Date Published:
Wednesday, June 3, 2015
Pittsburgh's lessons in China
You may not think that Pittsburgh would have a lot to teach China. But former Federal Reserve Chairman Ben Bernanke believes it does.
An article in Bloomberg Business is all about the parallels Bernanke sees between what happened to Pittsburgh in the 1980s and what is happening right now to China, a transformation of its economy. As we all know, the steel industry declined and the population outflow crippled Pittsburgh.
"They restructured themselves and brought in financial services, they brought in universities and all kinds of other things to make their economy recover and now Pittsburgh is a wonderful place to be in," Bloomberg Business quotes Bernanke.
How can that help China? Because it also has Pittsburgh-like cities, dependent on steel as we once were, that are in the same spot as we were 30 years ago.
Source: Paul J. Gough. Pittsburgh Business Times http://www.bizjournals.com/pittsburgh/blog/morning-edition/2015/06/five-...