Article: About Town: The New Yorker and the World It Made.(Review)

About Town: The New Yorker and the World It Made, by Ben Yagoda (Scribner, 480 pp., $27.50)

SINCE the 79-year-old William Shawn was forcibly retired in 1987 and The New Yorker magazine began to hemorrhage prestige and then cash (more than $150 million to date), there has been a furious debate among the New York cognoscenti about what went wrong. It's the same bitter disappointment we faced with poverty in this country and guerrilla insurgencies abroad: We don't understand what money can't buy.

And yet Ben Yagoda and Renata Adler--two writers as different as it is possible for one culture to produce--both seem to know the secret. Reading their books back ...

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