Gary Burtless is the John C. and Nancy D. Whitehead Chair in the Economic Studies program at the Brookings Institution. Janet Rothenberg Pack is professor of business and public policy and real estate at the Wharton School, University of Pennsylvania.
Small Business and the City also analyses the policies necessary to support this urban vitality, describing how cities can encourage and support locally owned independent businesses. An inspiring account of the dynamism of urban life, Small Business and the City introduces a new “main street agenda” for the twenty-first century city.
In this issue, papers examine a range of issues that are relevant to urban economics:
—the effects of job location in an urban area on residential choice patterns
—the impact of race, ethnicity, and gender on mortgage lending
—the effects of urban characteristics on the development of new patents
The volume also contains three papers on urban development outside of the United States:
—urban sprawl in Europe
—rural-to-urban migration patterns in Brazil
—location patterns of industry agglomeration across Japanese cities
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.