Austerity

The History of a Dangerous Idea

by: Mark Blyth

in: Political Ideologies

Summary:

The book critically examines the global application of austerity policies following the 2008 financial crisis, arguing that such measures are economically counterproductive and exacerbate social inequality. It delves into the historical and theoretical underpinnings of austerity, debunking the idea that cutting public spending is the solution to economic downturns.

Key points:

1. Austerity's Harmful Effects: Blyth claims that cutting government spending during downturns is ineffective and worsens economies by reducing growth, increasing unemployment, and raising debt ratios.

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