Cracked Foundations: Debt and Inequality in Suburban America

Michael Glass

Book cover for Cracked Foundations: Debt and Inequality in Suburban America
Image for variant 9781512828221
Book cover for Cracked Foundations: Debt and Inequality in Suburban America
Image for variant 9781512828221

Cracked Foundations: Debt and Inequality in Suburban America

Cracked Foundations: Debt and Inequality in Suburban America

Michael Glass

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Description

How debt and speculation financed the suburban American dream and led to today's inequalities

In the popular imagination, the suburbs are synonymous with the "American Dream" of upward mobility and economic security. After World War II, white families rushed into newly built suburbs, where they accumulated wealth through homeownership and enjoyed access to superior public schools. In this revelatory new account of postwar suburbanization, historian Michael R. Glass exposes the myth of uniform suburban prosperity. Focusing on the archetypal suburbs of Long Island, Cracked Foundations uncovers a hidden landscape of debt and speculation.

Glass shows how suburbanites were not guaranteed decent housing and high-quality education but instead had to obtain these necessities in the marketplace using home mortgages and municipal bonds. These debt instruments created financial strains for families, distributed resources unevenly across suburbs, and codified racial segregation. Most important, debt transformed housing and education into commodities, turning homes and schools into engines of capital accumulation. The resulting pressures made life increasingly precarious, even for those privileged suburbanites who resided in all-white communities. For people of color denied the same privileges, suburbs became places where predatory loans extracted wealth and credit rating agencies punished children in the poorest school districts. Long Islanders challenged these inequalities over several decades, demanding affordable housing, school desegregation, tax equity, and school-funding equalization. Yet the unequal circumstances created by the mortgages and bonds remain very much in place, even today.

Cracked Foundations not only transforms our understanding of housing, education, and inequality but also highlights how contemporary issues like the affordable housing crisis and school segregation have their origins in the postwar golden age of capitalism.

About the Author

Michael R. Glass is Assistant Professor of History at Boston College.

Critical Reviews

"Cracked Foundations does the near impossible--it breaks new ground with a surprising history about the suburban boom in the United States after World War II. It is a history we all assume to know about American suburbs: little boxes on the hillside, little boxes all the same, housing the quintessential white nuclear family. But in tearing the mask off the conventional history of America's golden age, an underbelly of rising debt, tax burdens, struggling schools, and insecurity is revealed. With painstaking research, refreshing insights, and smart arguments, this book makes an extraordinary contribution."-- "Keeanga-Yamahtta Taylor, author of Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership"

"Michael R. Glass has done remarkable historical legwork in excavating the inner history of Levittown, transforming the way we understand this most iconic of suburbs. Cracked Foundations demolishes the myth of suburban security, asking us to look anew at post-World War II American history. A brilliant scholarly accomplishment."-- "Kim Phillips-Fein, author of Fear City: New York's Fiscal Crisis and the Rise of Austerity Politics"

"Cracked Foundations will forever change the way we think about postwar suburbs. Michael R. Glass masterfully shows how suburban housing and school finance programs were designed by and for developers and financiers, not for middle-class families. These families assumed heavy debt and their aspirations toward financial security remained dependent on a highly volatile market--one that promised much more than it delivered and generated its own set of insecurities and inequities. This is an extraordinary book that not only deeply enriches and transforms our understanding of housing, education, and inequality in postwar suburbs (and beyond) but that is also well-crafted, boldly argued, and beautifully written."-- "Andrew W. Kahrl, author of The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America"

"In his new book, Cracked Foundations: Debt and Inequality in Suburban America, the urban historian Michael Glass looks behind the marketing that attracted flocks of Americans to places like Levittown and uses debt as a lens through which to understand suburban disparities."-- "The Atlantic"

"Glass carefully delineates how race exacerbated inequalities, while puncturing the presumption that suburbanization meant straightforward embourgeoisement for working-class whites."-- "Journal of Social History"

"An essential resource for numerous disciplines, including economics, education, history, political science, sociology, and urban studies, and for understanding contemporary problems such as unaffordable housing, unequal education, and how politics and public education funding contribute to these problems. This excellent book belongs in every college library."-- "CHOICE"

Publishing Information

Publisher: University of Pennsylvania Press
Pub date: 2025-10-07
Length: 336 pages

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