Political Catchphrases and Contemporary History by Suman Gupta

Author:Suman Gupta [T. Boothroyd, Andrew]
Language: eng
Format: epub
ISBN: 9780192678577
Publisher: OUP Oxford
Published: 2022-05-28T21:54:33+00:00

‘Austerity’

That ‘austerity’ had become a catchword very soon after the 2007–2008 financial crisis is indicated by the analytical attention subsequently devoted to the policies it designated. Such attention has largely ranged from sceptical to hostile towards those policies. Insofar as the term’s catchiness goes, how the relationship between the concept of austerity (realized in policy) and the word ‘austerity’ was understood is significant. Economist Mark Blyth’s Austerity: The History of a Dangerous Idea (2013) has proved to be a useful, indeed obvious, source in this regard, and his succinct definition oft cited:

Austerity is a form of voluntary deflation in which the economy adjusts through the reduction of wages, prices, and public spending to restore competitiveness, which is (supposedly) best achieved by cutting the state’s budget, debts, and deficits. Doing so, its advocates believe, will inspire ‘business confidence’ since the government will neither be ‘crowding-out’ the market for investment by sucking up all the available capital through the issuance of debt, nor adding to the nation’s already ‘too big’ debt. (2)

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