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The Great Reset

overview

We tend to view prolonged economic downturns, like the Great Depression of the 1930’s and the Long Depression of the late 19th century, in terms of the crisis and pain they cause, rather than as the opportunities they invariably represent. But history teaches us that these great crises are opportunities to remake our economy and society and generate whole new epochs of economic growth and prosperity. These periods of “creative destruction” have been some of the most fertile, in terms of innovation, invention and energetic risk-taking in history, and this is what sets the stage for full-scale recovery.

In THE GREAT RESET, bestselling author and economic development expert Richard Florida provides an engaging and sweeping examination of these previous economic epochs or “resets,” distilling the deep forces that shaped their physical and social landscapes, reshaping economies and societies. Looking toward the future, Florida identifies the patterns that will drive the next Great Reset and simultaneously reshape virtually every aspect of our lives—from how and where we live to how we work to how we invest in individuals and infrastructure, and how we shape our cities and regions. Florida shows how these core elements, when taken together, will spur a fresh era of growth and prosperity, define a new geography of progress, and stimulate surprising opportunities for each of us. Among these forces will be:

  • new consumption patterns and new assumptions about “ownership” that are less centered around houses and cars,
  • new forms of infrastructure that speed the movement of people, goods and ideas
  • a radically altered and much denser economic landscape organized around megaregions that will drive the development of new industries, jobs and a whole new way of life.

We’ve weathered tough times before. They are a necessary part of economic cycles, giving us a chance to see clearly what’s working and what’s not. Societies can be reborn in such crises, emerging fresh, strong and refocused. Now is our chance to anticipate what that brighter future will look like, and take the steps that will get us there faster

With his trademark blend of wit, irreverence, and rigorous research and analysis, Florida presents a, positive and counterintuitive vision of our future, one that calls into question long-held beliefs about the nature of economic progress and that forces us to reassess our very way of life. He argues convincingly that it’s time to turn our efforts, as individuals, as governments, as a society, to putting the necessary pieces in place for a vibrant, prosperous future.

Story behind the book - by Richard Florida

When I was a boy, my father liked to remind me that the Great Depression remade America from the ground up. The invention of new technology, the increased productivity of factories and assembly lines, the struggles of workers for higher wages and better working conditions; and the actions of government to stimulate the economy, regulate banks, create a modern mortgage market, and provide a new kind of social safety net during the crisis—all these forces paved the way for the dramatic upswing in economic growth after World War II.

My dad – a blue collar worker born in 1921 who dropped out of junior high school to take up work in an eyeglass factory– had intuited something that also captured the attention of the greatest economic thinkers of our time, but which many contemporary policy-makers and business analysts continue to miss even today: Economic crises are critical periods when our economy is remade in ways that allow it to recover and grow again. Karl Marx wrote that it was old patterns of class relations that hold back the incredible raw productive forces of capitalism; he saw crises as the way to realign those social relations, and revolutionize the economy. For Joseph Schumpeter, the greatest theorist of entrepreneurship, innovation and business cycles, it was crisis that released the inventive and entrepreneurial spirits and gave rise to the great gales of creative destruction that remake industries and power long waves of economic growth. John Maynard Keynes saw in crises the opportunity for government to intervene in new ways to stimulate consumption and demand which would ultimately spur investment and lead the way to recovery. Or as contemporary Stanford economist Paul Romer is fond of saying, “A crisis is a terrible thing to waste.” He’s right.

I, too, see this crisis and the ones that have come before it – the Great Depression of the 1930s which gave rise to the long-boom of the 20th century; the Long Depression of the 1870s which paved the way for the industrial era – as tremendous, indeed unprecedented, opportunities to reexamine and to “reset” the very means by which we live, work, and enjoy our lives. In THE GREAT RESET, I explain how “resets” work, detail the core actions needed to spur recovery; and paint a picture of what our economy, society and geography will look like – of how we will work and live – after the crises ends.

For the reset to be effective and successful, it must go far beyond companies, business models, new innovations, even public policies. It must be a wholesale reset – a reset of our very way of life. The Long Depression transformed America from a largely rural country dotted with trading centers and mill towns to a country of giant industrial cities such as Pittsburgh, Cleveland, Detroit and Chicago which concentrated production, generated a great wave of innovation and created a whole new geography of and growth. The Great Depression of the 1930s was solved not simply by higher levels of New Deal spending or even by mobilization for World War II, but by the mass suburbanization of the 1950s and beyond, which spurred demand for the automobiles, appliances and consumer goods streaming off the assembly lines. My goal is to show how our last economic landscape – that of suburbanization, Sunbelt growth and a run-away housing bubble -- sowed the seeds of the current crisis. And in doing so, I hope to illustrate the demographic trends and economic shifts – the great migration of people and business to core cities, smart suburbs and the great mega-regions of our time – that will hold the key to revitalizing the American and global economies once more.

The Great Reset

praise

  • Fareed Zakaharia CNN GPS book of the week

    May 2010

  • “I was privileged to have the opportunity to read Richard Florida's The Great Reset and consider it to be his most important, most valuable book...thus far. I highly recommend this book to anyone who shares my need to gain a better understanding both of the process by which capitalism in the U.S. has evolved during the past 140 years and of its impact on where people live and work. The Great Reset is a brilliant achievement. Bravo!”

    Robert Morris, management consultant and reviewer of more than 1,900 business books

  • “With a historian’s grand sweep and a geographer’s keen eye for place, Richard Florida shows us how the cycles of capitalism have built and rebuilt the farms, cities, and suburbs that define America. This timely and thought-provoking book gives us important insights into the reshaping of America’s economic and physical landscape.”

    Jeffrey D. Sachs - Director of the Earth Institute, Columbia University

  • “The Great Reset shows how new technology and the new geographies of living and working come together to drive recovery… Must reading for anyone who wants to understand where we are now and where we are headed.”

    Chris Anderson, Editor, Wired Magazine

  • “Few people provide greater clarity on the importance of place in the knowledge-driven economy than Richard Florida.”

    Robert D. Yaro, President, Regional Plan Association, New York

  • “Florida’s work is challenging many of the verities of the field”.

    Salon.com

  • “A pioneering cartographer of talent.”

    Fast Company

  • “Never before have I seen anyone capture so succinctly the values and desires of the new ‘creative class’ and the essence of human capital and the creative ethos.”

    John Seely Brown, Former Director, Palo Alto Research Center (PARC)

  • “Atlantic Monthly, How the Crash Will Reshape America (March 2009) Nominated for National Magazine Award.”

  • Listed by the National Post as one of “... the most promising-sounding books by Canadian authors...”

    Sarah Murdoch, National Post, March 2010

  • “The Great Reset by Richard Florida sets the stage for US Initiative by CEOs for Cities. Big econ shocks leave landscape transformed.”

    Carol Coletta, President and CEO, CEOs for Cities

  • Conference Board Inc. listed The Great Reset as a “Book Worth Noting”

    The Conference Board Review, April 2010

  • “Richard Florida is one of the world’s best-known urban theorists”

    Andrew Price, Good Magazine, April 2010

  • “...raises interesting points about how the latest economic shock plays off some surprising trends.”

    Kyle Smith, New York Post, April 2010

  • Harvard Business Review Recommended Book

    May 2010

  • “In my opinion, The Great Reset to be the most valuable book that Richard Florida has written...thus far.”

    Robert Morris, Amazon.com, April 2010

  • “There's much in this book to provoke thought.”

    Hardy Green, Daily Finance, April 2010

  • The Great Reset is hailed one of Amazon's 'Hot New Releases'

    Amazon.com, April 2010

  • 2nd in Hot New Business Releases

    Amazon.ca, May 2010

  • Top 5 in New Non Fiction

    Amazon.ca, May 2010

  • Top 10 in New Releases in Business and Investing

    Amazon.com, May 2010

  • Top 50 Business Books

    Bloomberg.com, May 2010

  • One of This Week's Hot Reads

    The Daily Beast, April 2010

  • “In The Great Reset, Richard Florida offers a thoughtful, generally hopeful assessment of where we are now, how we got here - and how we can rebuild in the future.”

    BizEd, May/June 2010

  • “... immensely stimulating book...”

    Michael Adams, The Globe and Mail, May 2010

  • “A breath of fresh air for anyone hoping that Americans (an economists) will learn from their past mistakes.”

    The Daily Beast, May 2010

  • “Jack Covert Selects” The Great Reset in his monthly book review

    Jack Covert, President of business book retailer 800-CEO-READ, May 2010

  • Miami Herald Book Club Feature

    May 2010

  • “Florida's latest book, The Great Reset, offers up a future vision for America...”

    Dominic Basulto, Endless Innovation, May 2010

  • “Richard Florida can be counted among the great prophets of our age. This incredibly interesting and well-written commentator on the socio-economics of the modern era has hit yet another grand slam...'The Great Reset'...”

    Nicholas F. Benton, Falls News Church Press, June 2010

  • “... compelling new book, The Great Reset...”

    John Hagel, Edge Perspectives, June 2010

  • 4.5 out of 5 Stars Rating

    Delta Sky Magazine, June 2010

  • “The prescriptions in this stimulating book ought to be on the national agenda. Florida is in the vanguard of something vital.”

    New Urban News, June 2010

  • “The Great Reset is a fantastic book that I think should be read especially by all policy makers seeking an inkling as to what will and should happen in the aftermath of this disastrous financial meltdown...immensely stimulating book...”

    Abby Wong, Malaysia Star, June 2010

  • “A must-read book on the future of the global economy...”

    Fan To Pro, June 2010

  • “...The Great Reset is an interesting, provocative and intelligent book.”

    Richard Pachter, The Miami Herald, June 2010

  • Summer Hot Read

    Elle magazine, July 2010

  • “Richard Florida became an academic superstar with the 2002 publication of The Rise of the Creative Class. His latest work will only add to his phenomenal reputation.”

    Terry Pender, Guelph Mercury July 2010

  • “The Great Reset is an important contribution to help lead to a more sustainable and greener economics.”

    Mike Chitty, New Start Magazine, July 2010

The Great Reset

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