ABSTRACT
Four cities, four countries in two continents, a study undertaken when each was in recession, and then expanded when the western economies were recovering. In 1992, the business climate in the cities was depressed: industrial plants closing, banks shedding workers, shopping centres denuded of customers and retailers. The only abundance was in signs indicating property to let. Two years later, the signs were of business confidence returning: new tenants were moving into offices, job advertisement columns in newspapers expanding, contractors moving on to vacant sites.
