Globalization appears to be an immutable force, the effects of which are hard to predict. But one thing is certain. We’re all in this together.
The recent fiscal crisis in Greece and the social aftershocks are a reminder. Up until the past few years, one might read of the events in the local paper, shake their heads, and think “better them than me”.
No longer. A collapse in Greece triggers uncertainty throughout Europe. Who’s next? Spain? Portugal? In turn, U.S. markets reflect the unpredictability. Our corporations rely on world trade. Most of our production is consumed overseas. Our markets react, and it isn’t pretty.
We’re all in this together.
A neighborhood is a microcosm of this effect and the same rules apply. Just ask the Grandin Village Business Association after one of their member businesses shuts its doors. Unsettling.
The same is true on your street. Like Greece, your neighbor’s fiscal insecurity has reverberating effects. When they can’t afford to fix the roof or keep up with the painting, or succumb to a few bad decisions, the property starts to deteriorate. It can, and will, drag down the value of surrounding properties.
None of us operate in a vacuum. We’re all in this together.