Scenarios about 'municipal bankruptcy'
The legal process by which a city, town, or other local government entity declares inability to pay its debts and seeks court protection while restructuring finances. Municipal bankruptcies typically occur after prolonged fiscal crises stemming from factors like population decline, industrial collapse, pension obligations, or mismanagement. These financial failures can dramatically reshape local governance, service provision, and create alternate trajectories for urban development compared to more financially stable municipalities.
What If Detroit Had Avoided Bankruptcy Through Regional Cooperation?
Exploring how Detroit might have developed if it had established a regional revenue sharing and governance system in the 1990s, preventing its 2013 bankruptcy and creating a more equitable metropolitan region.