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1、 AUSTERITY AUSTERITY MARK BLYTH THE HISTORY OF A DANGEROUS IDEA Oxford University Press is a department of the University of Oxford.It furthers the Universitys objective of excellence in research, scholarship,and education by publishing worldwide. Oxford New YorkAuckland Cape Town Dar es Salaam Hong
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3、red trademark of Oxford University Press in the UK and certain othercountries. Published in the United States of America byOxford University Press198 Madison Avenue, New York, NY 10016 Oxford University Press 2013 All rights reserved. No part of this publication may be reproduced, stored in aretriev
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5、he above should be sent to theRights Department, Oxford University Press, at the address above. You must not circulate this work in any other formand you must impose this same condition on any acquirer. Blyth, Mark, 1967-Austerity : the history of a dangerous idea / Mark Blyth.pages cmIncludes bibli
6、ographical references and index.ISBN 9780199828302 (hardback : alk. paper) 1. Debts, Public. 2. Budgetdeficits. 3. Financial crises. 4. Economic policy. 5. Fiscal policy. 6. Economicdevelopment. 7. Income. I. Title.HJ8015.B59 2013336dc232012046882 9 8 7 6 5 4 3 2 1Printed in the United States of Ame
7、ricaon acid-free paper For Jules This book has cost you as many hours as it has cost me, possibly more. I really could not have written this without your love and support. Thank you. CONTENTS PrefaceAusterity, a Personal History 1 | A Primer on Austerity, Debt, and Morality Plays Part One Why We All
8、 Need to Be Austere 2 | America: Too Big to Fail? Bankers, Bailouts, and Blaming the State 3 | EuropeToo Big to Bail The Politics of Permanent Austerity Part Two Austeritys Twin Histories Introduction to Chapters 4, 5, and 6 Austeritys Intellectual and Natural Histories 4 | The Intellectual History
9、of a Dangerous Idea, 16921942 5 | The Intellectual History of a Dangerous Idea, 19422012 6 | Austeritys Natural History, 19142012 Part Three Conclusion 7 | The End of Banking, New Tales, and a Taxing Time Ahead Notes Index PREFACE: AUSTERITY, A PERSONAL HISTORY This book has a rather unusual genesis
10、. David McBride from Oxford University Press emailed me in July 2010 and asked me if I wanted to write a book about the turn to austerity in economic policy. I had been playing with a book idea called the “End of the Liberal World” for a while but really hadnt been getting all that far with it. Dave
11、s offer seemed to be a ready-made alternative project. After all, someone had to write such a book, and since I had, as bankers say, “skin in the game” here, for reasons I shall elaborate below, I said yes. Shortly thereafter Geoffrey Kirkman, Associate Director of the Watson Institute for Internati
12、onal Studies at Brown University, where I am a faculty fellow, wondered if there was anything that I would like to make into a short video. I said yesId do something about this new book that I have agreed to write. Both of these opportunities arrived shortly after the G20 issued its final communiqu
13、at the end of its June 2010 meeting in Toronto. That G20 meeting marked the moment when the rediscovery of Keynesian economics that had informed state responses to the global financial crisis since 2009 gave way to an economically more orthodox, and austere, reading of events. The G20 communiqu call
14、ed for an end to re-flationary spending under the guise of something called “growth friendly fiscal consolidation,” which is a fancy way of saying “austerity.” I remember thinking at the time “thats about as plausible as a unicorn with a bag of magic salt.” So when I was afforded the opportunity to
15、make a video, taking on this “austerity as a route to growth” nonsense seemed the way to go. The video can be seen at http:/ Part of what academics do is generate ideas and teach. The other, perhaps more important part, is to play the role of “the Bu*l*hit Police.” Our job is to look at the ideas and plans interested parties put forward to solve our collective problems and see whether or not they pass the sniff test. Austerity as a route to growth and as the correct response to the aftermath of a fin
