The Great Recession and the Future of Cities
This paper describes the serious fiscal
crisis faced by cities around the world following the Great
Recession of 2008. Five years later, the after-effects of
this major crisis continue to be felt and limit economic
opportunities in cities. Section 1 summarizes how the crisis
was triggered and how it unfolded in the US, then spread to
the rest of world -- highlighting the links between
financial sector and housing sector. Section 2 discusses the