Austerity, globalisation and alternatives

This article argues that austerity is not necessary or externally determined. It is an active class project and an ideological choice of elites and the powerful. There are alternatives to austerity. One is based around equality and economic and social rights. Others involve the restructuring of work to a society based on less paid work, and freedom of movement in a global society of open borders. These would help counter austerity and have benefits of their own

Is Ireland really the role model for austerity?

This paper describes the causes and consequences of Ireland's economic crisis in the context of the policy solution implemented to contain that crisis: protracted fiscal austerity. I describe the causes of the recent crisis in Ireland, and look at the logic of austerity with a simple model. I compare the current crisis to the crisis of the 1980's, when fiscal austerity was touted as the trigger for the Celtic Tiger. I discuss the measures implemented to date in the current crisis, tracing their effects on sectors of Ireland's macroeconomy, and, finally, ask whether Ireland is, indeed, the role model for fiscal austerity in the Eurozone and beyond.Ireland, Austerity, Fiscal Policy, Monetary Policy

‘Dead people don’t claim’: A psychopolitical autopsy of UK austerity suicides

One of the symptoms of post financial crisis austerity in the UK has been an increase in the numbers of suicides, especially by people who have experienced welfare reform. This article develops and utilises an analytic framework of psychopolitical autopsy to explore media coverage of ‘austerity suicide’ and to take seriously the psychic life of austerity (internalisation, shame, anxiety), embedding it in a context of social dis-ease. Drawing on three distinct yet interrelated areas of literature (the politics of affect and psychosocial dynamics of welfare, post and anti-colonial psychopolitics, and critical suicidology), the article aims to better understand how austerity ‘kills’. Key findings include understanding austerity suicides as embedded within an affective economy of the anxiety caused by punitive welfare retrenchment, the stigmatisation of being a recipient of benefits, and the internalisation of market logic that assigns value through ‘productivity’ and conceptualises welfare entitlement as economic ‘burden’. The significance of this approach lies in its ability to widen analytic framing of suicide from an individual and psychocentric focus, to illuminate culpability of government reforms while still retaining the complexity of suicide, and thus to provide relevant policy insights about welfare reform

The Role of NHS Leaders in Times of Austerity

This paper evaluates the role of leadership in the NHS in times of austerity, times that are characterised by budgetary cuts and privatisation. As state employees, the role of today’s NHS leaders is to enforce austerity measures by administering thought and praxis, socially reproducing, at micro-levels, ideologies and politics that are circumscribed by the government that employs them. The paper inspects the moral worth of NHS leaders and the mechanisms they utilise upon the workforce to enable them to take forward austerity, that is, to fulfill their role

The Myth of Expansionary Fiscal Austerity

Recently governments, economists, and international financial institutions have been debating the merits of further fiscal stimulus to combat the Great Recession versus fiscal austerity or "adjustment" -- that is, higher taxes and/or lower government spending -- to combat budget deficits. Some supporters of austerity have gone as far as arguing that fiscal adjustment could restore economic growth. These analyses are being touted to oppose increased stimulus to boost the economy. This paper examines the arguments for austerity and demonstrates that current economic conditions in the United States do not support the case for fiscal adjustment

Austerity and Human Rights Law: Towards a Rights-Based Approach to Austerity Policy, a Case Study of Greece

This Note analyzes the legal framework for the protection of the right to work under national and international laws, and the limitations for Greece regarding the implementation of austerity measures that result in causing retrogression in the enjoyment of this right. Part I discusses the background of the Greek financial crisis, the financial assistance mechanisms and the adopted austerity measures. Part II examines the legal framework for the protection of the right to work, as well as the principles of equality, non-discrimination and progressive realization of human rights under the International Covenant on Economic, Social and Cultural Rights (“ICESCR”). Finally, Part III demonstrates how the adopted Greek austerity measures violate international and national laws and advocates for the adoption of a stricter rights-based approach for states willing to implement austerity programs. Part III further argues for a rightsbased approach during times of financial crisis, with a minimum core of human rights obligations to always be respected

Neither Shoreditch nor Manhattan: Post-politics, 'soft austerity urbanism' and real abstraction in Glasgow North

Speirs Locks is being re-constructed as a new cultural quarter in Glasgow North, with urban boosters envisioning the unlikely, rundown and de-populated light industrial estate as a key site in the city's ongoing cultural regeneration strategy. Yet this creative place-making initiative, I argue, masks a post-political conjuncture based on urban speculation, displacement and the foreclosure of dissent. Post-politics at Speirs Locks is characterised by what I term ‘soft austerity urbanism’: seemingly progressive, instrumental small-scale urban catalyst initiatives that in reality complement rather than counter punitive hard austerity urbanism. Relating such processes of soft austerity urbanism to a wider context of state-led gentrification, this study contributes to post-political debates in several ways. Firstly, it questions demands for participation as a proper politics when it has become practically compulsory in contemporary biopolitical capitalism. Secondly, it demonstrates how an extreme economy of austerity urbanism remains the hard underside of post-political, soft austerity urbanism approaches. Thirdly, it illustrates how these approaches relate to wider processes of ‘real abstraction’ – which is no mere flattery of the mind, but instead is rooted in actually existing processes of commodity exchange. Such abstraction, epitomised in the financialisation and privatisation of land and housing, buttresses the same ongoing property dynamics that were so integral to the global financial crisis and ensuing austerity policies in the first place. If we aim to generate a proper politics that creates a genuine rupture with the destructive play of capital in the built environment, the secret of real abstraction must be critically addressed

The economics of austerity

The 2007/8 financial crisis has reignited the debate about austerity economics and revealed that it is a highly contested yet poorly understood idea. This article locates the debate in its historical context, tracing it from the early 18th and 19th century Classical debates, which focused mainly on the means by which fiscal deficits should be financed. As capitalism evolved, so did ideas and theories about the economics of austerity. Following World War One, concerns about high levels of government debt produced the 1920s ‘Treasury view’ – that government deficits are economically damaging and austerity is required to rein them in. During the 1930s Great Depression, when unemployment was the main concern, this perspective was challenged by the ‘Keynesian view’ – that government deficits could be economically beneficial during the slump, when the private sector was unable to generate sufficient effective demand to pull the economy out of depression. From this perspective, austerity was the policy prescription for the top of the business cycle, to prevent the economy from overheating and igniting inflation. The ‘stagflationary’ crises of the 1970s challenged this view; and during the decades preceding the 2007/8 crisis, austerity was considered to be a policy for the bottom of the business cycle, when the excesses of a bubble-inflated boom had been revealed by its collapse. In the aftermath of the 2007/8 financial crisis, however, austerity no longer has the economic objective of macroeconomic stabilization. Instead, it has become the objective itself – demanded by actors in the international financial markets as evidence that governments are serious about managing their deficits and paying back their debts, thereby protecting the financial interests of investors in sovereign debt. However, if austerity undermines economic growth – as it is doing at present – markets are unlikely to remain loyal to those countries suffering the effect. It is therefore important that policy-makers and political leaders learn the lessons of the 2007/8 financial crisis with regard to the economics of austerity – before it is too late

Austerity and Human Rights Law: Towards a Rights-Based Approach to Austerity Policy, a Case Study of Greece

This Note analyzes the legal framework for the protection of the right to work under national and international laws, and the limitations for Greece regarding the implementation of austerity measures that result in causing retrogression in the enjoyment of this right. Part I discusses the background of the Greek financial crisis, the financial assistance mechanisms and the adopted austerity measures. Part II examines the legal framework for the protection of the right to work, as well as the principles of equality, non-discrimination and progressive realization of human rights under the International Covenant on Economic, Social and Cultural Rights (“ICESCR”). Finally, Part III demonstrates how the adopted Greek austerity measures violate international and national laws and advocates for the adoption of a stricter rights-based approach for states willing to implement austerity programs. Part III further argues for a rightsbased approach during times of financial crisis, with a minimum core of human rights obligations to always be respected

Virtue and austerity

Virtue ethics is often proposed as a third way in health-care ethics, that while consequentialism and deontology focus on action guidelines, virtue focuses on character; all three aim to help agents discern morally right action although virtue seems to have least to contribute to political issues, such as austerity. I claim: (1) This is a bad way to characterize virtue ethics. The 20th century renaissance of virtue ethics was first proposed as a response to the difficulty of making sense of ‘moral rightness’ outside a religious context. For Aristotle the right action is that which is practically best; that means best for the agent in order to live a flourishing life.There are no moral considerations besides this. (2) Properly characterized, virtue ethics can contribute to discussion of austerity. A criticism of virtue ethics is that fixed characteristics seem a bad idea in ever-changing environments; perhaps we should be generous in prosperity, selfish in austerity. Furthermore, empirical evidence suggests that people indeed do change with their environment. However, I argue that virtues concern fixed values not fixed behaviour; the values underlying virtue allow for different behaviour in different circumstances: in austerity, virtues still give the agent the best chance of flourishing. Two questions arise. (a) In austere environments might not injustice help an individual flourish by, say, obtaining material goods? No, because unjust acts undermine the type of society the agent needs for flourishing. (b) What good is virtue to those lacking the other means to flourish? The notion of degrees of flourishing shows that most people would benefit somewhat from virtue. However, in extreme circumstances virtue might harm rather than benefit the agent: such circumstances are to be avoided; virtue ethics thus has a political agenda to enable flourishing. This requires justice, a fortiori when in austerity