This book examines in detail the fiscal and more general economic
crisis of New York State and City. The authors show that the crisis
was as much the fruit of political manoeuvering as it was the
outcome of long-term economic trends and fiscal ineptitude. The
book examines the roots of fiscal excesses and economic retardation
and explores the interaction of fiscal and economic factors that
ultimately imperiled the credit rating of the Empire State and the
city that remains the financial capital of the United States. In
uncovering the causes of these problems, McClelland and Magdovitz
present both an analysis of the past and a warning for the future.
The implications reach well beyond the borders of New York. The
major causes of economic retardation first emerged in the period
immediately following World War II, and show no signs of improving
significantly in the immediate future.
General
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