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8 J. Small & Emerging Bus. L. [v] (2004)
Table of Contents - Issue 2

handle is hein.journals/jsebl8 and id is 5 raw text is: THE JOURNAL OF SMALL AND EMERGING BUSINESS LAW Lewis & Clark Law School VOLUME 8 SummER 2004 NuMBER 2 ARTICLES Recentralization: Community Economic Development and the Case for Regionalism Scott L. Cum mings .............................................. 131 Community economic development's commitment to local empower- ment reflects the broad movement against centralized political deci- sion making apparent in American politics. Yet, while it has many virtues, the empowerment orientation of community economic devel- opment poses serious challenges to the goal of distributive justice. In particular, by advancing an inward-focused notion of community that largely ignores the macro-level political structures that shape neigh- borhood development dynamics, community economic development does not directly respond to the most significant barriers to greater urban equality: government-sponsored jurisdictional divisions that confine poor communities within municipalities that are overburdened by social service demands and under-funded by tax rev- enues. As an alternative to the dominant localist approach, this Article suggests that distributive justice goals would be better served if com- munity economic development policy and practice were informed by a regionalism perspective. This Article sketches the outlines of what a regionalism approach might look like, describing regional policy ini- tiatives in the areas of affordable housing and economic development, and offering examples of grassroots advocacy strategies that adopt a regional focus. It concludes with a preliminary accounting of the chal- lenges to community economic development presented by regional- ism and offers some tentative responses Community Economic Development: A Reflection on Community, Power and the Law M ichael D iamond ............................................... 151 In this Article, Professor Diamond explores the nature of community. He specifically examines the potential for economic development as a means for achieving the growth of political power and institutions in economically depressed neighborhood communities and the proper role of the neighborhood attorney in facilitating this expansion. Can a Sovereign Protect Investors From Itself? Tribal Institutions to Spur Reservation Investment David D. Haddock and Robert J Miller ............................ 173 A bilateral danger of underperformance exists when two parties sink investments with payoffs dependent on the behavior of the other. There are five general categories of defense against that danger: (1) Legal action against a misbehaving co-investor; (2) Reliance on a repu- tation for non-opportunistic behavior; (3) Agreement by the party with the less substantial reputation to modify the relative payouts, thus paying the partner a risk premium; (4) Vertical integration that makes

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