Political Crisis/fiscal Crisis

Library Journal

A decade ago, New York City, unable to sell its bonds and meet its payroll and other obligations, was on the verge of bankruptcy. The crisis was averted only after the city administration agreed to stringent fiscal restraints forced on it by a coalition of reform-minded political groups. Shefter (Government, Cornell) shows how New York, in its long history, had faced such a crisis five other times before. In many ways, there are striking similarities common to all such events in terms of causes, consequences, and solutions. Shefter is concerned with whether the recurring problem is inherent in New York's political system itself. His findings have significant implications for the prospect of democratic governance throughout urban America. Recommended for academic and large public libraries. M. Balachandran, Univ. of Illinois Lib., Urbana-Champaign

Booknews

Originally published in 1985 by Basic Books. Shefter discusses the factors that caused New York City's 1975 financial crisis and demonstrates how these manifestations of newly evolved political alliances and systems continue to undermine the city's financial stability. With a new preface by the author. Annotation c. Book News, Inc., Portland, OR (booknews.com)