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Austerity: When It Works and When It Doesn't
by Alberto Alesina Carlo Favero Francesco GiavazziA timely and incisive look at austerity measures that succeed—and those that don’tFiscal 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. In this masterful book, three of today’s leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many.Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis.Bringing needed clarity to one of today’s most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.
Austerity: When It Works and When It Doesn't
by Alberto Alesina Carlo Favero Francesco GiavazziA timely and incisive look at austerity measures that succeed—and those that don’tFiscal 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. In this masterful book, three of today’s leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many.Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis.Bringing needed clarity to one of today’s most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.
Austerity: The History of a Dangerous Idea
by Mark BlythSelected 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.
Austerity: The History of a Dangerous Idea
by Mark BlythSelected 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.
Austerity (What is Political Economy? #286)
by Suzanne J. KonzelmannAusterity 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.
Austerity: The Great Failure
by Florian SchuiAusterity is at the center of political debates today. Its defenders praise it as a panacea that will prepare the ground for future growth and stability. Critics insist it will precipitate a vicious cycle of economic decline, possibly leading to political collapse. But the notion that abstinence from consumption brings benefits to states, societies, or individuals is hardly new. This book puts the debates of our own day in perspective by exploring the long history of austerity-a popular idea that lives on despite a track record of dismal failure. Florian Schui shows that arguments in favor of austerity were-and are today-mainly based on moral and political considerations, rather than on economic analysis. Unexpectedly, it is the critics of austerity who have framed their arguments in the language of economics. Schui finds that austerity has failed intellectually and in economic terms every time it has been attempted. He examines thinkers who have influenced our ideas about abstinence from Aristotle through such modern economic thinkers as Smith, Marx, Veblen, Weber, Hayek, and Keynes, as well as the motives behind specific twentieth-century austerity efforts. The persistence of the concept cannot be explained from an economic perspective, Schui concludes, but only from the persuasive appeal of the moral and political ideas linked to it.
Austerity: Vintage Minis (Vintage Minis)
by Yanis VaroufakisVINTAGE MINIS: GREAT MINDS. BIG IDEAS. LITTLE BOOKS.How do we choose between what is fair and just, and what our debtors demand of us? Yanis Varoufakis was put in such a dilemma in 2015 when he became the finance minister of Greece. In this rousing book, he charts the absurdities that underpin calls for austerity, as well as his own battles with a bureaucracy bent on ignoring the human cost of its every action. Passionately outspoken and tuned to the voices of the oppressed, Varoufakis presents a guide to modern economics, and its threat to democracy, like no other. Selected from the books And the Weak Suffer What They Must? and Adults in the Room
Austerity and Recovery in Ireland: Europe's Poster Child and the Great Recession
by Andrea Prothero William K. Roche Philip J. O'ConnellIn international commentary and debate on the effects of the Great Recession and austerity, Ireland has been hailed as the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of Ireland's financial, economic, and fiscal crisis has been covered in the literature, no systematic analysis has yet been devoted to the period of austerity, to the impact of austerity on institutions and people, or to the roots of economic recovery. In this book a group of Ireland's leading social scientists present a multidisciplinary analysis of recession and austerity and their effects on economic, business, political, and social life. Individual chapters discuss the fiscal and economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses, consumption, work, the labour market, migration, political and financial institutions, social inequality and cohesion, housing, and cultural expression. The book shows that Ireland cannot be viewed uncritically as a poster child for austerity. While fiscal contraction provided a basis for stabilizing the perilous finances of the state, economic recovery was due in the main to the long-established structure of Irish economic and business activity, to the importance of foreign direct investment and the dynamic export sector, and to recovery in the international economy. The restructuring and recovery of the financial system was aided by favourable international developments, including historically low interest rates and quantitative easing. Migration flows, nominal wage stability, the protection of social transfer payments, and the involvement of trade unions in severe public sector retrenchment - long-established features of Irish political economy - were of critical importance in the maintenance of social cohesion.
Austerity and Recovery in Ireland: Europe's Poster Child and the Great Recession
In international commentary and debate on the effects of the Great Recession and austerity, Ireland has been hailed as the poster child for economic recovery and regeneration out of deep economic and fiscal contraction. While the genesis of Ireland's financial, economic, and fiscal crisis has been covered in the literature, no systematic analysis has yet been devoted to the period of austerity, to the impact of austerity on institutions and people, or to the roots of economic recovery. In this book a group of Ireland's leading social scientists present a multidisciplinary analysis of recession and austerity and their effects on economic, business, political, and social life. Individual chapters discuss the fiscal and economic policies implemented, the role of international, and, in particular, of EU institutions, and the effects on businesses, consumption, work, the labour market, migration, political and financial institutions, social inequality and cohesion, housing, and cultural expression. The book shows that Ireland cannot be viewed uncritically as a poster child for austerity. While fiscal contraction provided a basis for stabilizing the perilous finances of the state, economic recovery was due in the main to the long-established structure of Irish economic and business activity, to the importance of foreign direct investment and the dynamic export sector, and to recovery in the international economy. The restructuring and recovery of the financial system was aided by favourable international developments, including historically low interest rates and quantitative easing. Migration flows, nominal wage stability, the protection of social transfer payments, and the involvement of trade unions in severe public sector retrenchment - long-established features of Irish political economy - were of critical importance in the maintenance of social cohesion.
Austerity Bites: A Journey To The Sharp End Of Cuts In The UK (PDF)
by Mary O'Hara Mark ThomasSince taking power in 2010, the Coalition Government in the United Kingdom has pushed through a drastic program of cuts to public spending, all in the name of austerity. The effects on large segments of the population, dependent on programs whose funding was slashed, have been devastating and will continue to be felt for generations. This timely book by journalist Mary O'Hara chronicles the real-world effects of austerity, removing it from the bland, technocratic language of politics and showing just what austerity means to ordinary lives. Drawing on hundreds of hours of first-person interviews with a wide range of people and, in the paperback edition, featuring an updated afterword by the author, the book explores the grim reality of living amid the biggest reduction of the welfare state in the postwar era and offers a compelling corrective to narratives of shared sacrifice.
Austerity Business: 39 Tips for Doing More With Less
by Alex Pratt"These tips are worth their weight in gold to businesses of all sizes." —Peter Jones, CBE, Entrepreneur and star of TV's Dragon's Den For any business, less really can be more. We all face new, austere times. Whether starting up, surviving or seeking to dominate its niche, every business needs to adjust. Based on years of real business experience, this book shows you how. From reinvigorating staff with Dunkirk spirit, to building revenues on a shoestring, this book tells you where to cut and where to keep spending. Packed with witty anecdotes, inspirational quotes and common sense advice, Austerity Business is a reinvigorating read for any business leader sworn down by daily bad news – the age of austerity really can be about thriving, not just surviving.
Austerity Business: 39 Tips for Doing More With Less
by Alex Pratt"These tips are worth their weight in gold to businesses of all sizes." —Peter Jones, CBE, Entrepreneur and star of TV's Dragon's Den For any business, less really can be more. We all face new, austere times. Whether starting up, surviving or seeking to dominate its niche, every business needs to adjust. Based on years of real business experience, this book shows you how. From reinvigorating staff with Dunkirk spirit, to building revenues on a shoestring, this book tells you where to cut and where to keep spending. Packed with witty anecdotes, inspirational quotes and common sense advice, Austerity Business is a reinvigorating read for any business leader sworn down by daily bad news – the age of austerity really can be about thriving, not just surviving.
Austerity Ireland: The Failure of Irish Capitalism
by Kieran Allen Brian O' BoyleIreland has been marketed as the poster boy of EU austerity. EU elites and neoliberal commentators claim that the country's ability to suffer economic pain will attract investors and generate a recovery.*BR**BR*In Austerity Ireland, Kieran Allen challenges this official image and argues that the Irish state's response to the crash is typical of the Eurozone countries, serving to protect the economic privilege of the powerful, to the detriment of the middle and working classes. Looking at the various ways we could consider this austerity period a failure, including transforming Ireland into a tax haven and contributing to serious levels of unemployment, Allen reveals the extent of Ireland's current socio-economic and political malaise, suggesting that it may have created furtile ground for a leftist resurgence.
Austerity Ireland: The Failure of Irish Capitalism
by Kieran Allen Brian O' BoyleIreland has been marketed as the poster boy of EU austerity. EU elites and neoliberal commentators claim that the country's ability to suffer economic pain will attract investors and generate a recovery.*BR**BR*In Austerity Ireland, Kieran Allen challenges this official image and argues that the Irish state's response to the crash is typical of the Eurozone countries, serving to protect the economic privilege of the powerful, to the detriment of the middle and working classes. Looking at the various ways we could consider this austerity period a failure, including transforming Ireland into a tax haven and contributing to serious levels of unemployment, Allen reveals the extent of Ireland's current socio-economic and political malaise, suggesting that it may have created furtile ground for a leftist resurgence.
Austerity Politics and UK Economic Policy (Building a Sustainable Political Economy: SPERI Research & Policy)
by Craig BerryCraig Berry assesses UK economic policy in the wake of the financial crisis through the lens of the austerity agenda, focusing on monetary policy, economic rebalancing, industrial and regional policy, the labour market, welfare reform and budgetary management. He argues that austerity is geared towards a resurrection of financialisation and the UK’s pre-crisis economic model, through the transformation of individual behaviour and demonisation of the state. Cutting public spending and debt in the short term is, at most, a secondary concern for the UK policy elite. However, the underlying purpose of austerity is frequently misunderstood due to its conflation with a narrow deficit reduction agenda, not least by its Keynesian critics. Berry also demonstrates how austerity has effectively dismantled the prospect of a centre-left alternative to neoliberalism.
Austerity vs Stimulus: The Political Future of Economic Recovery
by Robert Skidelsky Nicolò FraccaroliThis timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders the austerity versus stimulus debate through the voices of those who proposed the successful idea of expansionary austerity and those who opposed it. The editors have brought together a collection of articles written by some of the most notable figures in the discipline, including the likes of Alberto Alesina, Ken Rogoff, Tim Besley, David Graeber, Vince Cable, and Paul Krugman. The book also features the debate between Niall Ferguson and Robert Skidelsky. These leading thinkers unveil a world where economists are far from agreeing on economic policy, and where politics often dominates the discussion. The question of whether the British government should have opted for austerity runs through the book, as well as how sustained economic recovery should be encouraged in the future. Scholars, students and members of the general public with an interest in the financial crisis and its lingering aftermath will find this work invaluable.
Austerity vs Stimulus: The Political Future of Economic Recovery
by Robert Skidelsky Nicolò FraccaroliThis timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders the austerity versus stimulus debate through the voices of those who proposed the successful idea of expansionary austerity and those who opposed it. The editors have brought together a collection of articles written by some of the most notable figures in the discipline, including the likes of Alberto Alesina, Ken Rogoff, Tim Besley, David Graeber, Vince Cable, and Paul Krugman. The book also features the debate between Niall Ferguson and Robert Skidelsky. These leading thinkers unveil a world where economists are far from agreeing on economic policy, and where politics often dominates the discussion. The question of whether the British government should have opted for austerity runs through the book, as well as how sustained economic recovery should be encouraged in the future. Scholars, students and members of the general public with an interest in the financial crisis and its lingering aftermath will find this work invaluable.
Austin Robinson: The Life of an Economic Adviser
by S. CairncrossSir Austin Robinson had a career unique among economists. A close associate of Keynes, he began as a seaplane pilot in the First World War and spent two years in the 1920s tutoring a Maharajah in India. He was at the centre of economic policy-making during and after World War 2, and in postwar years was professor, editor, promoter of economic debate and economic adviser in many countries.
Australasia and Pacific Ombudsman Institutions: Mandates, Competences and Good Practice
by International Ombudsman InstituteCommissioned by the International Ombudsman Institute (IOI), the Ludwig Boltzmann Institute of Human Rights (BIM) in Vienna conducted a comparative analytical study on Ombudsman Institutions in the Australasia and Pacific region between January 2011 and April 2012. In Part 1, this book provides an analytical comparison of the public sector Ombudsman Institutions in Australia (the Commonwealth Ombudsman and the state/territory Ombudsmen of all Australian states as well as of the Northern Territory and the ACT), the Cook Islands, Hong Kong, New Zealand, Papua New Guinea, Samoa, Taiwan, Tonga and Vanuatu. In addition to a comparative analysis showing the partial heterogeneity of the Institutions, a comprehensive overview of common features, and explorations of the specifics and peculiarities of the Institutions, Part 2 presents separate reports on the 16 different jurisdictions featuring their main functions as follows: - Legal basis, legal status and organisation, - Mandate, object of control and standard of control, - Powers, including legal quality and impact of the outcomes of investigative procedures, - Relationship to the administration, the judiciary and the legislator, and - Special characteristics. Part 2 is based on information provided by the Institutions themselves in questionnaires sent out at the outset of the study, an analysis of the respective establishing acts and other relevant laws, and on relevant scientific publications and the Institutions’ Annual Reports. The reports also refer to relevant legal provisions and include websites addresses for ease of reference.
Australasian Perspectives on Corporate Citizenship: A special theme issue of The Journal of Corporate Citizenship (Issue 4)
by Birch DavidThis special issue, devoted to Australasian perspectives, is timely in a debate in the region that is gaining momentum every day. Contributors to this issue are leading scholars in the field in Australia, New Zealand and India .
Australasian Perspectives on Corporate Citizenship: A special theme issue of The Journal of Corporate Citizenship (Issue 4)
This special issue, devoted to Australasian perspectives, is timely in a debate in the region that is gaining momentum every day. Contributors to this issue are leading scholars in the field in Australia, New Zealand and India .
Australia 55: A Journal of the MCC Tour
by Alan RossAlan Ross (1922-2001) - distinguished poet, travel writer, and editor of London Magazine - also managed to excel in the role of cricket correspondent for the Observer, in which capacity he followed England/MCC on tours of Australia, South Africa and the West Indies. In the book-length accounts he published of these tours, his lifelong love of the game found glorious expression. Australia 55 offers Ross's perspectives on the battle for the Ashes, the visiting side led by Len Hutton, and Ross's own vivid first impressions of the host country. 'The massive fluctuations of the series - England, overwhelmed in Brisbane, won in Sydney, Melbourne and Adelaide to retain the Ashes - engaged [Ross's] interest; his fascination with Len Hutton, a 'lonely figure struck down by as many disasters as any overworked hero in Greek mythology', deepened...' Gideon Haigh, Cricinfo
Australia 63
by Alan RossAlan Ross (1922-2001) - distinguished poet, travel writer, and editor of London Magazine - also managed to excel in the role of cricket correspondent for the Observer, in which capacity he followed England/MCC on tours of Australia, South Africa and the West Indies. In the book-length accounts he published of these tours, his lifelong love of the game found glorious expression. Australia 63 offers Ross's account of an Ashes series that pitted the England XI led by Ted Dexter against Richie Benaud's host side. On paper England had talent to spare, including the recall to the team of ordained minister David Sheppard, and the renowned bowling attack of Fred Trueman and Brian Statham. But Benaud's Australian side had strength in depth too. Both captains were expressly committed to playing entertaining cricket. The reality, however, did not quite live up to the billing.
Australia and Africa: A New Friend from the South? (Africa's Global Engagement: Perspectives from Emerging Countries)
by Nikola PijovićThis book offers analysis of Australia’s engagement with Africa, as well as the country’s rather unique status as a ‘new’ actor and emerging country in Africa. With its empirical originality and comparative contribution, the book fills a gap in both the study of Africa’s global engagement with emerging countries, and in connection with Australia’s largely unknown engagement with African states. Australia has presented itself as Africa’s ‘friend from the south,’ without any colonial baggage, and is interested in a long-term partnership for trade and development. In this context, Australia is only one of many ‘new’ players seeking more intensive engagement with Africa since the end of the Cold War. At its core, the book argues that because of its largely unacknowledged ‘flawed’ historical engagement with Africa, as well as the political partisanship driving its fickle and volatile contemporary engagement with the continent, Australia suffers from an inability to assess its strategic and long-term interests – i.e., it doesn’t know what it wants in or from Africa. This makes Australia a rather unique emerging player in Africa: while other 'new' actors' engagement with Africa is generally strategic, and driven to a large extent by a desire to secure resources and counter the influence of geopolitical rivals, Australia’s efforts with regard to Africa are more episodic and not about acquiring resources or countering its rivals. Hence, while immigration, globalization, trade, terrorism, and climate change continue to bring Africa and Australia closer together, Australia’s failure to understand its own interests continues to hamper its engagement with Africa.
Australia and France’s Mutual Empowerment: Middle Powers’ Strategies for Pacific and Global Challenges (Studies in Diplomacy and International Relations)
by Paul SoyezHow did France and Australia develop a deep strategic partnership, when only about two decades ago, a group of Australians bombed the French consulate in Perth to protest against French nuclear testing in the Pacific? Which interests, which personalities, which elements of the global context have led France and Australia to engage in a regional and global rapprochement, and what have been the human, economic and political prerequisites which enabled it? This book aims to investigate the dynamics behind this historically ambiguous relationship. More precisely, this study explains why and how France and Australia are currently engaged in a process of strategic and economic mutual empowerment and how this rapprochement has been possible, owing to thirty years of diplomatic efforts to overcome ongoing culturally and historically constructed misunderstandings and conflicts. This book demonstrates how French and Australian foreign policy-makers have understood that, in regard to their numerous common interests, both countries had to mutually empower each other in order to strengthen their own power, regionally and globally. This book argues that these inclusive dynamics of empowerment constitute the response of two diverse middle powers to current global threats and represent a tool suitable for modernising the strategies and practices of both countries’ diplomacies. Soyez’ research is the first to propose an answer to these questions through the development of the French-Australian strategic partnership.