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The Paradox of Fiscal Austerity - How Cutting Deficits Saved the Modern World (Paperback)
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The Paradox of Fiscal Austerity - How Cutting Deficits Saved the Modern World (Paperback)
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If governments followed the optimal fiscal policy path, surpluses
in good times would counter necessary deficits during economic
downturns, leading to worldwide balance. The world, however, has
chosen to go in a different direction in recent decades, avoiding
thrift in light of a decidedly more indebted future. When financial
crises kicked off a global recession in 2008, the spotlight placed
on countries' fiscal conditions put pressure on policymakers around
the globe to find a way to slow the growth of deficits and debt by
imposing fiscal consolidations (or, more simply, austerity). How
have these policies fared across the developed world? Were they
even necessary to begin with? This book examines the many factors
that have contributed to the success (or failure) of such policies,
including timing, magnitude, accompanying policies, composition,
and more, while explaining the economic rationale behind their
choices.
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