As austerity measures were foisted upon Greece, Ireland, Portugal, and other highly indebted countries, growth was rendered even more elusive, aggravating unemployment
Mainstream economic theories popular in the last several decades have tended to downplay the government's role in markets and to increase skepticism about even that more limited role. Austerity, particularly in Europe, has added to the problem. It has not worked, even on its own terms.
The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and the results have been a disaster.
As we leave the E.U., the U.K. can turn its back on the austerity policies that have been the hallmark of the euro area.
I think neoliberalism is vulnerable to protest. And it's under protest because people are beginning to realize that these austerity policies are really market-driven policies designed to punish the poor, the working classes, and the middle classes by simply distributing wealth upwards.
Austerity policies can ironically end up entrenching the structural problems they were intended to address, as unemployed workers drop out of the workforce altogether and their skills degrade.
Austerity need not be Europe's fate.
Instead of an end to austerity, Labour has made clear that it wants to impose more austerity cuts.
The insistence of European leaders to austerity policies keeps the European economy strapped in stagnation.
European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.
A conveyor belt of Think Tank pundits and allied operatives poured into the TV studios, and together they built a fortress around Mrs. Thatcher's memory that was rooted in theories about economics. They did this because economics is the only language that wonks understand.
Never has a strong, responsible trade union movement been so needed. With austerity policies biting hard and with no evidence that they are working, people at work need the TUC to speak up for them now more than ever.
Europe’s conservative parties, like Republicans in the United States, have for the most part, turned into shrill apostles of austerity at almost any social cost.
