A way out of Detroit’s desperate times: Sell the family heirloom?
It hasn’t always been this way. Andrew Moylan and Alan Smith of the R Street Institute describe Detroit as something of a “predecessor to today’s Silicon Valley,” and a “center of the high-tech industry of the day.” It also enjoyed rapid population during the early 20th century, being the second fastest-growing US city after Los Angeles.
However, its “just as precipitous decline” may not have been as sudden as those of us tracking auto bankruptcy had previously thought. According to a Reason article by Moylan, more than one million individuals have left Detroit since its population peak in 1950.