50. Question Time: King Charles III, Scottish accents, and left vs. right

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.

Kate Raworth's "Doughnut Economics" proposes a new economic model that prioritizes social and ecological well-being. It challenges the traditional focus on GDP growth, advocating for a system that operates within planetary boundaries while ensuring a minimum standard of living for all. The model is visualized as a doughnut, with an inner ring representing social needs and an outer ring representing ecological limits. Raworth's work has gained significant attention, influencing discussions on sustainable development and economic justice. The book offers a compelling alternative to conventional economic thinking, emphasizing the interconnectedness of social and environmental issues.