"Exploiting tax-increment financing, City Hall ratified the same principle for Downtown: fiscal windfalls from the appreciation of publicly-subsidized real-estate were ploughed right back into further redevelopment. These fiscal closed circuits sustained high levels of public investment in container docks, terminal buildings, and downtown bank skyscrapers that, in turn, kept happy a huge constituency of pro-globalization interests, including airlines, stevedoring companies, railroads, aerospace exporters, hotels, construction unions, downtown landowners, the Los Angeles Times, Japanese banks, Westside movie studios, big law firms, and the politicians dependent upon the largesse of all of the above.
But the city was subsidizing globalization without laying any claim on behalf of groups excluded from the direct benefits of international commerce."
- Mike Davis, City of Quartz 2nd edn. preface (2006)
