Indebtedness, like inequality, has become a ubiquitous condition in
the United States. Yet few have probed American cities’ dependence
on municipal debt or how the terms of municipal finance structure
racial privileges, entrench spatial neglect, elide democratic input,
and distribute wealth and power.
In this passionate
and deeply researched book, Destin Jenkins shows in vivid detail how,
beyond the borrowing decisions of American cities and beneath their
quotidian infrastructure, there lurks a world of politics and finance
that is rarely seen, let alone understood. Focusing on San Francisco,
The Bonds of Inequality offers a singular view of the postwar
city, one where the dynamics that drove its creation encompassed not
only local politicians but also banks, credit rating firms, insurance
companies, and the national municipal bond market. Moving between the
local and the national, The Bonds of Inequality uncovers how
racial inequalities in San Francisco were intrinsically tied to
municipal finance arrangements and how these arrangements were
central in determining the distribution of resources in the city. By
homing in on financing and its imperatives, Jenkins boldly rewrites
the history of modern American cities, revealing the hidden strings
that bind debt and power, race and inequity, democracy and
capitalism.