A Brief History of Austerity

E Ray Canterbery

Chapter 2 in The Rise and Fall of Global Austerity, 2015, pp 13-26 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Ideas, even bad ones, have intellectual origins. Austerity is not exceptional in this regard. Such good breeding gives such ideas respectability long after their usefulness has passed. The story of austerity begins with John Locke, one of England's most renowned philosophers. Along with austerity is a list of bad ideas handed down by Locke. Locke's writings were essential propaganda for the emerging merchant classes that were slowly taking power away from British aristocratic elites. His was a part of a movement that culminated in the Glorious Revolution of 1688 that unseated the king and empowered the rising merchant class.

Keywords: Austerity; Expansionary Austerity; Housing Bubble; Global Great Recession; Austerity Lobby; Monetary Policy; Fiscal Policy; Incomes Policy; Full Employment; Public Debt; Austerity in Europe; Domestic Inequality; Global Inequality; Economic Growth; Post Keynsesians; John Maynard Keynes; Michal Kalecki; Piero Sraffa; Hyman Minsky; Vita Theory; Trickle-Down Economics; Keynesians; Trickle-Up Economics; Keynesian Economics; Trends in Suicide Rates; Health and The Economy; Alan Greenspan; Ben Benanke; Janet Yellen; Federal Reserve Board; European Central Bank; The Euro (search for similar items in EconPapers)
Date: 2015
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