National Bureau of Economic Research

National Bureau of Economic Research

Mark Blyth, professor at Brown University and author of "Austerity: The History of a Dangerous Idea."

For a while now many European governments have resorted to austerity measures to deal with the recession and financial crises affecting them. This may have either been by choice, or pressured from the outside.

However, as has been warned countless times, excessive austerity rarely works. Furthermore, focusing on debts and deficits appears to miss the point that the economic problems were caused by a collapse in markets and banking sector in particular, resulting in less revenues for governments; not necessarily an excessive overspend by governments.

Some of the policies being forced through even when evidence appears to show they do not work lead many to think that austerity and structural adjustment policies are being ideologically pushed for — just as they were on most of the developing countries for almost 2 decades with devastating results.

Indeed, in the US, investigations have found billionaires pouring hundreds of millions of dollars on campaigns to fix the debt making it appear as a grassroots movement. Fixing the debt of course happens to leave the elite less affected, so it works to their advantage to push for something like that.

Without more focus on appropriate economic growth, there is a real risk in going backwards, and even undermining democracy.

The global financial crisis page on this web site has been updated with new sections and videos on this issue.

Read full article: Global Financial Crisis

The UK’s austerity programme has disproportionately affected children and people with disabilities, says David Taylor-Robinson, a senior clinical lecturer in public health at the University of Liverpool. He joins us to discuss why the evidence shows the vulnerable are hit hardest by the cuts to public services, despite the UN conventions on...

Tomorrow marks 75 since the nation celebrated VE day - the end of fighting against Nazi Germany in Europe.

A recent shocking report by the Sunday Times demonstrates the fatal errors made by the Tories, whose incompetence and inaction have led to thousands of avoidable deaths. Workers and youth must fight to overthrow this rotten regime.

Britain's party leaders have made lavish promises to win favour with voters ahead of next month's election. Chris Giles, FT economics editor, discusses the main parties' pre-election pledges and their likely impact on the economy with Siona Jenkins.

Contributors: Siona Jenkins, editor, UK news, and Chris Giles, economic editor. Producers: Fiona Symon and Persis Love

See acast.com/privacy for privacy and opt-out information.

From Brexit to fiscal policy, the EU’s largest member states have seen the mainstream wrongfooted

Nicola Sturgeon's plans for an independent Scotland suffered a hammer blow today after a leading think tank warned splitting from the UK would mean 'more not less austerity' north of the border.

Former PM David Cameron insisted that the cuts had been necessary and suggested he should have forced them through faster.

RAF veteran Alan Fowler, 72, (pictured with his wife Lynda) has an annuity from Legal & General paying a pittance but it refused his pleas for a lump sum.

The Prem Singh Tamang government in Sikkim has decided to reduce the salaries of the chief minister and ministers by 35 per cent for the next one year to mitigate the adverse impact of the coronavirus pandemic on the state's economy. As per decisions taken at a cabinet meeting presided over by the chief minister on Friday, utilisation of discretionary funds of the ministers have also been put on hold. The state government has decided to impose a ban on appointments under regular/work-charged/muster roll/adhoc/consolidated pay/ temporary basis for six months, a press release issued by the Information and Public Relations department said. The state government has also decided to impose a ban on replacement and purchase of new vehicles, computers and peripherals while the allocation under revenue expenditure in all departments will be curtailed by ten per cent. Among other things, there will be restrictions on advertisement or publication of notice inviting tender except ..

Growing numbers of elected representatives fund their poll campaigns with corporate backing. And growing numbers of people with a big business background have ventured directly into the electoral arena, writes P Sainath.

Cham : Palgrave Macmillan, [2019]

Online Resource

Dewey Library - HC256.7.W74 2018