PULITZER PRIZE FINALIST An epic, riveting history of New York City on the edge of disaster—and an anatomy of the austerity politics that continue to shape the world today When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country’s largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable. The city had to slash services, freeze wages, and fire thousands of workers, they insisted, or financial apocalypse would ensue. In this vivid account, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city. With unions and ordinary citizens refusing to accept retrenchment, the budget crunch became a struggle over the soul of New York, pitting fundamentally opposing visions of the city against each other. Drawing on never-before-used archival sources and interviews with key players in the crisis, Fear City shows how the brush with bankruptcy permanently transformed New York—and reshaped ideas about government across America. At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of austerity, Fear City is essential reading for anyone seeking to understand the resurgent fiscal conservatism of today.
A “lucid, detailed, and imaginative analysis” (The Nation) of the model city that working-class New Yorkers created after World War II—and its tragic demise More than any other city in America, New York in the years after the Second World War carved out an idealistic and equitable path to the future. Largely through the efforts of its working class and the dynamic labor movement it built, New York City became the envied model of liberal America and the scourge of conservatives everywhere: cheap and easy-to-use mass transit, work in small businesses and factories that had good wages and benefits, affordable public housing, and healthcare for all. Working-Class New York is an “engrossing” (Dissent) account of the birth of that ideal and the way it came crashing down. In what Publishers Weekly calls “absorbing and beautifully detailed history,” historian Joshua Freeman shows how the anticommunist purges of the 1950s decimated the ranks of the labor movement and demoralized its idealists, and how the fiscal crisis of the mid-1970s dealt another crushing blow to liberal ideals as the city’s wealthy elite made a frenzied grab for power. A grand work of cultural and social history, Working-Class New York is a moving chronicle of a dream that died but may yet rise again.
In 1978, Ed Koch assumed control of a city plagued by filth, crime, bankruptcy, and racial tensions. By the end of his mayoral run in 1989 and despite the Wall Street crash of 1987, his administration had begun rebuilding neighborhoods and infrastructure. Unlike many American cities, Koch's New York was growing, not shrinking. Gentrification brought new businesses to neglected corners and converted low-end rental housing to coops and condos. Nevertheless, not all the changes were positive--AIDS, crime, homelessness, and violent racial conflict increased, marking a time of great, if somewhat uneven, transition. For better or worse, Koch's efforts convinced many New Yorkers to embrace a new political order subsidizing business, particularly finance, insurance, and real estate, and privatizing public space. Each phase of the city's recovery required a difficult choice between moneyed interests and social services, forcing Koch to be both a moderate and a pragmatist as he tried to mitigate growing economic inequality. Throughout, Koch's rough rhetoric (attacking his opponents as "crazy," "wackos," and "radicals") prompted charges of being racially divisive. The first book to recast Koch's legacy through personal and mayoral papers, authorized interviews, and oral histories, this volume plots a history of New York City through two rarely studied yet crucial decades: the bankruptcy of the 1970s and the recovery and crash of the 1980s.
Low-income housing in crisis -- From renters to owners -- Remaking public parks -- Patrolling city streets -- The trouble with development -- The governance of homelessness and public space.
WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
