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Smithtown: Can It Make Something Out of Nothing?
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In 1965, Smithtown, Arkansas, had virtually no natural resources, core competencies, human capital advantages, or infrastructure advantages. The local river was impassable and not suitable for transport, and the town had no rail line and no airport. Smithtown's young population (about 18,000 scattered across two counties) was pretty much stagnant and comparatively less educated than the rest of the United States. Although Smithtown had low-cost land and labour, which was ideal for tourism, it lacked anything that tourists typically looked for and had just a few natural attractions, although nothing spectacular. The town's leaders wondered what the future would hold and whether there was anything they could do to steer the town's future direction and avoid its ruin.