In July 1975, with the threat of bankruptcy looming, the New York Times asked eighteen “urban experts,” mostly prominent economists, social scientists, and theorists, “What should be done to solve New York City’s dilemma?”1 Since 1969 the city had lost nearly 500,000 jobs, and twice as many middle-class taxpayers had left New York in the decade prior. The city’s woes were indicative of broader trends, as the national economy foundered as a result of geopolitical conflict with countries in Southeast and Middle East Asia, deindustrialization, and the fitful transition to a postindustrial order at home. In this context, New York’s generous social democracy, structured around inclusive unionized public employment and equal access to public services, struggled to survive. In the spring of 1975, as Saigon fell, New York effectively defaulted on its debts, unable to pay its bills and with nary a willing lender....