A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.
In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.
There is a consensus that right, and left-wing populism is on the rise on both sides of the Atlantic, from Donald Trump in the United States, to Spain’s leftist Podemos. These may utilize different kinds of populist mobilizations but the fact remains that elite and mass opinion is fuelling a populist backlash. In Populism and Passions, twelve scholars engage with discourse analysis, democratic theory, and post structural political thought to study the political logic of passion for contemporary populism. Together these interdisciplinary essays demonstrate what emotional engagement implies for the spheres of politics and the social, and how it governs and mobilizes individuals. The volume presents: Theoretical and empirical implications for political analysis; Chapters on the current rise of populism, both right and left-wing trends, their different ideological features, and their relationship with the logic of passion; Theoretical implications for the future study of populism and democratic legitimacy. A timely analysis of this political phenomena in contemporary Western democracies, Populism and Passions is ideal for students and scholars in political theory, comparative politics, social theory, critical theory, cultural studies, and global studies.
"This volume focuses on the state's role in managing the fall-out from the global economic and financial crisis since 2008. For a brief moment, roughly from 2008-2010, governments and central banks appeared to borrow from Keynes to save the global economy. The contributors, however, take the view that to see those stimulus measures as "Keynesian" is a misinterpretation. Rather, neoliberalism demonstrated considerable resiliency despite its responsibility for the deep and prolonged crisis. The "austerian" analysis of the crisis is--historical, ignores its deeper roots, and rests upon a triumph of discourse involving blame-shifting from the under-regulated private sector to public or sovereign debt--for which the public authorities are responsible."--
Politicians have talked endlessly about the seismic economic and social impacts of the recent financial crisis, but many continue to ignore its disastrous effects on human health—and have even exacerbated them, by adopting harsh austerity measures and cutting key social programs at a time when constituents need them most. The result, as pioneering public health experts David Stuckler and Sanjay Basu reveal in this provocative book, is that many countries have turned their recessions into veritable epidemics, ruining or extinguishing thousands of lives in a misguided attempt to balance budgets and shore up financial markets. Yet sound alternative policies could instead help improve economies and protect public health at the same time. In The Body Economic, Stuckler and Basu mine data from around the globe and throughout history to show how government policy becomes a matter of life and death during financial crises. In a series of historical case studies stretching from 1930s America, to Russia and Indonesia in the 1990s, to present-day Greece, Britain, Spain, and the U.S., Stuckler and Basu reveal that governmental mismanagement of financial strife has resulted in a grim array of human tragedies, from suicides to HIV infections. Yet people can and do stay healthy, and even get healthier, during downturns. During the Great Depression, U.S. deaths actually plummeted, and today Iceland, Norway, and Japan are happier and healthier than ever, proof that public wellbeing need not be sacrificed for fiscal health. Full of shocking and counterintuitive revelations and bold policy recommendations, The Body Economic offers an alternative to austerity—one that will prevent widespread suffering, both now and in the future.
As much as any country, England bore the brunt of Germany's aggression in World War II, and was ravaged in many ways at the war's end. Celebrated historian David Kynaston has written an utterly original, and compellingly readable, account of the following six years, during which the country rebuilt itself. Kynaston's great genius is to chronicle the country's experience from bottom to top: coursing through through the book, therefore, is an astonishing variety of ordinary, contemporary voices, eloquently and passionately evincing the country's remarkable spirit. Judy Haines, a Chingford housewife, gamely endures the tribulations of rationing; Mary King, a retired schoolteacher in Birmingham, observes how well-fed the Queen looks during a royal visit; Henry St. John, a persnickety civil servant in Bristol, is oblivious to anyone's troubles but his own. Together they present a portrait of an indomitable people and Kynaston skillfully links their stories to bigger events thought the country. Their stories also jostle alongside those of more well-known figures like celebrated journalist-to-be John Arlott (making his first radio broadcast), Glenda Jackson, and Doris Lessing, newly arrived from Africa and struck by the leveling poverty of post-war Britain. Kynaston deftly weaves into his story a sophisticated narrative of how the 1945 Labour government shaped the political, economic, and social landscape for the next three decades.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Introduction / Laura Basu, Steve Schifferes and Sophie Knowles -- The UK experience. The UK news media and austerity: trends since the global financial crisis / Steve Schifferes and Sophie Knowles -- Media amnesia and the crisis / Laura Basu -- Austerity, the media and the UK public / Mike Berry -- The economic recovery on tv news / Richard Thomas -- The Geddes axe: the press and Britain's first austerity drive / Richard Roberts -- Continental perspectives. Covering the Euro crisis: cleavages and convergence between nations / Heinz-Werner Nienstedt -- Austerity policies in the European press: a divided Europe? / Ángel Arrese -- Safeguarding the status quo: the press and the emergence of a new left in Greece and Spain / Maria Kyriakidou and Iñaki Garcia-Blanco -- Race and class in German media representations of the "Greek crisis" / Yiannis Mylonas -- Journalistic practice and the crisis. Whose economy, whose news? / Aeron Davis -- "Media macro": why the news media ignores economic experts / Simon Wren-Lewis -- Financial journalists, the financial crisis and the "crisis" in journalism / Sophie Knowles -- Reform in retreat: the media, the banks and the attack on Dodd-Frank / Adam Cox -- Social media, social movements and the crisis. Social media and the capitalist crisis / Christian Fuchs -- Narrative mediation of the Occupy Movement: a case study of Stockholm and Latvia / Anne Kaun & Maria Francesca Murru -- Facebook and the new right: how populist politicians use social media to reimagine the news in Finland and the UK / Niko Hatakka -- #thisisacoup: the emergence of an anti-austerity hashtag across Europe's twittersphere / Max Hänska & Stefan Bauchowitz
‘An enthralling account.’ —Independent ‘A fascinating book … researched with an awesome thoroughness.’ —Daily Telegraph ‘Hampton’s excellent book should be compulsory reading for everyone involved in the 2012 London Olympics.’ —Daily Mail Critic’s Choice The budget for the 2012 Olympic village alone is already a billion pounds short. The likelihood of corporate sponsorship recedes with every day of the credit crunch. How on earth are we going to match the opening and closing ceremonies of Beijing, let along top them? Fortunately, London has been through just such hard times before in the run-up to an Olympics, and in 1948 it showed just how to run a fantastic Games on a tiny budget – indeed, make them all the better for it. Janie Hampton’s book about the last time the Olympics came to London is a tale of female competitors sewing their own kit, teams ferried to the Games on red London buses and billeted in Spartan hostels or even army camps, and the main stadium being hastily cleared of greyhound racing to allow the athletics to take place. The total budget was £760,000, great athletes like Emil Zatopek and Fanny Blankers-Koen thrilled the crowds, and at the end a profit was turned! This is a book that becomes more relevant and ironically entertaining every day nearer to 2012.
Austerity has been at the center of political controversy following the 2008 financial crisis, invoked by politicians and academics across the political spectrum as the answer to, or cause of, our post-crash economic malaise. However, despite being the cause of debate for more than three centuries, austerity remains a poorly understood concept. In this book, Suzanne J. Konzelmann aims to demystify austerity as an economic policy, a political idea, and a social phenomenon. Beginning with an analysis of political and socioeconomic history from the seventeenth century, she explains the economics of austerity in the context of the overall dynamics of state spending, tax, and debt. Using comparative case studies from around the world, ranging from the 1930s to post-2008, she then evaluates the outcomes of austerity in light of its stated objectives and analyzes the conditions under which it doesn’t – and occasionally does – work. This accessible introduction to austerity will be essential reading for students and scholars of political economy, economics, and politics, as well as all readers interested in current affairs.
