Planned Shrinkage

Image Credit: AV Dezign It is when a city starts abandoning or neglecting a zone seen as “unprofitable” or “non-comercial.” This process targets mostly poor communities, as no profit can be made. It was mostly noted during the 197os in New York City, in the Bronx, where it was left and ignored, and created...

Austerity

The practice in economics where policies are made to decrease government spending and/or increase taxes to attempt to lessen government budget deficit. During the fiscal crisis in New York City austerity was used to try and help decrease government debt; budget cuts and layoffs were a common part of austerity. These policies usually work...

1974 Fiscal Crisis NYC

image source: https://en.wikipedia.org/wiki/History_of_New_York_City_(1946–77) To start a fiscal year is an accounting year that does not end on December 31. And during the 1970s New York City was in a crisis, on the point of bankruptcy, New York was 430 million dollars in debt and it was coming time to pay. Yet the city did not...

MAC and EFCB

  resource:  http://www.fcb.state.ny.us/ MAC meaning Municipal Assistance Corporation. it is an independent corporation created by the State of New York. MAC is for purposes of providing financing assistance and fiscal oversight of a fiscally distressed city. EFCB meaning is Emergency Financial Control Board. At its inception in September 1975. The creation of the EFCB...

The Entrepreneural City

Image Source: Leo-setä In order to combat the financial difficulties of the fiscal crisis, the city looked to gain revenue through creating cities catered to the middle class. This meant investing into building places of interest such as stadiums, shopping centers, and restaurants to be enjoyed by the elite. The creation of entrepreneurial cities neglected...

‘Burning Down Bronx’

During the fiscal crisis, the city struggled to regain prosperity. One of the ways the city worked to overcome this crisis was by supporting the wealthy and elite and laying off workers. The policy of planned shrinkage was implemented in which the wealthy were supported through taxes while city services and funding were drastically cut...

Neoliberalism

  Neo-liberalism is a political-economic theory that places emphasis on free-enterprise, deregulated economy, and an individual and personal right to succeed without a limit. When discussing political theory, it’s important to note that many theories fall under the umbrella of “liberalism.” Modern American conservatism, capitalism, classical-liberalism, consumerism, and may other economic-based political theories originated...

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