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ThreeWaves - The First Wave Summarized The Waves Focus...

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The First Wave Summarized The Wave’s Focus : Business Attraction, aka “Smokestack Chasing” Origination: The South’s pursuit of business Methods: Lower costs of doing business through IDBs, loans, tax cuts, free land/infrastructure, no unions, place marketing, etc. Establish a “positive business climate”. Context: This strategy made sense for many reasons 1) Lack of industry in the South 2) Era of National Champions (Fordist social contract) 3) A broadly growing national economy Problems/Issues: 1) Zero-Sum Game 2) Major public giveaways 3) Loss of effectiveness over time 4) The “but for” question
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The Second Wave Summarized The Wave’s Focus : Expand and grow local businesses Origination: Recognition of importance of 1) the internal economy, 2) small businesses (SBs) and 3) high technology Methods: Loans and grants to SBs, business incubators, job training for local employees, pursuit of high-technology, early state entrepreneurship.
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