Austerity

The History of a Dangerous Idea

Author: Mark Blyth

Publisher: Oxford University Press

ISBN: 0199389446

Category: Business & Economics

Page: 322

View: 7787

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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.
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Architects of Austerity

International Finance and the Politics of Growth

Author: Aaron Major

Publisher: Stanford University Press

ISBN: 0804790736

Category: Business & Economics

Page: 264

View: 9112

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Architects of Austerity argues that the seeds of neoliberal politics were sown in the 1950s and 1960s. Suggesting that the postwar era was less socially democratic than we think, Aaron Major presents a comparative-historical analysis of economic policy in the United States, the United Kingdom, and Italy during the early 1960s. In each of these cases, domestic politics shifted to the left and national governments repudiated the conservative economic policies of the past, promising a new way forward. Yet, these social democratic experiments were short-lived and deeply compromised. Why did the parties of change become the parties of austerity? Studies of social welfare policy in these countries have emphasized domestic factors. However, Major reveals that international social forces profoundly shaped national decisions in these cases. The turn toward more conservative economic policies resulted from two critical shifts on the international stage. International monetary organizations converged around an orthodox set of ideas, and a set of institutional transformations within the Bretton Woods system made the monetary community more central to financial management. These changes gave central banks and treasuries the capacity to impose their ideas on national governments. Architects of Austerity encourages us to critically consider the power that we vest in public financial authorities, which have taken on an ever larger role in international economic regulation.
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The Essentials of Writing: Ten Core Concepts

Author: Robert P. Yagelski

Publisher: Cengage Learning

ISBN: 1305142802

Category: Education

Page: 352

View: 8130

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THE ESSENTIALS OF WRITING: TEN CORE CONCEPTS is designed for instructors who want a short, flexible writing guide using the core concepts as a framework. These ten fundamental lessons that students need to learn to become sophisticated writers are covered thoroughly in chapters 2-4. The essentials version also offers practical advice about developing an academic writing style, synthesizing ideas, designing documents, conducting research, evaluating and documenting sources, and applying the conventions of written English. Each student text is packaged with a free Cengage Essential Reference Card to the MLA HANDBOOK, Eighth Edition. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
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The Other designs

Historical authenticity as artistic project

Author: Heiko Schmid,Robin Klimecki,Sofia Bempeza,Kostis Stafylakis,Elpida Rikou,Eleana Yalouri

Publisher: BoD – Books on Demand

ISBN: 3738602836

Category: Art

Page: 96

View: 7207

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The publication project The Other designs, adopts a critical viewpoint shared by many contemporary academics that highlight how the institutionalization of antiquity as “national heritage” has shaped an ideological framework for experiencing and performing a national identity. This viewpoint “kick-starts“ an approach to the idea that nations such as Greece are in some way a multifaceted “assemblage”, of constellated projections. The Other designs, aims to contribute to the current re-examination of historical authenticity by reflecting upon the status of national identity as a kind of “artistic” setup.
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Democratic Politics in a European Union Under Stress

Author: Olaf Cramme,Sara B. Hobolt

Publisher: Oxford University Press, USA

ISBN: 0198724489

Category: Political Science

Page: 259

View: 5114

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This book offers the first comprehensive political analysis of the Euro crisis and its impact on democratic politics in the EU. Leading scholars provide political, economic, legal, and sociological perspectives on the main issues at stake and evaluate the prospects of a more legitimate and democratic Europe.
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The Public on the Public

The British Public as Trust, Reflexivity and Political Foreclosure

Author: C. Westall,M. Gardiner

Publisher: Springer

ISBN: 1137351349

Category: Social Science

Page: 152

View: 2930

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In Britain, the resistance to popular determination allowed by the financial construct of the public has been so successful that this term, public, must be re-read as politically paralyzing. The problem, our problem, is the public - which we are so often told will bring us together and provide for us - and it is this we must move beyond.
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Writing: Ten Core Concepts

Author: Robert P. Yagelski

Publisher: Cengage Learning

ISBN: 1305142683

Category: Education

Page: 880

View: 814

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WRITING: TEN CORE CONCEPTS is based on ten fundamental lessons-the Core Concepts-that student writers must learn to become sophisticated writers. The thorough integration of these Core Concepts distinguishes the book from all other writing guides. Most composition textbooks present far more material than students could ever grasp and retain in a single semester. That approach ultimately waters down the most essential lessons students need to learn for their different writing tasks. Emphasizing writing as an interaction between a writer and a reader, WRITING: TEN CORE CONCEPTS offers students guidance in three main aims of writing and a way to participate in the important conversations that shape our lives. Each student text is packaged with a free Cengage Essential Reference Card to the MLA HANDBOOK, Eighth Edition. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
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The Forgotten Depression

1921: The Crash That Cured Itself

Author: James Grant

Publisher: Simon and Schuster

ISBN: 145168648X

Category: Business & Economics

Page: 272

View: 9481

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James Grant’s story of America’s last governmentally untreated depression: A bible for conservative economists, this “carefully researched history…makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes” (The Wall Street Journal). In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place. In The Forgotten Depression, James Grant “makes a strong case against federal intervention during economic downturns” (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America’s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and “Mr. Grant’s history lesson is one that all lawmakers could take to heart” (Washington Times).
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The Sovereign Consumer

A New Intellectual History of Neoliberalism

Author: Niklas Olsen

Publisher: Springer

ISBN: 3319895842

Category: Social Science

Page: 308

View: 4809

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This book presents a new intellectual history of neoliberalism through the exploration of the sovereign consumer. Invented by neoliberal thinkers in the interwar period, this figure has been crucial to the construction and legimitization of neoliberal ideology and politics. Analysis of the sovereign consumer across time and space demonstrates how neoliberals have linked the figure both to the idea of democracy as a method of choice, and also to a re-invention of the market as the democratic forum par excellence. Moreover, Olsen contemplates how the sovereign consumer has served to marketize politics and functioned as a major driver in a wide-ranging transformation in political thinking, subjecting traditional political values to the narrow pursuit of economic growth. A politically timely project, The Sovereign Consumer will have a wide appeal in academic circles, especially for those interested in consumer and welfare studies, and in political, economic and cultural thought in the twentieth century.
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