Indebtedness, like inequality, has become a ubiquitous condition in
the United States. Yet few have probed American cities' dependence
on municipal debt or how the terms of municipal finance structure
racial privileges, entrench spatial neglect, elide democratic
input, and distribute wealth and power. In this passionate and
deeply researched book, Destin Jenkins shows in vivid detail how,
beyond the borrowing decisions of American cities and beneath their
quotidian infrastructure, there lurks a world of politics and
finance that is rarely seen, let alone understood. Focusing on San
Francisco, The Bonds of Inequality offers a singular view of the
postwar city, one where the dynamics that drove its creation
encompassed not only local politicians but also banks, credit
rating firms, insurance companies, and the national municipal bond
market. Moving between the local and the national, The Bonds of
Inequality uncovers how racial inequalities in San Francisco were
intrinsically tied to municipal finance arrangements and how these
arrangements were central in determining the distribution of
resources in the city. By homing in on financing and its
imperatives, Jenkins boldly rewrites the history of modern American
cities, revealing the hidden strings that bind debt and power, race
and inequity, democracy and capitalism.
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