The age of austerity is clearly not over as capitalist politicians of all persuasions compete to manage economic crisis in the interest of the capitalist class. PAUL KERSHAW reviews a book that places economic austerity in its historical and political context.
The Capital Order: How Economists Invented Austerity and Paved the Way for Fascism
By Clara E Mattei
Published by the University of Chicago Press, 2022
There were 335,000 deaths in the UK attributable to government austerity policies between 2012 and 2019 according to a recent Glasgow University study. Austerity policies were supposed to result in improved growth and reduced debt. In fact, by 2019 public debt was higher than in 2012. That was before the pandemic, and debt has of course risen further since then. The growth rate in 2019 was identical to 2011 at 1.5% – so no transformation in growth. Despite the terrible pain inflicted by austerity it has plainly not achieved its declared goals.
Nevertheless, the Tories continue with the programme. Although the Starmer and the Labour leadership shy away from using the actual word, they are also using the arguments of austerity to justify scaling back spending commitments. For example, dropping their commitment to free higher education.
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