When Government Fails: The Orange County Bankruptcy Book + PRICE WATCH * Amazon pricing is not included in price watch

When Government Fails: The Orange County Bankruptcy Book

"Orange County," writes Mark Baldassare, "is a place that is widely known but largely misunderstood." That's especially true of the bankruptcy proceedings the California county was forced to initiate in late 1994 after risky investments led to a $1.64 billion dollar loss. Baldassare's close analysis of the situation reveals that the crisis cannot, as popularly imagined, be blamed solely on the actions of unchecked financial management. Although the county treasurer's investment strategy was "an accident waiting to happen," Baldassare points to a two-decade trend of voter initiatives to simultaneously minimize tax increases and control the allocation of state tax funds, along with Orange County's political fragmentation, as contributing factors. He also points out that, contrary to its reputation as a stronghold of wealthy conservatives, the county is primarily made up of middle-class suburbanites of moderate political temperament. In other words, Orange County is a lot like the rest of America, and what happened there can happen again. Although When Government Fails, with its historical data, statistics, and surveys, isn't always a lively read, it's a useful one for anybody who is concerned about the future viability of government at the community level. --Ron Hogan Read More

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  • Product Description

    When Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in U.S. history to declare bankruptcy. In a comprehensive analysis of this fiscal crisis, the author uncovers the many twists and turns that led eventually to financial recovery in 1996--and how to prevent similar future situations. 86 tables.

  • 0520214862
  • 9780520214866
  • M Baldassare
  • 28 April 1998
  • University of California Press
  • Paperback (Book)
  • 320
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