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Rebuilding a Ruined City

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Many are warning that the United States could become the next Greece. But there’s no need to look across the ocean to see a poorly-governed area that’s deep in debt and crumbling. Just look to Detroit.

That city was once the picture of American industrial might. Henry Ford deployed the production line there and helped create the modern middle class. During World War II, more than a third of U.S. war material was manufactured in the city. And during the post-war boom, cars made in Detroit embodied the American success story.

Now, though, the Motor City is collapsing in every...