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Spending on education across the United States and across local school districts has long been characterized by great disparities - disparities that reflect differences in property wealth and tax rates. For the past quarter-century, reformers have attempted to reduce these differences through court challenges and legislative action. As part of a broad study of education finance, the committee commissioned eight papers examining the history and consequences of school finance reform undertaken in the name of equity and adequacy. This thought-provoking, timely collection of papers explores such topics as: what ""equity"" and ""adequacy"" in school finance really mean; how school districts use money from finance reform; the politics of school finance reform; how school finance reform is being pursued through litigation; the impact of court-ordered school finance reform on spending disparities; the policy options available to states facing new challenges from court decisions mandating adequacy in school finance; and how to consider differences in student needs and regional costs when measuring adequacy.