Abstract
The growing mobility and economic dominance of multilocational corporations have given them a decisive advantage over residents in the determination of local fiscal policy. The Reagan administration's austerity measures for social programs have reduced the flow of federal funds that had helped to balance strained local budgets. This is being done to reduce social wages while increasing social capital spending at national and subnational levels of government. This policy will not contribute to higher rates of economic growth. Nevertheless, the federal government's encouragement of local and regional competition for growth will reinforce current trends toward lower living standards.
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