Austerity by Mark Blyth
The History of a Dangerous Idea
A critique of budget-cutting as a response to financial crises, it argues that a private banking meltdown was miscast as a public debt problem, shifting the burden onto citizens, deepening recessions, and failing to deliver growth. Tracing the ideology’s intellectual roots and historical track record from interwar Europe to the recent Eurozone crisis, it shows that austerity repeatedly underperforms while fueling inequality and political backlash. It concludes by outlining alternatives—risk-sharing, stronger financial regulation, and targeted stimulus—that can stabilize economies without inflicting unnecessary social harm.
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- Published
- 2013
- Nationality
- British
- Length
- Medium
- Pages
- 288–304
- Original Language
- English
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