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Chicago Fed Letter, No. 16, December 1988
Bidding for Business
Competition among local and state governments can sometimes result in a bidding frenzy. For example, 25 states (and an untold number of localities) offered generous packages of tax abatements, special services, and improvements to infrastructure in an attempt to land General Motors' Saturn auto facility. State governors made personal visits to GM headquarters and appeared on national television to plead their cases in public.
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