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.

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.

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.

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.

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.

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

For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.

The Land of Too Much presents a simple but powerful hypothesis that addresses three questions: Why does the United States have more poverty than any other developed country? Why did it experience an attack on state intervention starting in the 1980s, known today as the neoliberal revolution? And why did it recently suffer the greatest economic meltdown in seventy-five years? Although the United States is often considered a liberal, laissez-faire state, Monica Prasad marshals convincing evidence to the contrary. Indeed, she argues that a strong tradition of government intervention undermined the development of a European-style welfare state. The demand-side theory of comparative political economy she develops here explains how and why this happened. Her argument begins in the late nineteenth century, when America’s explosive economic growth overwhelmed world markets, causing price declines everywhere. While European countries adopted protectionist policies in response, in the United States lower prices spurred an agrarian movement that rearranged the political landscape. The federal government instituted progressive taxation and a series of strict financial regulations that ironically resulted in more freely available credit. As European countries developed growth models focused on investment and exports, the United States developed a growth model based on consumption. These large-scale interventions led to economic growth that met citizen needs through private credit rather than through social welfare policies. Among the outcomes have been higher poverty, a backlash against taxation and regulation, and a housing bubble fueled by “mortgage Keynesianism.” This book will launch a thousand debates.

Connects global migration with urban marginalization, exploring how “race” maps onto place across the globe, state, and street In this richly observed account of migrant shopkeepers in five cities in the United Kingdom, Suzanne Hall examines the brutal contradictions of sovereignty and capitalism in the formation of street livelihoods in the urban margins. Hall locates The Migrant’s Paradox on streets in the far-flung parts of de-industrialized peripheries, where jobs are hard to come by and the impacts of historic state underinvestment are deeply felt. Drawing on hundreds of in-person interviews on streets in Birmingham, Bristol, Leicester, London, and Manchester, Hall brings together histories of colonization with current forms of coloniality. Her six-year project spans the combined impacts of the 2008 financial crisis, austerity governance, punitive immigration laws and the Brexit Referendum, and processes of state-sanctioned regeneration. She incorporates the spaces of shops, conference halls, and planning offices to capture how official border talk overlaps with everyday formations of work and belonging on the street. Original and ambitious, Hall’s work complicates understandings of migrants, demonstrating how migrant journeys and claims to space illuminate the relations between global displacement and urban emplacement. In articulating “a citizenship of the edge” as an adaptive and audacious mode of belonging, she shows how sovereignty and inequality are maintained and refuted.

As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.