Austerity

In this book, Mark Blyth explores the history and intellectual lineage of austerity policies, tracing their roots back to classical economists such as John Locke, David Hume, and Adam Smith.

Blyth argues that austerity does not work, especially when implemented during recessions, and that it has exacerbated economic crises, including the European debt crisis.

He provides historical examples from the Great Depression and post-World War I Europe, showing how austerity policies worsened economic conditions and contributed to the rise of fascist regimes.

The book also critiques the modern advocates of austerity, highlighting the tenuous arguments and thin evidence supporting this policy.