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The Capital Order - How Economists Invented Austerity and Paved the Way to Fascism (Hardcover)
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The Capital Order - How Economists Invented Austerity and Paved the Way to Fascism (Hardcover)
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A Financial Times Best Book of the Year "A must-read, with key
lessons for the future."-Thomas Piketty A groundbreaking
examination of austerity's dark intellectual origins. For more than
a century, governments facing financial crisis have resorted to the
economic policies of austerity-cuts to wages, fiscal spending, and
public benefits-as a path to solvency. While these policies have
been successful in appeasing creditors, they've had devastating
effects on social and economic welfare in countries all over the
world. Today, as austerity remains a favored policy among troubled
states, an important question remains: What if solvency was never
really the goal? In The Capital Order, political economist Clara E.
Mattei explores the intellectual origins of austerity to uncover
its originating motives: the protection of capital-and indeed
capitalism-in times of social upheaval from below. Mattei traces
modern austerity to its origins in interwar Britain and Italy,
revealing how the threat of working-class power in the years after
World War I animated a set of top-down economic policies that
elevated owners, smothered workers, and imposed a rigid economic
hierarchy across their societies. Where these policies "succeeded,"
relatively speaking, was in their enrichment of certain parties,
including employers and foreign-trade interests, who accumulated
power and capital at the expense of labor. Here, Mattei argues, is
where the true value of austerity can be observed: its insulation
of entrenched privilege and its elimination of all alternatives to
capitalism. Drawing on newly uncovered archival material from
Britain and Italy, much of it translated for the first time, The
Capital Order offers a damning and essential new account of the
rise of austerity-and of modern economics-at the levers of
contemporary political power.
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