As counsel for Pennzoil's successful effort to recover billions of dollars in damages from Texaco over the acquisition of Getty Oil Company, the Baker & Botts law firm of Houston, Texas, achieved wide public recognition in the 1980s. But among its peers in the legal and corporate worlds, Baker & Botts has for more than a century held a preeminent position, handling the legal affairs of such blue-chip clients as the Southern Pacific Railroad, Houston Lighting & Power Company, Rice University, Texas Commerce Bank, and Tenneco. In this study, Kenneth J. Lipartito and Joseph A. Pratt chronicle the history of Baker & Botts, placing particular emphasis on the firm's role in Houston's economic development.

Founded in 1840, Baker & Botts literally grew up with Houston. The authors chart its evolution from a nineteenth-century regional firm that represented eastern-based corporations moving into Texas to a twentieth-century national firm with clients throughout the world. They honestly discuss the criticisms that Baker & Botts has faced as an advocate of big business. But they also identify the important impact that corporate law firms of this type have on business reorganization and government regulation. As the authors demonstrate in this case study, law firms throughout the twentieth century have helped to shape public policy in these critical areas.

Always prominent in the community, and with prominent connections (former Secretary of State James A. Baker III is the great-grandson of the original Baker), the Baker & Botts law firm belongs in any history of the development of Houston and the Southwest.

During the pre-Civil War period, Cincinnati was the fastest growing and, according to many contemporary observers, most interesting city in America. This classic study, completed in the early 1970s, focuses on the community in 1840 to explain its success but also to suggest some broader patterns in the city’s development and American urbanization.

Using local census records, city directories, tax lists, newspapers, and other contemporary sources, Walter Stix Glazer describes the demographic, social, economic, and political structure of the adult white male population in 1840 and then develops a unified model of its social and functional organizations. This analysis (based on computerized records of thousands of Cincinnatians) also documents some broader trends between 1820 and 1860: the volatility of Cincinnati’s labor force, the career patterns of its homeowners, and the leadership of a small group of successful citizens active in a broad range of voluntary associations.

This statistical analysis is complemented with sections of traditional historical narrative and biographical profiles that illustrate the general themes of the book. Glazer argues that Cincinnati’s success up to 1840 was due to a unified booster vision and a cohesive community elite that gradually broke down, as a result of ethnic and economic division, over the next twenty years. This story has broader implications in terms of the character of Jacksonian democracy and American urbanization.

This introductory but innovative textbook on the economics of cities is aimed at students of urban and regional policy as well as of undergraduate economics. It deals with standard topics, including automobiles, mass transit, pollution, housing, and education but it also discusses non-standard topics such as segregation, water supply, sewers, garbage, fire prevention, housing codes, homelessness, crime, illicit drugs, and economic development.

Its methods of analysis are primarily verbal, geometric, and arithmetic. The author achieves coherence by showing how the analysis of various topics reinforces one another. Thus, buses can tell us something about schools and optimal tolls about land prices. Brendan O'Flaherty looks at almost everything through the lens of Pareto optimality and potential Pareto optimality--how policies affect people and their well-being, not abstract entities such as cities or the economy or growth or the environment. Such traditionalism leads to radical questions, however: Should cities have police and fire departments? Should tax preferences for home ownership be repealed? Should public schools charge for their services? O'Flaherty also gives serious consideration to such heterodox policies as pay-at-the-pump auto insurance, curb rights for buses, land taxes, marginal cost water pricing, and sidewalk zoning.

Where water supply, railway transportation, and oil reserves have been abundant, towns in central West Texas have prospered; where these resources are few, settlements have maintained only slight growth or disappeared entirely. Supporting his conclusions with profuse statistical evidence, Robert L. Martin traces the economic development of six major towns in the area, all with over 10,000 residents in 1960: Lamesa, Snyder, Sweetwater, Big Spring, Midland, and Odessa.

Ranching brought the first settlers to West Texas in the 1870s and dominated the economy until 1900. In the 1880s farmers began to arrive, and between 1900 and 1930 agricultural production replaced ranching as the most important industry.

With the influx of population came the railroad, and small settlements were established along its route. Those with sufficient water supply prospered and, as counties were organized, became county seats and supply centers for the surrounding agricultural regions.

The land could not support a large agricultural population, and agriculture-related manufactures soon drew population to the towns. However, it was not until the oil discoveries of the 1920's that the modern city emerged. After World War II, oil production and oil-related industries generated great wealth and caused a boom in population growth and urban development. Despite the growth in prosperity, the economy is precariously balanced. Urban centers dependent on oil—an industry of limited life—have matured in an area without sufficient water or agricultural resources to support them. Martin concludes that, without careful planning and a solution to the water problem, these cities could some day become ghost towns on the plains.

The “Pittsburgh Renaissance,” an urban renewal effort launched in the late 1940s, transformed the smoky rust belt city’s downtown. Working-class residents and people of color saw their neighborhoods cleared and replaced with upscale, white residents and with large corporations housed in massive skyscrapers. Pittsburgh’s Renaissance’s apparent success quickly became a model for several struggling industrial cities, including St. Louis, Cleveland, Detroit, Chicago, and Philadelphia. 

In A Good Place to Do Business, Roger Biles and Mark Rose chronicle these urban “makeovers” which promised increased tourism and fashionable shopping as well as the development of sports stadiums, convention centers, downtown parks, and more. They examine the politics of these government-funded redevelopment programs and show how city politics (and policymakers) often dictated the level of success. 

As city officials and business elites determined to reorganize their downtowns, a deeply racialized politics sacrificed neighborhoods and the livelihoods of those pushed out. Yet, as A Good Place to Do Business demonstrates, more often than not, costly efforts to bring about the hoped-for improvements failed to revitalize those cities, or even their downtowns.

The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits.

The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share.

The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class.

Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures.

Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

Elizabeth Zanoni provides a cutting-edge comparative look at Italian people and products on the move between 1880 and 1940. Concentrating on foodstuffs—a trade dominated by Italian entrepreneurs in New York and Buenos Aires—Zanoni reveals how consumption of these increasingly global imports affected consumer habits and identities and sparked changing and competing connections between gender, nationality, and ethnicity. Women in particular—by tradition tasked with buying and preparing food—had complex interactions that influenced both global trade and their community economies. Zanoni conveys the complicated and often fraught values and meanings that surrounded food, meals, and shopping.

A groundbreaking interdisciplinary study, Migrant Marketplaces offers a new perspective on the linkages between migration and trade that helped define globalization in the late nineteenth and early twentieth centuries.

Reducing residential segregation is the best way to reduce racial inequality in the United States. African American employment rates, earnings, test scores, even longevity all improve sharply as residential integration increases. Yet far too many participants in our policy and political conversations have come to believe that the battle to integrate America’s cities cannot be won. Richard Sander, Yana Kucheva, and Jonathan Zasloff write that the pessimism surrounding desegregation in housing arises from an inadequate understanding of how segregation has evolved and how policy interventions have already set many metropolitan areas on the path to integration.

Scholars have debated for decades whether America’s fair housing laws are effective. Moving toward Integration provides the most definitive account to date of how those laws were shaped and implemented and why they had a much larger impact in some parts of the country than others. It uses fresh evidence and better analytic tools to show when factors like exclusionary zoning and income differences between blacks and whites pose substantial obstacles to broad integration, and when they do not.

Through its interdisciplinary approach and use of rich new data sources, Moving toward Integration offers the first comprehensive analysis of American housing segregation. It explains why racial segregation has been resilient even in an increasingly diverse and tolerant society, and it demonstrates how public policy can align with demographic trends to achieve broad housing integration within a generation.