Download Austerity: The History of a Dangerous Idea AudioBook Free
Government authorities today in both Europe and america have been successful in casting federal government spending as reckless wastefulness that has made the economy worse. On the other hand, they may have advanced a policy of draconian budget reductions - austerity - to resolve the financial meltdown. We are told that people have all lived beyond our means and today need to tighten up our belts. This view ideally forgets where all those things debt originated from. Not from an orgy of federal government spending, but as the direct consequence of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private credit debt was rechristened as federal government credit debt while those responsible for generating it strolled away scot free, putting the blame on the state, and the burden on the taxpayer. That burden now calls for the form of a global choose austerity, the policy of reducing home salary and prices to revive competitiveness and balance the budget. The condition, according to politics economist Mark Blyth, is the fact austerity is an extremely dangerous idea. First of all, it doesn't work. As days gone by four years and many historical samples from the last a century show, although it makes sense for any one state to try and lower its way to development, it just can't work when all state governments try it all together: all we do is reduce the economy. In the most severe case, austerity regulations worsened the Great Major depression and created the conditions for seizures of ability by the causes responsible for the next World Warfare: the Nazis and the Japanese armed forces establishment. As Blyth amply shows, the arguments for austerity are tenuous and the evidence thin. Rather than expanding development and opportunity, the repeated revival of this dead monetary idea has almost always led to low development along with rises in prosperity and income inequality. Austerity demolishes the traditional knowledge, marshaling an military of facts to demand that people discover austerity for what it is, and what it costs us.
