The Wealth of cities: Towards an assets-based development of newly urbanizing regions

In this paper, John Friedmann critically examines the assumption that exports and external investments are the driving forces of growth in cities of developing countries. Instead, he proposes endogenous development, or a greater reliance on local assets and accumulation of local savings, complemented by international aid and private investments, as an alternative strategy to drive the sustainable development of cities.

He further elaborates the notion of endogenous development in relation to seven types of tangible assets (human, social, cultural, intellectual, natural, environmental, and urban assets) which cities should invest in and draw upon to foster sustainable development. In turn, such investment is likely to generate external investments in the long term.