The bankruptcy of the government of Orange County, California in 1994 is treated as a case study depicting a potentially critical problem emerging for democracies. The analysis links finan-cial and fiduciary perspectives by re-examining the actions of Orange County officials and citi-zens through three separate analytical frames: the dynamics of economic globalization; citizen engagement through the channel of civil society; and the theory of risk--both its nature generally and its financial aspect specifically. The conclusion reached is that globalization has made con-tingency and uncertainty ubiquitous and this indicates that the practice of governance in its pub-lic administration dimension should include a return to pragmatic, process approaches to policy and implementation. / Ph. D.