Introduction
Summary of the book Austerity by Mark Blyth. Before moving forward, let’s briefly explore the core idea of the book. Imagine reading a story where everyone believes the same old remedy fixes every ailment, yet each time it’s tried, the patient grows weaker. That’s the tale of austerity. It promises strength, but often brings weakness. This book peels back the curtain, showing how economic troubles traced to reckless banking became everyone’s burden. It asks why nations punish schoolchildren, nurses, and ordinary workers for problems created in high finance towers. By examining shocking histories and unexpected examples, it challenges the idea that cutting spending cures economic diseases. Instead, it reveals how letting banks fail, taxing wealth more fairly, and investing in communities can spark real recovery. This introduction whispers: what if the hardest truths lie hidden behind accepted wisdom? Keep reading. You’ll find that when crisis strikes, austerity is not destiny, and alternatives shine brighter than you ever imagined.
Chapter 1: Understanding Why Austerity Policies Appear Simple Yet Secretly Undermine Economic Foundations.
Imagine you are part of a community where everyone suddenly decides to spend less money. At first glance, it might seem wise: if a family is low on funds, cutting back until finances recover makes sense, right? Well, policies called austerity try to do just that on a national level. When a country experiences an economic slowdown or a crisis, austerity measures demand that governments slash spending, reduce public services, and hike taxes. The theory is that by cutting costs, the nation’s finances will improve and its economy will eventually become stronger. Yet, there’s a hidden problem. Unlike a single household cutting expenses, an entire country doing it all at once triggers a dangerous chain reaction. Everyone spending less means shops sell fewer goods, companies earn less, workers lose jobs, and the entire economy can sink further into trouble rather than climb out.
The idea of austerity might sound like tough love: endure some hardship now to be richer later. But when every family, business, and service provider tightens their belt simultaneously, the economy stops moving. Money does not circulate as it once did, and suddenly the system becomes stuck. Picture a busy marketplace turning silent overnight. No more customers buying everyday products. No more enthusiastic shoppers exploring local stores. Over time, the ripple effect can cause rising unemployment and declining confidence. The supposed cure—hard cost-cutting—often worsens the very illness it aims to treat. Governments slash essential spending like health benefits or job-training programs, hurting the people who need help the most. Instead of reviving growth, austerity can strangle it, ensuring that the poorest and most vulnerable citizens shoulder a heavy burden while wealthier individuals often remain protected and comfortable.
Consider how a robust economy relies on many moving parts. Consumers buy goods, businesses reinvest profits, banks lend money, and governments support infrastructure and social needs. This cycle thrives on trust and flow. Austerity breaks these connections. If a government cuts welfare, unemployed citizens have less to spend. If people stop buying, shops lose money and close down. If businesses close, more jobs vanish, and so on. Eventually, tax revenues shrink because fewer people work, forcing even more cuts. It’s a grim spiral that drags everyone downward. Instead of a return to prosperity, what emerges is a landscape where opportunities dry up, living standards drop, and the economy remains weak. This downward spin hits ordinary workers hardest, leaving them with fewer chances to recover, while those who caused the financial chaos often escape the worst consequences.
It’s important to see that austerity is not just a neat theory crafted in books or spoken about by economists on television. It is something that has been tested in many countries at different times, and the results have often been disastrous. When entire nations cut spending all at once, it harms growth and delays any real recovery. Instead of sparking a fresh start, austerity can turn struggling economies into stagnating ones. The damage is not evenly spread; it weighs heavily on those who depend on public services, social safety nets, and fair wages. As we progress through these chapters, we will see that what seems like a simple idea—spend less to save money—does not translate well on a large scale. The deeper we look, the clearer it becomes that austerity weakens foundations that hold societies together.
Chapter 2: Examining Historical Trails Where Supposed Fiscal Belt-Tightening Led To Deeper Troubles.
History provides clear lessons about austerity’s true effects. After World War I, Germany was forced into severe economic restrictions, including massive reparations and strict controls. Instead of promoting growth, these measures created misery, anger, and instability. Many argue that these harsh conditions paved a path to dangerous political changes. Similarly, during the early 20th century in the United States, attempts to shrink government spending amid economic downturns contributed to a slide into the Great Depression. Rather than lifting the nation out of trouble, austerity-like strategies intensified it. Far from being a magic solution, these painful cutbacks took struggling situations and made them worse. By revisiting these moments in history, we see that whenever austerity took center stage, the promise of recovery often remained unfulfilled. Instead of healing, it prolonged suffering and set the stage for future upheavals.
In the 1920s, President Warren Harding’s policies of cutting spending didn’t lead the United States into a better future. Instead, the economy eventually stumbled into the Great Depression, one of the harshest economic disasters in American history. Later, President Herbert Hoover tried increasing taxes to fix the budget, but again, these moves came too late and worsened the downturn. It was only when Franklin D. Roosevelt’s New Deal policies—focused on government spending, public works, and social programs—were introduced that the economy began to heal. This pattern shows that simply retreating from spending during tough times does not magically restore balance. Instead, it often cripples growth and halts the progress needed to return to prosperity. Countries that tried austerity during times of crisis often found themselves trapped in longer, deeper, and more painful economic declines.
Other countries’ histories reinforce this theme. After World War I, the Treaty of Versailles imposed strict economic conditions on Germany, which decimated its economy and wrecked people’s trust in government and institutions. This discontent eventually helped fuel extremist politics and led to another global conflict. Similarly, during the 1930s, nations like Sweden, France, and Japan attempted austerity measures, hoping to restore stability by cutting spending. Instead, these nations suffered more before they finally understood that loosening the purse strings and encouraging investment were the keys to bouncing back. Only after they backed away from austerity could they rebuild their economies and restore a sense of hope and opportunity. Again and again, history warns us that severe cutbacks do not repair a country’s finances; they often heighten tensions and slow down the path to real recovery.
Some supporters of austerity try to claim that certain countries experienced success with belt-tightening measures. They point to places like Denmark, Ireland, or Australia as if these examples prove austerity’s worth. But a closer look reveals different stories. Denmark’s cuts often occurred during times of growth, not downturns, so it was never truly tested in a severe crisis scenario. Ireland’s seeming success was complicated by factors like currency devaluation and foreign investment, not just spending cuts. In Australia’s case, there’s little evidence that genuine austerity even took place. Historical facts show that instances where austerity is hailed as a triumph usually involve other conditions that improved the economy. Without these special factors, austerity alone would not have done the trick. The record is clear: historical attempts to shrink economies back to health usually backfire, leaving painful scars.
Chapter 3: Uncovering The True Roots Of The Crisis Within United States Banking Maneuvers.
The crisis that slammed the global economy in 2007-2008 did not simply appear from thin air. Many people blamed government overspending, but that was only a smokescreen. In reality, the core issue lay deep within the United States financial system. Big banks and investment firms had become entangled in complicated and risky practices, especially in what are known as repo markets. In these markets, banks borrowed money from each other, using bundles of mortgage-related financial products as if they were solid assets. For a while, this system worked because everyone believed in the stability of housing prices. Banks felt comfortable trading these mortgage packages, confident that homes would keep gaining value. Yet, this house of cards relied entirely on the assumption that homeowners would not default. Once that assumption proved false, the entire tower began to sway dangerously.
In the early 2000s, banks turned mortgages—those long-term home loans people use to buy houses—into tradeable financial packages. They bundled a wide range of mortgages together and treated these bundles as if they were safe, valuable items. As long as homeowners kept paying their mortgages, these bundles, or securities, looked profitable and reliable. Banks used them as collateral to get quick loans from other financial institutions. This practice gave banks constant access to money, which they then reused for new investments, believing the flow of cash would never end. But this grand illusion depended on the stability of real estate prices and the ability of people to repay their loans. Once cracks appeared—people began failing to pay their mortgages—these once-valuable assets suddenly looked worthless, causing panic and confusion as banks raced to protect themselves.
When the housing bubble burst and mortgage defaults rose, these mortgage-backed securities plunged in value. Banks that had depended on them to borrow money and keep the financial wheels turning found themselves in trouble. Fear spread rapidly. Everyday people, reading alarming headlines, rushed to withdraw their savings, which made banks scramble even harder for cash. But since the problem was widespread, banks couldn’t easily lend to each other without demanding higher interest, or worse, refusing altogether. The engine of finance slowed down, gasping for liquidity. The public’s trust evaporated. Without confidence, money stops moving and the economy grinds to a halt. The crisis wasn’t caused by government handouts or overspending on social services; it was birthed within the private sector’s complex, risky, and poorly regulated financial games. Once the dominoes began to fall, everyone felt the shockwaves.
At the heart of this meltdown were clever but dangerous financial instruments called CDOs (Collateralized Debt Obligations) and credit default swaps. CDOs were just fancy packages of various loans, including mortgages, lumped together and sold as investments. Credit default swaps worked like insurance bets on these CDOs. If a borrower failed to pay, the insurer—often a giant company like AIG—would compensate the investor. Because everyone assumed the housing market would forever rise, insurers sold enormous quantities of these swaps without planning for widespread failure. When defaults multiplied and AIG could not cover its promises, panic gripped the global financial community. Banks rushed to sell their CDOs, but no one wanted these toxic assets. Unable to unload their burdens in the United States, they looked abroad. Soon, the crisis spread to Europe, sparking a chain reaction of instability and fear.
Chapter 4: Peering Behind The Curtain Of Mortgages, CDOs, And Financial Domino Effects.
It might seem strange that something as personal and local as a family’s mortgage could help topple banks around the world. But in the lead-up to the crisis, mortgages were turned into global betting chips. By blending safe and risky mortgages together, financial firms created complex products that were hard to understand. Many investors trusted the ratings assigned to these bundles, believing them secure. Yet, when too many homeowners failed to pay their loans, these investments no longer looked stable. Think of a beautifully wrapped present that, once opened, reveals rotten fruit instead of a delicious treat. These financial instruments fooled people into thinking everything was fine, right up until the rotten core emerged. Suddenly, giant financial institutions faced enormous losses, and because global finance is interconnected, troubles in American mortgages reached European bank vaults swiftly.
What allowed this interconnection to flourish were the high-speed trades and global links between banks and investment firms. As American institutions tried to rid themselves of failing assets, they sold them at huge discounts overseas. European banks, hungry for profit and trusting the reputation of American finance, had bought these products, hoping for stable returns. Instead, they found themselves holding piles of devalued paper, all tied to homeowners who could not pay. This chain reaction forced European governments to step in and rescue their own financial sectors. By doing so, they inherited the banks’ debts, effectively nationalizing the losses. Here we see the real kicker: ordinary citizens, who had never participated in these intricate deals, ended up paying the price. Taxpayer money that could have funded schools, hospitals, or infrastructure now went into saving giant banks.
This unexpected transfer of private-sector failures onto public shoulders sparked debates. Governments and media outlets blamed entire nations for living beyond their means, pointing fingers at countries like Greece or Spain. They repeated stories of public fraud and imagined widespread laziness, ignoring that the true fault lay in financial engineering gone wild. The narrative became: these countries must embrace austerity to fix their overspending. Yet, the truth was more complicated. The crisis had originated in the private banking sector’s reckless behavior, not in public budgets. By misunderstanding this, or deliberately misrepresenting it, policymakers applied the wrong remedy. Instead of reviving economies, austerity measures choked them further. Services disappeared, jobs vanished, and the burden fell hardest on those least able to carry it. Meanwhile, the architects of the crisis often continued to enjoy comfortable financial cushions.
This mismatch—between who caused the crisis and who bore its cost—drove deep resentments. Ordinary people saw vital services cut, while those who profited from dangerous financial dealings escaped with their fortunes intact. Austerity, presented as the only logical medicine, did not cure the patient. Instead, it starved it. The problem was never simple government overspending; it was a complex financial gamble that went terribly wrong, transferring private losses to public ledgers. By understanding the intricate world of mortgages, CDOs, and financial dominoes, we see that what looked like a simple solution—tightening belts—failed because it never addressed the real root of the disease. In the chapters ahead, we’ll explore how different countries responded, and how nations trapped themselves into permanent austerity, clinging to a remedy that repeatedly made their economic wounds deeper and more painful.
Chapter 5: Exploring Europe’s Fragile Peripheral Economies As They Struggle Beneath Currency Constraints.
As the financial storm swept from the United States to Europe, certain nations were more vulnerable than others. The so-called PIGS—Portugal, Italy, Ireland, Greece, and Spain—faced special struggles. Before the crisis, they had adopted the euro, a shared currency that reduced their economic independence. Without their own currency to adjust, these nations couldn’t use exchange rates or controlled inflation to soften the blow of sudden downturns. Many of these countries had aging populations, sluggish industries, or recent property bubbles that were already deflating. When the global financial crisis struck, they had no easy tools to protect themselves. Suddenly, their shaky financial structures were exposed. Private banking failures turned into public debt mountains because governments decided to rescue banks rather than let them collapse. The cost of these bailouts locked them into severe budget cuts and harsh austerity programs.
The logic behind massive bailouts was that banks were too big to fail. Letting them collapse, it was argued, would cause chaos. But in Europe, these banks were also too big to save comfortably. Their values were enormous, sometimes surpassing the entire annual economic output of the host country. Facing collapse, governments felt pressured to step in, pouring billions of euros into rescue packages. This transformed private banking mistakes into giant public debts that had to be paid somehow. With their finances strained, governments were told by international institutions and influential economists that austerity—slashing social programs, cutting wages, reducing pensions—was the path back to health. However, these cures only made everyday life tougher, shrank economic activity, and locked these nations into a cycle of suffering. Instead of thriving, they ended up trapped in long-term economic gloom.
For example, Greece, once known for its ancient splendors and beautiful islands, was depicted as a reckless spender. Stories circulated about wasteful government practices, but what really mattered was that Greek banks, like others, had absorbed problematic financial products. When trouble hit, the Greek government bailed them out. With limited tools—no currency devaluation possible—Greece turned to austerity to pay the bills. Taxes rose, salaries fell, businesses closed, and unemployment soared. Spain and Ireland also faced bursting housing bubbles, while Italy and Portugal struggled with slow growth and aging populations. Together, they formed a group of countries caught in a trap: forced to cut spending right when their economies needed stimulus. Instead of climbing out of a hole, they kept digging deeper, all in the name of restoring confidence and competitiveness that austerity rarely delivered.
This situation was not created overnight, and it didn’t end quickly either. The euro, which was supposed to unite Europe in prosperity, instead tied weaker economies to a financial system that favored stronger members like Germany. Countries with booming industries and strong exports thrived, while those that lagged were left behind. When the crisis came, it hit the weaker links the hardest. Without the freedom to adjust their currencies or adopt flexible policies, the PIGS found themselves stuck in austerity’s grip. Instead of seeing austerity as a temporary fix, these nations fell into permanent economic diets, always cutting but never growing stronger. The result was a decade or more of hardship, political tension, and social unrest. Far from healing wounds, the approach wounded even more, undermining the trust and solidarity that Europe’s project initially aimed to build.
Chapter 6: How Bailing Out Giant Banks Enslaves Entire Nations To Endless Austerity Programs.
When governments rushed to rescue banks, they didn’t just spend a little; they often spent staggering sums. In Ireland, for example, the cost of bank bailouts reached around 70 billion euros. To cover these massive expenses, governments borrowed money, swelling their national debts. Once these debts got too large, international lenders and organizations like the IMF demanded tough conditions in return for further loans. The cure offered was austerity: cut public spending, raise taxes, reduce pensions, and shrink social safety nets. This cycle resembled a trap. By saving the banks, the country locked itself into long-term pain. Without room to invest in growth, innovation, or job creation, nations ended up frozen in a painful limbo. The resources that could have gone to improving healthcare, education, or infrastructure were instead diverted to paying off rescue bills.
This scenario also helped create a storyline that blamed ordinary people for the mess. Media reports focused on public sector inefficiencies and supposed cultural laziness. Yet, the crisis was triggered by complex financial products sold by huge banks, not by teachers, nurses, or bus drivers. Nevertheless, it was these regular workers who suffered pay cuts, fewer benefits, and reduced social protections. The powerful financial sector managed to shift the narrative, making the public believe that austerity was unavoidable, even natural. But austerity is not natural; it is a political choice. By declaring banks too important to fail, governments prioritized the financial system over the living conditions of their citizens. This choice shaped policies for years or even decades, ensuring that the nation’s growth potential was sacrificed to repay the debts incurred by saving reckless financial institutions.
This forced diet of spending cuts never allowed economies to fully recover. As countries struggled, businesses hesitated to hire, invest, or expand. Young people found it difficult to get jobs, build careers, or even dream of stable futures. Homeowners watched property values collapse and debts become heavier. Communities withered as shops closed and social services vanished. In the end, the supposed medicine—harsh austerity—didn’t cure the economy; it weakened it further. The cycle repeated: lower spending led to less growth, less growth led to lower tax revenues, lower revenues led to further cuts. Instead of creating conditions for a flourishing marketplace, austerity left a bitter taste and a stale economic environment. It enriched few while impoverishing many, fueling anger and frustration and weakening the trust that people had in their leaders and institutions.
Over time, some began questioning the wisdom of saving the banks at all costs. Was it truly beneficial for a nation’s long-term health? Or did it just protect the powerful while condemning ordinary citizens to hardship? This line of questioning brought forth the possibility of different choices—ones that put people first and financial giants second. Maybe letting some banks fail would have been painful at first, but could it have led to a quicker recovery? Could freeing public finances from massive bailout costs have allowed for investments that sparked real growth? These questions hint that alternatives exist. Instead of accepting austerity as fate, nations could choose policies that nurture opportunity, fairness, and stability. Seeing how the bailout trap ensnares entire countries reveals that what’s called responsible policy might actually be a short-sighted arrangement that benefits only a privileged few.
Chapter 7: Contrasting Ireland’s Painful Austerity With Iceland’s Bold Path Of Letting Banks Fail.
Ireland is often cited as an example of a country that, after enduring austerity, supposedly got back on its feet. But a closer look reveals a more troubling picture. After bailing out its banks at a huge cost, Ireland imposed harsh cuts on public services, reduced salaries, and tightened social benefits. Growth rates remained disappointingly low, with many jobs created only by foreign companies taking advantage of low taxes—not by genuine improvements in Ireland’s own industries. Unemployment spiked, and government debt soared. Despite claims of recovery, ordinary Irish citizens endured years of hardship that did not bring widespread prosperity. The strategy of saving the banks and then applying austerity measures mostly benefited big financial players. It did not rebuild Ireland’s economic foundations in a sustainable or inclusive way, leaving lasting scars on its social fabric.
Iceland, on the other hand, chose a dramatically different path. At the height of the crisis, its banks were even more bloated compared to the size of its economy than Ireland’s. Instead of rushing to save them at any cost, Iceland let its biggest banks fail. Yes, this triggered a crisis, but Iceland also protected its people by maintaining welfare programs and supporting those most vulnerable. It devalued its currency, which helped its exports become cheaper abroad, and it imposed controls to keep money from fleeing the country. Critics predicted doom and gloom, but Iceland’s economy stabilized faster than expected. Within a few years, growth returned, and Iceland ranked among the best-performing economies in certain measures. By refusing to accept the narrative that austerity was the only solution, Iceland emerged stronger and more resilient than many who stuck to the old script.
The difference between Ireland and Iceland is striking. Ireland followed the standard recipe: save the banks, cut social spending, and hope that pain now would mean gain later. Instead, it ended up with rising debts, higher unemployment, and fragile growth that relied too heavily on foreign companies. Iceland did the opposite: it let the banks bear the brunt of their own risky choices, protected its citizens, and used currency tools to regain competitiveness. The results proved that alternatives exist. The lesson? Austerity is not inevitable, and countries are not powerless before financial storms. Governments can choose to prioritize people’s well-being over safeguarding the wealth of a few. While not every country’s situation is identical, Iceland’s path shows that decision-makers have options and that protecting the majority rather than a tiny financial elite can lead to healthier, more balanced outcomes.
Iceland’s example should embolden policymakers to think beyond austerity’s narrow framework. If a small nation with fewer resources than many larger countries can resist the pressure to bail out giant banks and still come out ahead, why can’t others? This question prompts us to reconsider what we value. Are we trying to build an economy that serves everyone, or are we content to preserve a system that enriches a few at the expense of many? Ireland and Iceland offer a contrasting pair of stories that highlight the importance of bold, people-centered thinking. While the pundits said austerity was the only route, Iceland dared to step off that path and found safer ground. These insights will guide us toward understanding that austerity is not a universal law; it is merely one choice among many, and not necessarily the best one.
Chapter 8: Realistic Alternatives To Austerity That Champion Collective Well-Being Over Elite Interests.
If austerity is not the cure-all it claims to be, what else can countries do when faced with a crisis? One idea is to let failing banks fail and reorganize them responsibly, protecting ordinary citizens rather than saddling them with enormous debts. Another approach is to raise taxes on the wealthiest individuals, capturing some of the vast resources concentrated at the top and using them to pay down debts without punishing the poor. This shift would mean no longer treating banking as a sacred cow that must never be allowed to suffer. Instead, banks would be recognized as service providers, not indispensable pillars holding up civilization. At the same time, governments could invest in growth-enhancing areas like education, healthcare, infrastructure, and technology to strengthen their economies. This approach prioritizes broad prosperity rather than protecting narrow financial interests.
Research shows that targeted tax increases on the richest segments of society could significantly reduce debts without crushing public services. For instance, a German study suggested that a one-time wealth tax on the top 8% of that country’s population could raise enormous revenue. Similarly, in the United States, raising taxes slightly on the top 1% could bring in billions to support education, healthcare, and job training. These measures might sound radical, but they emphasize fairness: those who have benefited most from the financial system contribute more to its repair. It’s a moral and practical realignment, ensuring that ordinary people do not bear the full weight of cleaning up crises they never caused. This is not about punishing success; it’s about recognizing that extreme inequalities weaken societies and that everyone prospers when wealth is more broadly shared.
Alternatives to austerity also involve rethinking what government spending really means. Instead of seeing public investment as waste, consider it a seed for future growth. Spending on schools creates educated workers who spur innovation. Investing in public transportation and efficient infrastructure helps businesses operate smoothly and encourages commerce. Supporting healthcare keeps workers healthier, reducing the burdens on families and employers. When governments invest wisely, they create a stronger, more stable foundation for long-term prosperity. After all, economies are not cold machines; they are human networks of exchange, trust, and collaboration. Austerity frays these connections by stripping away support systems. Alternatives try to strengthen them, building resilience against future shocks. By thinking beyond cutting budgets, nations can nurture conditions that allow people to thrive, economies to grow sustainably, and entire communities to feel safe and hopeful.
Sooner or later, another financial crisis will arise. No system is perfect, and challenges are inevitable. The question is how societies will respond. Will we repeat the mistakes of the past—imposing austerity that punishes the many for the sins of the few? Or will we learn from experiences like Iceland’s? Will we recognize that austerity often fails and explore more humane, growth-oriented policies? The truth is, people have the power to insist on alternatives. Voters can demand policies that spread the burden fairly and invest in the future. Economists can study new models that prioritize well-being over short-term gains. Leaders can break free from old habits and choose pathways that help everyone, not just the top slice of society. Understanding these possibilities is the first step in changing how we respond when crisis knocks again.
All about the Book
Explore Austerity by Mark Blyth, a provocative analysis of economic policy’s impact on society. Understanding austerity’s consequences reveals critical insights into contemporary politics and economy, making it a must-read for informed citizens and professionals.
Mark Blyth is a renowned economist and political scientist, known for his impactful work on economic policies and their broader implications, making him a thought leader in modern economic discourse.
Economists, Politicians, Public Policy Analysts, Financial Advisors, Sociologists
Political Activism, Economic Blogging, Debating Economic Policies, Reading Non-Fiction, Attending Lectures on Economics
Impact of Austerity on Society, Economic Inequality, Government Budgeting Policies, Public Trust in Economic Institutions
Austerity is not just an economic policy; it’s a statement about our values and priorities in society.
Nobel Laureate Paul Krugman, Economist Joseph Stiglitz, Filmmaker Michael Moore
John Kenneth Galbraith Prize, International Political Science Association Award, National Book Award Finalist
1. What are the historical roots of austerity economic policies? #2. How do austerity measures impact social welfare systems? #3. What role do politics play in austerity decisions? #4. Why do policymakers often choose austerity over growth? #5. How do public perceptions of austerity influence its implementation? #6. In what ways do austerity measures affect unemployment rates? #7. How can austerity lead to social unrest and protests? #8. What are the long-term effects of austerity on growth? #9. How do different countries approach austerity strategies? #10. What alternatives exist to austerity for economic recovery? #11. How does austerity impact public health and education systems? #12. In what way does austerity affect inequality within societies? #13. Can austerity measures ever lead to successful outcomes? #14. What lessons can be drawn from past austerity cases? #15. How do international organizations influence national austerity policies? #16. What are the psychological effects of living under austerity? #17. How does austerity reshape government budgeting priorities? #18. What are the ethical implications of enforcing austerity? #19. How does media representation shape the austerity debate? #20. What role does public opinion play in austerity reforms?
Austerity, Mark Blyth, economic policy, financial crisis, government spending, public finance, economic theory, budget cuts, economic growth, political economy, financial governance, social consequences
https://www.amazon.com/Austerity-Mark-Blyth/dp/0190202096
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