Several nations in the Global North have turned to austerity
policies in an effort to resolve recent financial ills. What many
failed to recognize is the longer history and varied pattern of
such policies in the Global South over preceding decades - policies
which had largely proven to fail. Shefner and Blad trace the
45-year history of austerity and how it became the go-to policy to
resolve a host of economic problems. The authors use a variety of
international cases to address how austerity has been implemented,
who has been hurt, and who has benefited. They argue that the
policy has been used to address very different kinds of crises,
making states and polities responsible for a variety of errors and
misdeeds of private actors. The book answers a number of important
questions: why austerity persists as a policy aimed at resolving
national crises despite evidence that it often does not work; how
the policy has evolved over recent decades; and which powerful
people and institutions have helped impose it across the globe.
This timely book will appeal to students, researchers, and
policymakers interested in globalization, development, political
economy, and economic sociology.
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