Skip to content
  • Podcast
  • Microcast
  • Books
  • Context
  • Search
    • Podcast Programs
      • Chapters
      • Engaging the World
      • How + Why
      • Medium History
      • The Fire Problem
      • Without...
    • Podcast Series
      • Adjust Accordingly
      • Eichler Sessions
      • Environmental Justice
      • Ethnic Studies
      • Gender and Sexuality
      • Love of Food
      • Placing Equity into Practice
      • Science + Technology
      • Significance of Race
      • Sounds + Stories
      • The Grammar
    • Book Collections
      • Arts
      • Biography + Memoir
      • Business + Education
      • Children
      • Comics + Graphic Novels
      • Cooking
      • History
      • Poetry
      • Science + Technology
      • Young Adult
    • Book Lists
      • Children Bestsellers
      • Fiction Bestsellers
      • Nonfiction Bestsellers
      • Book Awards
      • Indie Next List
      • Indie Next List for Kids
  • Sign in
0

Past ForwardPast Forward

  • Podcast
  • Microcast
  • Books
  • Context
  • Search
    • Podcast Programs
      • Chapters
      • Engaging the World
      • How + Why
      • Medium History
      • The Fire Problem
      • Without...
    • Podcast Series
      • Adjust Accordingly
      • Eichler Sessions
      • Environmental Justice
      • Ethnic Studies
      • Gender and Sexuality
      • Love of Food
      • Placing Equity into Practice
      • Science + Technology
      • Significance of Race
      • Sounds + Stories
      • The Grammar
    • Book Collections
      • Arts
      • Biography + Memoir
      • Business + Education
      • Children
      • Comics + Graphic Novels
      • Cooking
      • History
      • Poetry
      • Science + Technology
      • Young Adult
    • Book Lists
      • Children Bestsellers
      • Fiction Bestsellers
      • Nonfiction Bestsellers
      • Book Awards
      • Indie Next List
      • Indie Next List for Kids

Your cart

Austerity: The History of a Dangerous Idea by Blyth, Mark

Austerity: The History of a Dangerous Idea

Austerity: The History of a Dangerous Idea

Mark Blyth

$20.99

$17.84

 
 
This item is a recurring or deferred purchase. By continuing, I agree to the cancellation policy and authorize you to charge my payment method at the prices, frequency and dates listed on this page until my order is fulfilled or I cancel, if permitted.
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.


Binding Type: Paperback
Publisher: Oxford University Press, USA
Published: 01/02/2015
ISBN: 9780199389445
Pages: 336
Weight: 0.80lbs
Size: 8.80h x 5.30w x 0.80d

Mission

Past Forward is a public service dedicated to educational accessibility.

Podcast

Listen to episodes on our website, Apple, Spotify, or wherever you podcast.

Books

Search millions of discounted books with next business day shipping in the US.

Information

To learn more, please visit the following pages for Context, Disclaimers, Policies, and Terms.

© 2014-2025 Past Forward