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"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."--Amazon website.

Debts, Public --- Budget deficits --- Financial crises --- Economic policy --- Fiscal policy --- Economic development --- Income --- Debts, Public. --- Budget deficits. --- Financial crises. --- Economic policy. --- Fiscal policy. --- Economic development. --- Income. --- Dettes publiques --- Déficit budgétaire --- Crises financières --- Revenu --- 331.01 --- 338.124.4 --- 336 --- Deficits, Budget --- Evolutie van de economische cycli. --- Conjunctuurtheorie. Hoogconjunctuur. Laagconjunctuur. Depressie. Recessie. Crisis --- 338.124.4 Conjunctuurtheorie. Hoogconjunctuur. Laagconjunctuur. Depressie. Recessie. Crisis --- Déficit budgétaire --- Crises financières --- Politique économique --- Politique fiscale --- Développement économique --- 331.31 --- 336.61 --- 336.401 --- 336.451 --- 338.22 --- 336.1 --- Family income --- Fortunes --- Household income --- Personal income --- Development, Economic --- Economic growth --- Growth, Economic --- Tax policy --- Taxation --- Economic nationalism --- Economic planning --- National planning --- State planning --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- 336.1 Public finance, government finance in general --- Public finance, government finance in general --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- Economische organisatieleer. Economisch beleid. Economische politiek --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Economisch beleid. --- Financieel beleid. --- Verband tussen begrotingspolitiek en economische evolutie. --- Begrotingsjaren en begrotingsstaten. Rijksmiddelenbegroting. Begrotingstekort. --- Government policy --- BPB9999 --- Economics --- Finance --- Property --- Wealth --- Gross national product --- Profit --- Purchasing power --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance, Public --- Planning --- National security --- Social policy --- Budget --- Deficit financing --- Crises --- Debt --- Bonds --- Evolutie van de economische cycli --- Economisch beleid --- Verband tussen begrotingspolitiek en economische evolutie --- Begrotingsjaren en begrotingsstaten. Rijksmiddelenbegroting. Begrotingstekort --- Financieel beleid --- Money market. Capital market --- International finance --- Business cycles --- BPB1811 --- Dette publique --- Compétitivité --- Crise financière --- Politique économique --- Overheidsschuld --- Concurrentievermogen --- Financiële crisis --- Economie (internationaal) --- politika ekonomike --- økonomisk politik --- majanduspoliitika --- hospodárska politika --- hospodářská politika --- política económica --- икономическа политика --- polityka gospodarcza --- ekonomikas politika --- ekonomisk politik --- Wirtschaftspolitik --- gazdaságpolitika --- talouspolitiikka --- economisch beleid --- οικονομική πολιτική --- beartas eacnamaíoch --- politică economică --- politica economica --- politika ekonomika --- economic policy --- ekonomska politika --- економска политика --- ekonominė politika --- wirtschaftspolitische Leitlinien --- ekonomisk inriktning --- hospodářské rozhodování --- escolha económica --- opzione economica --- gazdaságpolitikai elképzelések --- ekonomický prístup --- gestión económica --- gazdasági megközelítés --- orientamento economico --- taloudellinen lähestymistapa --- majanduslik lähenemisviis --- ekonomisk kurs --- gazdaságpolitikai döntés --- економски пристап --- ekonomiskt val --- obiettivo economico --- economische keuze --- opțiune economică --- Globalsteuerung der Wirtschaft --- qasje ekonomike --- wirtschaftspolitische Entscheidung --- gazdaságpolitikai iránymutatás --- choix économique --- orientation économique --- ekonominis pasirinkimas --- decisione economica --- orientação económica --- ekonomiskā izvēle --- økonomisk kurs --- ekonomický přístup --- стопанска политика --- økonomisk valg --- opción económica --- ekonomická volba --- ekonomiskā pieeja --- wirtschaftliche Zielvorstellungen --- οικονομική επιλογή --- obiectiv economic --- ekonomická politika --- economische koers --- metody řízení národního hospodářství --- ekonomická voľba --- ekonomski pristup --- taloudellinen valinta --- majanduslik valik --- zgjedhje ekonomike --- scelta economica --- economic approach --- οικονομικός προσανατολισμός --- ekonominis požiūris --- gospodarska politika --- economic choice --- iomaíochas --- competitiveness --- Wettbewerbsfähigkeit --- konkurenčnost --- concurrentievermogen --- konkurentnost --- конкурентност --- kilpailukyky --- konkurenceschopnost --- competitividad --- konkurrueshmëri --- ανταγωνιστικότητα --- konkurencingumas --- konkurrenskraft --- konkurencyjność --- konkurentsivõime --- kompetittività --- versenyképesség --- competitividade --- competitività --- competitivitate --- konkurētspēja --- konkurencieschopnosť --- konkurrenceevne --- конкурентен производ --- правила за конкурентност --- конкурентска предност --- способност за настап на претпријатијата --- фер однос на пазарот --- overheidsschuld --- borxhi publik --- javni dug --- fiachas poiblí --- δημόσιο χρέος --- valstybės skola --- offentlig gæld --- dívida pública --- statsskuld --- valsts parāds --- riigivõlg --- veřejný dluh --- javni dolg --- štátny dlh --- dejn pubbliku --- datorie publică --- јавен долг --- öffentliche Schulden --- јавни дуг --- обществен дълг --- deuda pública --- julkinen velka --- államadósság --- public debt --- dług publiczny --- debito pubblico --- státní dluh --- nacionalinė skola --- државен долг --- емисија на јавниот долг --- šalies skola --- задолжување на државата --- valtion velka --- statsgæld --- valitsemissektori võlg --- öffentliche Schuld --- valdības parāds --- government debt --- амортизација на јавниот долг --- debito fluttuante --- vládní dluh --- nacionalni dug --- národný dlh --- nemzeti adósság --- datorie națională --- national debt --- valtionvelka --- vyriausybės skola --- vládny dlh --- debito redimibile --- indebitamento del settore pubblico --- вкупен обем на јавниот долг --- нето јавен долг --- titoli del debito pubblico --- avaliku sektori võlg --- borxh kombëtar --- državni dug --- datorie guvernamentală --- borxh shtetëror --- бруто јавен долг --- národní dluh --- Compétitivité