The Trinity of Austerity

Clara Mate: We live under austerity capitalism, which is much more important to understand how the society works rather than just focus on neoliberal capitalism. The capital order really looks at austerity as a trinity that is backed by powerful economic theory. What you see here is that austerity is about regressive taxation, meaning that it's about the fact that the majority pay more of their fair share in terms of how much they get taxed while the minority is taxed ever less. So this is fixed fiscal austerity, regressive taxation and cuts in social expenditures. Then we have monetary austerity, again, something that we are familiar with right now, which is all about increasing interest rates.