DETROIT— BLOSSOM TO BANKRUPTCY
DETROIT—
BLOSSOM TO BANKRUPTCY
CONTENTS
Introduction-------------------------------------------------------------------3
Financial Crisis--------------------------------------------------------------3
Loss of Population----------------------------------------------------------5
Industry Problem------------------------------------------------------------6
High Violent Crime Rate---------------------------------------------------7
Conclusion--------------------------------------------------------------------8
References--------------------------------------------------------------------9
INTRODUCTION
The motor city—Detroit, announced its application for chapter 9 federal bankruptcy protection on 18 July, 2013, which means this city collapsed. This issue aroused people’s attention all around the world. The reason why people felt surprised was Detroit was a famous city which was dependent on the United States automobile industry, which was one of the fastest developing cities that attracted workers from all over the world with its’ highest-paid salaries compared with other cities in United States.(Sugure.T.J.1996). In addition, Detroit has linked to the international market and production more closely before 1970. (Zukin.S.1991). however currently, after decades of economic decline, Detroit has become the country’s largest-ever bankruptcy case which has more than $18 billion of liabilities. What hanged between the blossom city and bankruptcy and what led to this resulted can be summarized in some aspects. This essay will consider the main reasons which led to the collapse of the city. These are the loss of population, the financial crisis, the loss of competitiveness in the automobile industry and high violent crime. Detroit was considered to be a boom town which could survive any crisis. However, it will be demonstrated that some problems caused an unprecedented collapse in the city economy.
Financial crisis
The most significant
BLOSSOM TO BANKRUPTCY
CONTENTS
Introduction-------------------------------------------------------------------3
Financial Crisis--------------------------------------------------------------3
Loss of Population----------------------------------------------------------5
Industry Problem------------------------------------------------------------6
High Violent Crime Rate---------------------------------------------------7
Conclusion--------------------------------------------------------------------8
References--------------------------------------------------------------------9
INTRODUCTION
The motor city—Detroit, announced its application for chapter 9 federal bankruptcy protection on 18 July, 2013, which means this city collapsed. This issue aroused people’s attention all around the world. The reason why people felt surprised was Detroit was a famous city which was dependent on the United States automobile industry, which was one of the fastest developing cities that attracted workers from all over the world with its’ highest-paid salaries compared with other cities in United States.(Sugure.T.J.1996). In addition, Detroit has linked to the international market and production more closely before 1970. (Zukin.S.1991). however currently, after decades of economic decline, Detroit has become the country’s largest-ever bankruptcy case which has more than $18 billion of liabilities. What hanged between the blossom city and bankruptcy and what led to this resulted can be summarized in some aspects. This essay will consider the main reasons which led to the collapse of the city. These are the loss of population, the financial crisis, the loss of competitiveness in the automobile industry and high violent crime. Detroit was considered to be a boom town which could survive any crisis. However, it will be demonstrated that some problems caused an unprecedented collapse in the city economy.
Financial crisis
The most significant
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