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Review

“A powerful and involving work of narrative history… You come away from Fear City with a clear sense of what was lost as New York left behind one set of priorities and embraced another.… This is a book that deserves an audience beyond New York City history buffs, and all the more so because of its relevance to our political moment. The young Donald Trump makes a brief cameo appearance as an icon of the new New York, a real estate mogul who leveraged his father’s connections and the city’s desperation into massive tax breaks, starving the city of badly needed revenues for education and other basic municipal functions as he developed properties for the rich. ―Jonathan Mahler, The New York Times Book Review“Fear City is the best account of the New York City fiscal crisis of the 1970s and, more than that, an indispensable contribution to understanding the rise of austerity economics and the long decline of the public sector. This is a history with huge implications for the remaking of American politics and economics in our time.”―Thomas J. Sugrue, author of Origins of the Urban Crisis“The remaking of New York City under cover of crisis was a prelude to what would become a global economic tidal wave. In zeroing in on this little-understood chapter of urban history, Fear City helps sheds much-needed light on a range of contemporary crises, from the starvation of public services amidst enormous private wealth to the rise of Donald Trump. Kim Phillips-Fein is a historian of the first order.”―Naomi Klein, author of The Shock Doctrine and This Changes Everything“Fair, thorough, incisive, and stylish, this is the best book to read not just on New York’s fiscal crisis of the 1970s, but about how bankers became our unacknowledged legislators ever since.”―Rick Perlstein, author of Nixonland and The Invisible Bridge“Before there was Reagan, before there was Thatcher, there was New York City’s fiscal crisis. Here we can see the blueprint for what has since been done to the entire world. This is the story of how the gears were shifted and the age of liberalism put into reverse, told with all the engrossing details, all the forgotten characters, and a memorable style.”―Thomas Frank, author of What’s the Matter with Kansas? and Listen, Liberal“A tour de force. If you want to find the roots of modern conservatism, don’t look in Louisiana, Arizona, or rural Wisconsin. Look in New York, and read Kim Phillips-Fein’s superb Fear City. New York in the 1970s, as Phillips-Fein compellingly shows, was the first sustained victory in the New Right’s long war against the New Deal. Extremely well written and impressively researched, Fear City is essential reading to understand how finance capital, real estate speculation, austerity budgeting, and punitive policing first came together to create the toxic politics of today.”―Greg Grandin, author of Fordlandia and Kissinger’s Shadow“Fear City provides the definitive account of the moment when New York City liberalism ran out of momentum and money, and the conservative reaction that has culminated in Donald Trump began. Phillips-Fein chronicles not only the tense dance with municipal bankruptcy but the largely forgotten efforts by ordinary New Yorkers to stop the legal coup by local and national elites. Lucid, elegantly written, full of new information, it belongs on the shelf of key books about the city, alongside The Power Broker, Gotham, and their like.”―Joshua B. Freeman, author of American Empire and Working-Class New York“This revealing narrative of New York’s transformation from working-class social democracy to the glittering home of fancy finance reminds us that behind the mask of austerity there always lurks a bitter politics of class.”―James K. Galbraith, author of The Predator State and Welcome to the Poisoned Chalice“The story of New York’s financial crisis in the seventies is really a story about the role of cities in America today. New Yorkers pride themselves on being cosmopolitan, on welcoming immigrants, on being willing to spend money on education, healthcare, and infrastructure. Kim Philips-Fein convincingly explains why that caused problems for the city in the past and why now we need New York values more than ever."―Joseph E. Stiglitz, author of Globalization and Its Discontents and The Price of Inequality“Paced like a thriller and extremely well written . . . Phillips-Fein narrates with almost cinematic flair, and by the time the credits roll, the significance of her accomplishment becomes clear. The book should be required reading for all those interested in the past, present, and future of democratic politics.”―Publishers Weekly (starred review)“Deftly recounts the clash between government entities and vested interests as New York struggled to cope with slashed social service . . . Given events since, New York’s crisis―and the author’s astute account of it―seems oddly timely . . . Sobering, smart reading with many pointed lessons for activists.”―Kirkus Reviews (starred review)

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About the Author

Kim Phillips-Fein is the author of Invisible Hands: The Businessmen’s Crusade Against the New Deal. She teaches history at New York University's Gallatin School of Individualized Study, and has written for The Nation, Dissent, The Baffler, The Atlantic, and The New York Times, among other publications. She lives in New York City.

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Product details

Hardcover: 416 pages

Publisher: Metropolitan Books (April 18, 2017)

Language: English

ISBN-10: 080509525X

ISBN-13: 978-0805095258

Product Dimensions:

6.5 x 1.3 x 9.6 inches

Shipping Weight: 1.2 pounds (View shipping rates and policies)

Average Customer Review:

4.1 out of 5 stars

20 customer reviews

Amazon Best Sellers Rank:

#163,445 in Books (See Top 100 in Books)

Ms. Phillips- Fein regards the pre 1975 New York City {NYC} as the liberal beacon of light in the U.S.A. for providing a plethora of services for its citizens that from the mid 1960's it could no longer afford but nevertheless continued to provide and even increasing the funding for many of them.The impression one gets from her narrative is that somehow the city should have continued to provide them despite facing increased and persistent budget shortfalls from the mid 1960's to the near Chapter 11 bankruptcy of 1975 - 76 and the continued budget shortfalls {despite the eventual Federal Bailout} right thru 1981- 82. The sheer political folly, fiscal irresponsibility and willful ignorance of facts of Mayors Robert Wagner, John Lindsey and Abe Beame and their fiscal comptrollers Abe Beame {under Wagner and Lindsay} and Jay Goldin are dispassionately detailed. The picture presented of them is that of myopic career politicians absolutely refusing to face that the reality of major population loss {700,000 + overwhelmingly the middle class}, declining revenues {despite higher & higher taxes !} a massively increased short and long term debt load and worrying more about being reelected which made any fiscal retrenchment or the cutting of services essentially impossible for them to contemplate. AND YET her sympathy seems to lean towards these same irresponsible leaders who recklessly borrowed money, overstated revenue projections and used every fiscal gimmick under the sun not to cut services - a very strange viewpoint !!!Mayor Abraham Beame comes off particularly poorly - he is presented by the author as an intellectual lightweight {both as comptroller and Mayor !!} an inept, blinkered and tone deaf old man who is PETULANT and ANNOYED that by the spring of 1975 the budget numbers cannot be fudged or manipulated any more, the banks have realized this and refused to fund / rollover any new N.Y.C. short term debt and that a fiscal reckoning has finally hit the fan !! He truly believed then and later that somehow the subsequent deep budget cuts for services should have and could have been avoided but how that would have been accomplished is not clearly defined BECAUSE he simply refused to believe that throwing more money out of the window than was being taken in thru the door truly mattered and that someone would {and should have} rode to the rescue for NYC's fiscal woes.Governor Hugh Carey and the NYC Municipal Unions along with the formation of the Municiple Assistance Corporation {MAC} are the unsung hero's of NYC avoiding the disgrace of bankruptcy. Their forced cooperation however reluctant and ad- hoc saved the city from immeadiate Chapter 11 bankruptcy in 1975-76 giving it the breathing room to survive to fight another day. President Gerald Ford was 100 % right in his assessment of the fiscal incompetence, reckless overspending and over borrowing by the NYC liberal political establishment BUT only a small town political hack like President Ford would have considered allowing the largest city in the U.S.A. to go bankrupt and not think that the ramifications of that bankruptcy would not be an economic and political world shaking event. Despite being technically right in his rigid economic and moral terms President Ford was clearly wrong in the bigger overall picture and he was roundly criticized at home and abroad for his stance and rightly so. But to his credit, he was a major catalyst in forcing NYC to adjust its thinking and its priorities in order to get the federal bailout money it so desperately needed. In my opinion this would never have happened had he just forked over the bucks with no questions asked ! That President Ford was in a tough spot with his own reelection issues cannot be disputed.NYC facing bankruptcy in 1975 is an early prime example of the "too big to fail" syndrome that we would subsequently see and feel in gigantic detail during the 2007-2009 financial meltdown. The author 's chapters on how ordinary New York City citizens fought against the closing of schools, hospitals and fire houses in individual neighborhoods are lovingly detailed but they are beside the point however inspiring their stories may be. By 1975 NYC was in a deep decline economically, spiritually and morally as the July 1977 power failure / blackout would clearly highlight as the blackout brought out the worst in its Black and Hispanic neighborhoods. The Wanton, Unashamed, Brazen Looting and Destruction of commercial stores within their own communities, many of them owned by their neighbors and friends was made much worse by the fact that subsequently a significant percentage of the NYC media, political establishment, religious leaders and the national media would find reasons to excuse and even justify this orgy of criminal behavior, rioting, arson, theft and destruction. These were "the chickens coming home to roost" for the post 1975 NYC liberal establishment to ponder and digest. In my opinion the author leans toward having far more empathy for the looters than for those who were robbed and burned out of their business's and jobs. That bone and muscle were cut along with with the fat from NYC budgets for all city services from June 1975 on cannot be denied nor can the pain that these cuts would cause but they CAN BE EXCUSED because in order to save the city from the disgrace and even worse service cuts that filing for Chapter 11 would have entailed - what would have been the alternatives given the political realities of that time ?Two additional books to read in on the policies and players that brought NYC to it's 1975 catastrophe are "The Ungovernable City" by Vincent Cannato - a devastating revelation of limosene liberal John Lindsay's disastrous tenure as the NYC "Fun City" Mayor from 1965-73 and "The Streets were Paved with Gold" by Ken Auletta - a contemporary 1970's look at the fiscal crisis that highlights the mindset and disastrous descision making of NYC elected officials and in it he chronicles one particular incident that in 2018 seems almost surreal. Mr. Auletta describes a scene where Mayor Beame and Comptroller Goldin are in an darkened office late at night with an Albanian bookkeeper wearing a green eye shade poring over a ledger giving them the numbers of the what the cities on hand cash and liabilities are AND this bookkeeper was the only person that had the institutional knowledge to tell the Mayor and Comptroller of the largest city in the U.S.A. with a budget of 10's of billions of dollars where they stood financially. What a stinging indictment this is of the haphazard, crude and slipshod manner on how the NYC municipal government was monitoring and maintaining its fiscal budget.This book is an informative and concise read with the authors presentation of the key players, power brokers, how the MAC came to be and would function, the individual personnel drama's, how Chapter 11 was avoided and how NYC was radically transformed by all this drama is presented via a entertaining and easy flowing narrative. I give this book 4 stars - Recommended.

Excellent read. For a somewhat technical subject matter, it is a nice, easy, quick read that uses the fiscal crisis to frame a larger discussion about the role of government in social issues. A great history but also thought provoking on the very current issue of underfunded public pensions.

An excellent study in public policy and economic history of the United States of the 1970s. The author makes a great characterization of the cultural, political and economic aspects that a fiscal crisis can have on a city. Kim Phillips-Fein is obviously a liberal ideologically, which can be felt on who she blames for the crisis, e.g. the bankers, elite etc.That said though, the book is excellent and an important contribution to the history and economics of public policy in the united states since the 1970s. Four stars.

This book cronichles the near bankruptcy of New York City in 1975. This doesn't sound like the kind of material that would keep somebody up late at night because they got so involved that they wanted to finish the chapter, and then the next chapter. That's what happened to me. What more can you ask of any book?

Excellent history of the budget crisis and 1970s era New York. Deeply referenced with an outstanding level of historical detail. Very effectively profiles the players who helped the city avert bankruptcy and their various backgrounds and philosophies. If you want to understand the birth and development of modern-day gilded-city NYC you should definitely read this book.

After reading the first chapter - I could not put the book down.It's more than a book - it's a study.

It’s a shame that Kim Phillips-Fein’s masterly Fear City hasn’t received the expansive recognition it so justly deserves. Here, she has followed up on her previous, astute economic account, Invisible Hands, with another painstakingly researched yet engagingly written book.Fear City ostensibly deals with NYC’s mid-1970’s fiscal crisis. Yet what makes it a notable work of history, is the author’s discerning analysis of the event and her lucid explanation of how it ultimately served as a model for the national austerity state that emerged from the crisis; one which has spread far beyond the confines of New York City (e.g., the impending, let-them-eat-cake tax cut for the wealthy, and a shredding of the social safety net that is likely to follow).As she eloquently notes in the book’s Epilogue, the sorry legacy of the crisis is that:"...the American economy…was remade…on completely different terms. The idea of using the state to remedy poverty and improve socialconditions has given way to the sense that doing so is simply too expensive…The inequality that characterizes our society today seems tobe accompanied by the constant sense that any hope for a better society, any notion of collective action, must be a pipe dream---irresponsible, impossible to afford.”We are all much poorer since the advent of austerity politics and resulting policy. Yet, readers of Fear City will be deeply enriched by Professor Phillips-Fein’s astute and absorbing narrative.

Very good to read. Well done.

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