Fear City: New York's Fiscal Crisis and the Rise of Austerity Politics
Categories: History, Politics & Social Sciences
Historian Kim Phillips-Fein tells the story of New York City's fiscal crisis in 1975, when the city came close to bankruptcy. She describes how bankers, politicians, unions and residents fought over who would pay for the city's debts, and how the resulting cuts reshaped public services. Phillips-Fein argues that the crisis marked the beginning of austerity politics and the shift away from public spending in the United States.
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- Shane Parrish: “A fascinating overview of New York’s fiscal crisis and the rise of austerity politics. More than a financial thriller, Kim Phillips-Fein gives you a front-row seat into how seemingly small steps lead to unforeseen outcomes.”