Austerity

Author: Mark Blyth
Publisher: Oxford University Press
ISBN: 0199389446
Size: 71.27 MB
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Austerity from the Author: Mark Blyth. Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

Austerity

Author: Mark Blyth
Publisher: Oxford University Press
ISBN: 0199939098
Size: 77.88 MB
Format: PDF
View: 219
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Austerity from the Author: Mark Blyth. Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

Austerity

Author: Mark Blyth
Publisher: Oxford University Press
ISBN: 019982830X
Size: 28.31 MB
Format: PDF, Kindle
View: 916
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Austerity from the Author: Mark Blyth. Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us.

The Age Of Austerity

Author: Thomas Byrne Edsall
Publisher: Anchor
ISBN: 0385535201
Size: 41.66 MB
Format: PDF, ePub
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The Age Of Austerity from the Author: Thomas Byrne Edsall. One of our most prescient political observers provides a sobering account of how pitched battles over scarce resources will increasingly define American politics in the coming years—and how we might avoid, or at least mitigate, the damage from these ideological and economic battles. In a matter of just three years, a bitter struggle over limited resources has enveloped political discourse at every level in the United States. Fights between haves and have-nots over health care, unemployment benefits, funding for mortgage write-downs, economic stimulus legislation—and, at the local level, over cuts in police protection, garbage collection, and in the number of teachers—have dominated the debate. Elected officials are being forced to make zero-sum choices—or worse, choices with no winners. Resource competition between Democrats and Republicans has left each side determined to protect what it has at the expense of the other. The major issues of the next few years—long-term deficit reduction; entitlement reform, notably of Social Security, Medicare, and Medicaid; major cuts in defense spending; and difficulty in financing a continuation of American international involvement—suggest that your-gain-is-my-loss politics will inevitably intensify.

Austerity In Britain

Author: Ina Zweiniger-Bargielowska
Publisher: OUP Oxford
ISBN: 0191542245
Size: 40.32 MB
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Austerity In Britain from the Author: Ina Zweiniger-Bargielowska. Austerity in Britain is the first book to explore the entire episode of rationing, austerity, and fair shares from 1939 until 1955. These policies were central to the British war effort and to post-war reconstruction. The book analyses the connections between government policy, consumption, gender, and party politics during and after the Second World War. The economic background to austerity, the policy's administration, and changes in consumption standards are examined. Rationing resulted in at times extensive black markets and popular attitudes to the policy ranged from wartime acquiescence to post-war discontent. Austerity in Britain qualifies the myth of common sacrifice on the home front and highlights the limitations of the fair-shares policy which failed to achieve genuine equality between classes or between men and women. The continuation of rationing and austerity policies after 1945 was central to party politics. Disaffection, particularly among women, undermined Labour's popularity while the Conservatives' critique of austerity was instrumental to the party's victories at the general elections of 1951 and 1955.

The Contradictions Of Austerity

Author: Jeffrey Sommers
Publisher: Routledge
ISBN: 131780015X
Size: 40.97 MB
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The Contradictions Of Austerity from the Author: Jeffrey Sommers. The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for "models" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the "Baltic model" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic "austerity fix" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model. We examine each of the Baltic States by connecting national level studies within a European and global political economy, thereby delivering comparative breadth that supersedes localized understandings of the crisis. Thus for each of the three Baltic states, individual chapters explore the different economic and social dimensions of neo-liberal post-communism and the subsequent wider global economic and financial crisis in which these newly financialized economies have found themselves especially vulnerable. The "austerity model" adopted by Baltic national governments in response to the crisis reveals the profound vulnerabilities created by their unwavering commitment to liberalized economies, not least in terms of the significant "exit" of their labor forces and consequent population loss. This book looks beyond basic financial metrics claiming a success story for the Baltic austerity model to reveal the damaging economic and social consequences, first of neo-liberal policies adopted during transition, and latterly of austerity measures based on "internal devaluation." Combined these policies undermine the possibility of longer-term recovery and even social and economic sustainability, not to mention prospects for successful integration in the now-faltering European project that has departed from its "Social Model" roots.

Women And Austerity

Author: Maria Karamessini
Publisher: Routledge
ISBN: 113507397X
Size: 36.48 MB
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Women And Austerity from the Author: Maria Karamessini. Austerity has become the new principle for public policy in Europe and the US as the financial crisis of 2008 has been converted into a public debt crisis. However, current austerity measures risk losing past progress towards gender equality by undermining important employment and social welfare protections and putting gender equality policy onto the back burner. This volume constitutes the first attempt to identify how the economic crisis and the subsequent austerity policies are affecting women in Europe and the US, tracing the consequences for gender equality in employment and welfare systems in nine case studies from countries facing the most severe adjustment problems. The contributions adopt a common framework to analyse women in recession, which takes into account changes in women’s position and current austerity conditions. The findings demonstrate that in the immediate aftermath of the financial crisis, employment gaps between women and men declined — but due only to a deterioration in men’s employment position rather than any improvements for women. Tables are set to be turned by the austerity policies which are already having a more negative impact on demand for female labour and on access to services which support working mothers. Women are nevertheless reinforcing their commitment to paid work, even at this time of increasing demands on their unpaid domestic labour. Future prospects are bleak. Current policy is reinforcing the same failed mechanisms that caused the crisis in the first place and is stalling or even reversing the long term growth in social investment in support for care. This book makes the case for gender equality to be placed at the centre of any progressive plan for a route out of the crisis.

Austerity Measures

Author: Karen Van Dyck
Publisher: Penguin UK
ISBN: 0241250633
Size: 75.10 MB
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Austerity Measures from the Author: Karen Van Dyck. 'I remember caresses, kisses, touching each other's hair. We had no sense that anything else existed' - Elena Penga, 'Heads' 'Nothing, not even the drowning of a child Stops the perpetual motion of the world' - Stamatis Polenakis, 'Elegy' Since the crisis hit in 2008, Greece has played host to a cultural renaissance unlike anything seen in the country for over thirty years. Poems of startling depth and originality are being written by native Greeks, émigrés and migrants alike. They grapple with the personal and the political; with the small revelations of gardening and the viciousness of streetfights; with bodies, love, myth, migration and economic crisis. In Austerity Measures, the very best of the writing to emerge from that creative ferment - much of it never before translated into English - is gathered for the first time. The result is a map to the complex territory of a still-evolving scene - and a unique window onto the lived experience of Greek society now.

Austerity

Author: Lorenzo Bini Smaghi
Publisher: Ctr for European Policy Studies
ISBN: 9789461383303
Size: 51.35 MB
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Austerity from the Author: Lorenzo Bini Smaghi. The crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could jeopardize their reelection. Emergency thus becomes the engine of political action, and the justification for corrective measures vis-Ă -vis the voters. As a consequence, the cure in the form of austerity, administered belatedly under pressure from the markets, becomes even more painful and unpopular, giving rise to populist movements and endangering democracy itself.

The Age Of Austerity

Author: Thomas J. Schoenbaum
Publisher: Edward Elgar Publishing
ISBN: 1781951454
Size: 52.76 MB
Format: PDF
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The Age Of Austerity from the Author: Thomas J. Schoenbaum. This provocative look at the global financial crisis argues that the United States, the European Union and Japan have intentionally and unwittingly adopted wrong-headed economic policies in a futile attempt to deal with sovereign debt resulting from the global financial crisis. It offers persuasive evidence of how the politics of austerity fail to encourage economic recovery, and proposes instead a number of alternative ideas and solutions. The book begins with a detailed breakdown of the financial crisis and the government response in the United States, with particular focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act. The author then puts forth a basic three-part plan calling for (1) fundamental tax and entitlement reform; (2) massive economic stimulus in the form of public and private investment to modernize the countryĂŤs aging infrastructures; and (3) mortgage relief to revitalize the nationĂŤs housing markets. The book concludes with specific policy proposals designed to achieve these goals and return the US economy to a state of full employment and robust economic growth. This timely and insightful volume will appeal to students and scholars of economics, public policy and finance, as well as anyone with an interest in the recent economic history of the United States.