Tax Increment Debt Finance: An Analysis of the Mainstreaming of a Fringe Sector

Despite the persistent efforts of federal tax policymakers to place binding constraints on the economic development bond market in the United States, it has grown since the Tax Reform Act of 1986 and is a well established segment of the municipal securities market. This article provides an analysis of the development bond market by describing tax increment debt finance (TIF) in the United States and conducting an empirical analysis of California TIF debt. Our analysis indicates that tax increment debt finance (TIF) is no longer an obscure infrequently used financing tool, but for local governments in many states is a commonly used means of raising capital for multiple purposes. Our empirical analysis highlights the unique project-specific features of tax increment finance that bond issuers must understand and manage to enhance the credit quality and minimize the financing costs of tax increment debt.     

Coping with stress through the microcosms of home and family among arctic whalers and explorers

The essay examines an aspect of family life that has been ignored by many researchers: the role of representations of family and home for men whose work requires prolonged periods of separation and distance. Content analysis of diaries and correspondence (primarily written during the nineteenth and early twentieth centuries) shows that Arctic explorers and whalers engaged in activities reminiscent of those popular at home. We hypothesize that such activities may have helped the men to bear with an environment characterized by danger, discomfort, uncertainty, remoteness, isolation, and lack of privacy. Constructing these microcosms also engaged the crews' creativity and energy in relieving long stretches of unfilled time, and may have prepared them for a smoother re-integration upon their return home. The diaries and letters also expressed the voyagers' longings for their family and their developing of surrogate emotional ties with their ships and shipmates.     

Race,Social Welfare,and the Decline of Postwar Liberalism: A New or Old Key?

Fifty-one years ago, when liberalism and social welfare democracy were expanding in all advanced industrialized nations, V.O. Key, Jr., forecast the decline of postwar liberalism in the United States. Current discussion of the decline of liberalism has ignored Key or, when evidence is lacking, has incorrectly cited him. In contrast to Key's relatively direct, simple, and heavily documented reasoning, current explanations are multifactorial, complex, less well documented, and often ideologically loaded. Some explanations for the "postwar" decline identify causal factors more than six years after the war, yet they ignore events in 1945–47. At the fifty-first anniversary of V.O. Key's Southern Politics in State and Nation, attention to Key's forecast and Occam's razor is called for. Key argued that racism in the South, exerted through congressional committees, would lead to a decline of liberalism in the nation. Using "legislative histories," this article compares Key's single-factor "racial" explanation with a two-factor explanation—and by implication with multifactor ones—and finds Key's more compelling and parsimonious. Archival sources indicate that more than two years before the 1948 Democratic Convention, Charlie Ross, Truman's closest advisor, and Truman himself encouraged Key to assess the emerging postwar politics of the South. As Key anticipated, institutionalized racism sunk the Fair Deal and postwar social democracy, despite Truman's efforts. The effects of racism on postwar and current politics and public administration should be reexamined as a key to understanding American distinctiveness or exceptionalism.