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The Politics of Austerity - A Recent History (Hardcover, 1st ed. 2016)
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The Politics of Austerity - A Recent History (Hardcover, 1st ed. 2016)
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This book considers the relationship between public spending and
public deficit and the varying successes and difficulties
governments have had in recent years to balance the two. As the
fiscal crash of 2007/8 turned into the Great Recession and tax
revenues tumbled, public finances across the UK, the USA and Europe
plunged into deficit. Controversial attempts by governments to
balance their budgets, commonly described as austerity by critics,
had mixed success, politically and economically. Michael Burton
outlines how politicians tackled the worst economic downturn in
over half a century, drawing on previous examples of
deficit-reduction to see how governments managed public finances in
recessions and where austerity worked and where it failed. This
two-part book, which for the first time provides an historical
context to austerity, analyses firstly deficit-reduction in the UK
in the 1970s, 1980s, 1990s and 2010-2016, and then looks at case
studies in Europe, the USA, Canada and Asia Pacific. The author
concludes that with the ageing population placing greater pressure
through health and pensions on the public finances of the developed
world, politicians and their electorates will have to learn to live
long-term with austerity.
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