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Eight things the crisis taught us about austerity

The left won the argument but not the fight against neoliberal constraint, argues Dr. Stephen McBride in the September-October edition of the CCPA Monitor.

Sep 13, 2018

Looking back on the financial crisis and its aftermath, what have we really learned in the last eight years about the austeriy measures introduced to deal with it? Quite a lot, actually.

First, those who caused the crisis did not pay for it.

Second, the turn to economic stimulus was a “false dawn.”

Third, subsequent austerity policies have deep roots in liberalism and neoliberalism.

Fourth, austerity includes but covers more than balanced budgets and fiscal consolidation.

Fifth, the intellectual case for austerity is weak but demolishing it did not lead to change.

Sixth, the socioeconomic impact of austerity is harsh and unevenly distributed by states, classes, gender and other social groups.

Seventh, the impact on democracy is significant and troubling.

Eighth, austerity politics is class politics.

The full article, Eight things the crisis taught us about austerity, can be found on the Canadian Centre for Policy Alternatives website.