Austerity: The Great Failure

Austerity is at the center of political debates today. Its defenders praise it as a panacea that will prepare the ground for future growth and stability. Critics insist it will precipitate a vicious cycle of economic decline, possibly leading to political collapse. But the notion that abstinence from consumption brings benefits to states, societies, or individuals is hardly new. This book puts the debates of our own day in perspective by exploring the long history of austerity—a popular ide...