Special Economic Zones

Last Wednesday Mark Frazier gave us a very interesting talk and part of it was about special economic zones in which taxes and regulations are greatly reduced and where the increase in the land values of the area, which inevitably follow from the decrease in taxes and regulations, could be used in order to build up what the area needs to help it prosper. This would occur through community ownership of the land which they would lease out to businesses, and which they would lease out for higher amounts as business flourished further and demand for land rises. This is a very intriguing and unique idea, one which I, for one, had never heard until then. Now that at least some of us have had a chance to digest it a bit more I'd like to hear what people have to say on the subject.

The above link sends you to a website that describes the concept and how it might work.

I would especially like to hear thoughts on how this might work in first world nations such as the United States.