (specific assets, markets & growth drivers)
to leverage (not supplant) markets to create value.
61
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81
Principles for Poverty Alleviation through Inclusive Growth“It’s the Economy” Focus on opportunities (specific assets, markets & growth drivers)
to leverage (not supplant) markets to create value.“Skate to Where the Puck Is Going to Be” It’s the next economy. Stop putting poor people in old economy
jobs and businesses!
61
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82
Principles for Poverty Alleviation through Inclusive Growth“It’s the Economy” Focus on opportunities (specific assets, markets & growth drivers)
to leverage (not supplant) markets to create value.“Skate to Where the Puck Is Going to Be” It’s the next economy. Stop putting poor people in old economy
jobs and businesses!New Civics Embrace new cross-sector partnerships, networks, and institutions
to inform and implement work.
61
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83
Principles for Poverty Alleviation through Inclusive Growth“It’s the Economy” Focus on opportunities (specific assets, markets & growth drivers)
to leverage (not supplant) markets to create value.“Skate to Where the Puck Is Going to Be” It’s the next economy. Stop putting poor people in old economy
jobs and businesses!New Civics Embrace new cross-sector partnerships, networks, and institutions
to inform and implement work.Act in Context Activities & geographies succeed or fail in context of each other &
their interactions in place. Strategies and initiatives need to be aligned, integrated & mutually reinforcing.
61
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84
Principles for Poverty Alleviation through Inclusive Growth“It’s the Economy” Focus on opportunities (specific assets, markets & growth drivers)
to leverage (not supplant) markets to create value.“Skate to Where the Puck Is Going to Be” It’s the next economy. Stop putting poor people in old economy
jobs and businesses!New Civics Embrace new cross-sector partnerships, networks, and institutions
to inform and implement work.Act in Context Activities & geographies succeed or fail in context of each other &
their interactions in place. Strategies and initiatives need to be aligned, integrated & mutually reinforcing.
Inclusion is Not a Separate Economic Practice It’s an intentional, integral design principle for every growth activity.
61
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Leverage Points
for Sustainable and Inclusive
Prosperity
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
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Leverage Points
for Sustainable and Inclusive
Prosperity
EnhanceRegional
Concentrations/Clusters
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
Inclusive Clusters:Chicago FOOD
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations/Clusters
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
Inclusive Clusters:Chicago FOOD
Targeted inclusive training for emerging industries: YearUp
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
Inclusive Clusters:Chicago FOOD
Doer-Maker Space: Blue1647
Targeted inclusive training for emerging industries: YearUp
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
Create EffectivePublic & Civic
Culture & Institutions
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
Inclusive Clusters:Chicago FOOD
Doer-Maker Space: Blue1647
Neighborhood/Sub-Regional Business Planning: Greater Chatham Initiative
Targeted inclusive training for emerging industries: YearUp
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Leverage Points
for Sustainable and Inclusive
Prosperity
DeployHuman CapitalAligned with
Job Pools
Increase Spatial
Efficiency
Create EffectivePublic & Civic
Culture & Institutions
EnhanceRegional
Concentrations/Clusters
DevelopInnovation-
EnablingInfrastructure
The Next Economy Offers Huge Opportunities for Aligning Poverty Alleviation and Growth
62
Inclusive Clusters:Chicago FOOD
Doer-Maker Space: Blue1647
Neighborhood/Sub-Regional Business Planning: Greater Chatham Initiative
Industrial land reuse:Casey-Atlanta
Targeted inclusive training for emerging industries: YearUp
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Historically “Neighborhood of Choice” for Middle-Class African American Population
63
Regional Role: Home to many AA-owned
businesses Deployed workers into gov’t.,
mfg, middle mgmt., etc. Primarily bedroom community
Neighborhood Characteristics: Multi-generational families Quality, affordable homeownership Family-friendly – safe, good
transit/transportation, quality schools, strong commercial corridors
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Threatened by Convergence of Global, National and Local Dynamics
64
Hollowing out of middle class Frozen housing market Demographic changes/incoming population
Source: RW Ventures analysis using Dynamic Neighborhood Taxonomy, 2000 and 2010
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The Role of Neighborhoodswithin Regions
65
Neighborhoodsof Choice
Neighborhoods as collection of amenities – housing, retail, public goods, etc. – interacting in place
Whole greater than the sum of its parts
Emphasis on quality of life
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The Role of Neighborhoodswithin Regions
65
Neighborhoodsof Choice
Neighborhoodsof Opportunity
Neighborhoods as collection of amenities – housing, retail, public goods, etc. – interacting in place
Whole greater than the sum of its parts
Emphasis on quality of life
Neighborhoods as collection of assets – labor, land, businesses, etc. - nested in larger markets
Function = develop and deploy assets into larger systems
Emphasis on economics
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Building a Community ofOpportunity & Choice
66
16 mutually-reinforcing strategies– Tying neighborhood assets to regional markets– Ranging from appraisal gap financing, to middle-skill placement to
cluster supply chains.
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Building a Community ofOpportunity & Choice
66
16 mutually-reinforcing strategies– Tying neighborhood assets to regional markets– Ranging from appraisal gap financing, to middle-skill placement to
cluster supply chains.
Modeling new partnerships & programs designed to be replicable across region
New institutional infrastructure:– Engaging community & regional stakeholders from public, civic,
and private sectors– Accountable to community & markets– Flexible, distributed work, and entrepreneurial
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Transformative Initiatives
67
Integrated Workforce Center,
with targeted regional employer
partners
Small Business Capacity Building, for firms in cluster
supply chains
Single Family Rehab
Investment Fund
Anti-Violence Marketing Campaign
Extended After & Out-of-School Programming
New Institutional Infrastructure
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Agenda
From Poverty Alleviation to Market Based Development2
Market Based Development in The Next Economy3
The Promise of Inclusive Growth4
68
Implications for the Federal Government5
Winning? The Numbers 1
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Multiple Roles
69
Enabling
Create optimal infrastructure for
market to perform; increase productivity
Role
Public goods; market preconditions
Market Rationales
Property rights;law enforcement;
transportation infrastructure
Examples
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Multiple Roles
69
Improving
Fixing markets
Externalities, information
imperfections, entry barriers
Anti-discrimination; data, platforms for
market efficiency (e.g. credit scoring; securitization)
Enabling
Create optimal infrastructure for
market to perform; increase productivity
Role
Public goods; market preconditions
Market Rationales
Property rights;law enforcement;
transportation infrastructure
Examples
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Multiple Roles
69
Using
Moving markets on their margins
Positive externalities; more efficient
approach to non-market goals (equity,
public welfare)
Enterprise Zones;New Markets Tax Credit (NMTC);
CRA (in part)
Improving
Fixing markets
Externalities, information
imperfections, entry barriers
Anti-discrimination; data, platforms for
market efficiency (e.g. credit scoring; securitization)
Enabling
Create optimal infrastructure for
market to perform; increase productivity
Role
Public goods; market preconditions
Market Rationales
Property rights;law enforcement;
transportation infrastructure
Examples
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Multiple Roles
69
Degree to which market and asset development goals are already aligned
Getting Assets Market Ready
Moving assets to market (developing
assets in ways which yield growth)
Non-market objectives (but market
awareness)
IDAs; Brownfield Remediation;Education and
training
Using
Moving markets on their margins
Positive externalities; more efficient
approach to non-market goals (equity,
public welfare)
Enterprise Zones;New Markets Tax Credit (NMTC);
CRA (in part)
Improving
Fixing markets
Externalities, information
imperfections, entry barriers
Anti-discrimination; data, platforms for
market efficiency (e.g. credit scoring; securitization)
Enabling
Create optimal infrastructure for
market to perform; increase productivity
Role
Public goods; market preconditions
Market Rationales
Property rights;law enforcement;
transportation infrastructure
Examples
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Affordable Housing
Workforce Training
Small Business
Assistance
Upgrading Roads and
Rail
Export Strategy
HUD Section 8
Dept. of Labor
Workforce Inv. Act
Dept of Commerc
e Int’l. Trade
Admin.
Dept. of Transpo.
SAFETEA-LU
Programs
Small Business Admin. Loans
From fragmented, top-down programs …
70
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DevelopInnovation-
EnablingInfrastructure
Create EffectivePublic & Civic
Culture & Institutions
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations
Increase Spatial
Efficiency
Comprehensive Metropolitan Strategy
HUD Section 8
Dept. of Labor
Workforce Inv. Act
Dept of Commerc
e Int’l. Trade
Admin.
Dept. of Transpo.
SAFETEA-LU
Programs
Small Business Admin. Loans
From fragmented, top-down programs …
70
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DevelopInnovation-
EnablingInfrastructureCreate Effective
Public & CivicCulture &
Institutions
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations
Increase Spatial
Efficiency
Comprehensive Metropolitan Strategy
Integrated Investment by Federal Government,States and Others
White House Office of
Urban Affairs
HUD Section 8
Department of Labor Workforce Investment Act
Small Business Administration
Loans
Department of Transportation SAFETEA-LU
Programs
Department of Commerce
International Trade Administration
71
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Cross-Agency Regional Teams Pooled and Flexible Funding Support for Regional Capacity Building “New Federalism” Partnership
DevelopInnovation-
EnablingInfrastructureCreate Effective
Public & CivicCulture &
Institutions
DeployHuman CapitalAligned with
Job Pools
EnhanceRegional
Concentrations
Increase Spatial
Efficiency
Comprehensive Metropolitan Strategy
Integrated Investment by Federal Government,States and Others
White House Office of Urban
Affairs
HUD Section 8
Department of Labor Workforce Investment
ActSmall Business
Administration Loans
Department of Transportation
SAFETEA-LU Programs
Department of Commerce
International Trade Administration
71
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Producing Results
72
Promise Zones
White House Manufacturing
Institutes
Strong Cities, Strong
Communities
Partnership for
Sustainable Communities
DOE Innovation
Hubs
White House Office of
Urban Affairs
Neighborhood Revitalization
Initiative
Regional Innovation I6
Challenge
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Enable, Improve and Use Markets; Prepare Assets for Next Economy
73
New legal forms tailored to next economy wealth creation,e.g. community/crowd-sourced investment
Infrastructure reconnecting people & places to economic mainstream, e.g. BRT in low-income communities
New intermediaries to strengthen inclusion, e.g. demand-driven workforce intermediaries, inclusive clusters
Public goods that lower barriers to entry, e.g. open source data, open networks and platforms
Invest in inherently inclusive markets, advanced industries e.g. R&D grants for “blue collar” STEM; TA-backed finance for priority industries
Investment vehicles for next economy assets and opportunities, e.g. social impact funds
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Sit at the Local Table…
74
Local cross agency teams oriented towards helpingimplement comprehensive local strategies
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The Future of The War On Poverty
75
Focus on market-based inclusive growth and bring more Americans into the economic mainstream.
Need-based programs matter! Keeping manypeople out of poverty.
Welfare doesn’t solve for the underlying causes of poverty, which are being exacerbated in the next economy.
NEED-BASED PROGRAMS
ECONOMY
MARKETS
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© RW Ventures, LLC 2015
Did We Win the War on Poverty?Fighting the Good Fight – What Still Needs to Be Done?
Chicago Federal Executive BoardJune 16, 2015
Robert WeissbourdRW Ventures, LLC
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Case Study:Greater Chatham Initiative (GCI)
77
Pilot “Comprehensive Neighborhood Growth Plan” to refine neighborhood role as—– Community of Opportunity, with assets that are aligned & deployed into the
regional economy– Community of Choice, that offer attractive housing & amenities to attract &
retain residents
Integrates market analytics with regional & local “civic” engagement to identify economic opportunities & challenges
Produces initiatives, infrastructure, and objective strategic foundation (the Plan) for community transformation and growth