The Paradox of Fiscal Austerity

The Paradox of Fiscal Austerity
Author: Justin Vélez-Hagan
Publisher: Rowman & Littlefield
Total Pages: 223
Release: 2019-12-12
Genre: Business & Economics
ISBN: 1498571948

If governments followed the optimal fiscal policy path, surpluses in good times would counter necessary deficits during economic downturns, leading to worldwide balance. The world, however, has chosen to go in a different direction in recent decades, avoiding thrift in light of a decidedly more indebted future. When financial crises kicked off a global recession in 2008, the spotlight placed on countries’ fiscal conditions put pressure on policymakers around the globe to find a way to slow the growth of deficits and debt by imposing fiscal consolidations (or, more simply, austerity). How have these policies fared across the developed world? Were they even necessary to begin with? This book examines the many factors that have contributed to the success (or failure) of such policies, including timing, magnitude, accompanying policies, composition, and more, while explaining the economic rationale behind their choices.

The Austerity Paradox

The Austerity Paradox
Author: Tom Overmans
Publisher:
Total Pages: 0
Release: 2019
Genre: Political Science
ISBN: 9789462369023

This book studies how municipalities (can) deal with fiscal stress. It applies an institutional perspective, arguing that municipalities can move beyond a fiscal focus and performance optimization, towards building institutional capacities to innovatively deal with fiscal crises. The book shows that many municipalities mainly opt for safe financial measures with quick results. It also shows, however, that some municipalities do invest in seeking new measures, and that they deal differently with the current crisis and create leeway to deal differently with future crises. They bend and stretch constraining rules, norms, and beliefs. More innovative responses are established when municipalities move beyond dominant doctrines (deviate), when they identify and translate potential innovations into concise decisions (decipher), and when they perform dynamic acts of implementation that fit the context of austerity (deliver). The book concludes with an emphasis on the 'austerity paradox': opting for financially driven austerity actions does not enable municipalities to deal with fiscal crises. Municipalities can bounce forward by opting for alternative solutions that pay attention to the non-financial aspects of dealing with financial crises, most specifically knowledge, routines, cultures and mentalities.

Austerity

Austerity
Author: Alberto Alesina
Publisher: Princeton University Press
Total Pages: 290
Release: 2020-12
Genre: Business & Economics
ISBN: 0691208638

A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.

Austerity

Austerity
Author: Mark Blyth
Publisher: Oxford University Press
Total Pages: 305
Release: 2015
Genre: Business & Economics
ISBN: 0199389446

In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.

Crisis

Crisis
Author: Sylvia Walby
Publisher: John Wiley & Sons
Total Pages: 174
Release: 2015-10-30
Genre: Social Science
ISBN: 150950320X

We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.

Nationalism and Democracy in the Welfare State

Nationalism and Democracy in the Welfare State
Author: Kettunen, Pauli
Publisher: Edward Elgar Publishing
Total Pages: 264
Release: 2022-01-11
Genre: Political Science
ISBN: 1788976584

This multidisciplinary book unpacks and outlines the contested roles of nationalism and democracy in the formation and transformation of welfare-state institutions and ideologies. At a time when neo-liberal, post-national and nationalist visions alike have challenged democratic welfare nationalism, the book offers a transnational historical perspective to the political dynamics of current changes. While particularly focusing on Nordic countries, often seen as the quintessential ‘models’ of the welfare state, the book collectively sheds light on the ‘history of the present’ of nation states bearing the character of a welfare state.

The Politics of Fiscal Responsibility

The Politics of Fiscal Responsibility
Author: Tonya E. Thornton
Publisher: Westphalia Press
Total Pages: 166
Release: 2021-01-05
Genre:
ISBN: 9781637238073

Fiscal policy challenges following the Great Recession forced members of the Organisation for Economic Co-operation and Development (OECD) to implement a set of economic policies to manage public debt. Most actions centered on major spending cuts and increasing taxes in an attempt to manage political and social fallout. Governments put fiscal austerity measures in place when their debt is so large that the inability to honor required service payments or the risk of total default to obligations becomes a significant possibility. Accountability is an iconic concept in public management, offering symbolic responsibility and reassurance. It is part of an ethical principal of transparency situated in administrative accountability. The resilience of national economies worldwide ultimately requires a balance between near-term growth and longer-term fiscal consolidation. Still, the reality of social stressors raises questions for politically sustainability. As the OECD member nations emerged from the fiscal fall out in 2008, question about whether democratic countries can take pro-active leadership before a crisis forces their hand emerged. This book is a collection of country chapters detailing their austerity response to such an interconnected and punctuating event. Tonya E. Thornton, PhD, is a Principal with and Founder of Delta Point Solutions, LLC, an interdisciplinary, social, policy, and administrative sciences consulting firm with expertise in community resiliency, emergency management, and public safety. She is also a subject matter expert in critical infrastructure for the U.S. Department of Defense. Dr. Thornton's work has been published in numerous peer-reviewed journals, and she is the editor of Managing Challenges for the Flint Water Crisis (2021). F. Stevens Redburn, PhD, is a lecturer, budget advisor, and expert authority on financial management, government performance, and public policy with over 25 years of experience as a senior government official in the U.S. Office of Management and Budget and the U.S. Department of Housing and Urban Development. As a participant in deliberations of the National Budgeting Roundtable since 2014, he has helped lead research on reform of the federal government's budget process. Internationally, he has consulted on budget processes World Bank and for the International Monetary Fund.

The Wealth Paradox

The Wealth Paradox
Author: Frank Mols
Publisher: Cambridge University Press
Total Pages: 239
Release: 2017-05-25
Genre: Business & Economics
ISBN: 1107079802

This book presents compelling evidence of the 'wealth paradox', where economic prosperity can also fuel prejudice, social unrest, and intergroup hostility.

Against Austerity

Against Austerity
Author: Richard Seymour
Publisher: Pluto Press
Total Pages: 0
Release: 2014-03-20
Genre: Political Science
ISBN: 9780745333298

Against Austerity is a blistering, accessible and invigorating polemic against the current political consensus. Deploying his renowned power of razor-sharp polemic Richard Seymour charts the role of austerity in radically reducing living standards, fracturing established political structures, and creating simmering social alienation and explosions of discontent. But Against Austerity goes further – making a bold theoretical intervention on the question of challenging austerity and creating radical alternatives. Beginning with an analysis of current class formation and dominant ideology, Seymour issues a call to arms, mapping a new strategy to unite the left. Along the way, he tackles the vexed question of achieving social change, in particular issues of reform and social revolution. In an age characterised by the paucity and inadequacy of mainstream analysis, Against Austerity points a way forward to revive the left and create a new spirit of collective resistance.