“Thirty years ago, the city of Copenhagen was experiencing 17.5 percent unemployment, an outmigration of population, the loss of manufacturing, the decline of taxing capacity, and an annual budget deficit of 0 million. Today, the city has been transformed into one of the wealthiest (and happiest) in the world. . . .
“The Copenhagen model works because the public sector participates for the long term, reaping enormous benefits as value naturally appreciates from smart public investments. It combines the efficiency of market discipline and mechanisms with the benefits of public direction, legitimacy and low-cost finance.
“It is clear that adapting the model to U.S. cities as diverse as Hartford, Pittsburgh and Houston — and other cities around the world — would be enormously beneficial. But we have a long way to go. “