Book Review: Austerity: The History of a Dangerous Idea
by Mark Blyth
Professor Blyth uses empirical data to effectively skewer austerity as a demonstrably counterproductive strategy. This book from 2013 is still current and will remain so with its long-view historical perspective applied to contemporary presuppositions and economic policies. From David Hume to current champions of laissez-faire economic liberalism, Blyth traces the “fossil record” of the snake oil that is supply side economics. Credibly illustrating that austerity is a dangerous idea, Blyth shows from the historical record how austerity enabled the Nazis to take over Germany and simultaneously hindered France from re-arming to meet the Nazi threat. It may be unnatural for those of us who grew up in the shadow of the Soviet Communist threat to see that fascism is making a comeback, but Blyth effectively demonstrates that contemporary austerity measures are making a repeat of the 1930s more likely. Fact upon fact is presented to show the insanity (doing the same thing repeatedly while expecting different results) of austerity being applied in the European Union (EU) and other parts of the world. Blyth shows repeatedly with convincing authoritativeness and real world examples that austerity does not work. There are alternatives, and Blyth discredits the TINA (There Is No Alternative) mantra that has been used to keep economists and the public alike at bay. The solutions Blyth explores involve the opposite of the recent so called “Tax Cuts and Jobs Act of 2017” that occurred several years after the book’s publication. We need more advocates like Blyth to stand toe to toe with the sham invocations of the “socialism” bogeyman, and instead advance credible and workable solutions to economic and social problems that are intractable only to those who don’t want to fix them.
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