Sunday, February 01, 2015

New York City's 1975 Fiscal Crisis: template for neoliberalism, and a precipitant of hip-hop

Initially, the crisis was portrayed as a local story, a reflection of New York and its “mongrel” population, liberal social policies, profligate spending, and powerful unions. But the means of its resolution became a template for the imposition of neoliberal policies around the world. Ruling elites took seriously the call to “think globally, act locally,” making a municipal finance problem into an event of world significance.

Read on, in Jacobin.