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Bryan Evans - The Austerity State

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Bryan Evans The Austerity State

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The fall-out from the economic and financial crisis of 2008 had profound implications for countries across the world, leading different states to determine the best approach to mitigating its effects. InThe Austerity State, a group of established and emerging scholars tackles the question of why states continue to rely on policies that, on many levels, have failed.
After 2008, austerity policies were implemented in various countries, a fact the contributors link to the persistence of neoliberalism and its accepted wisdoms about crisis management. In the immediate aftermath of the 2008 collapse, governments and central banks appeared to adopt a Keynesian approach to salvaging the global economy. This perception is mistaken, the authors argue. The austerian analysis of the crisis is ahistorical and shifts the blame from the under-regulated private sector to public, or sovereign, debt for which public authorities are responsible.
The Austerity Stateprovides a critical examination of the accepted discourse around austerity measures and explores the reasons behind its continued prevalence in the world.

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THE AUSTERITY STATE The fall-out from the economic and financial crisis of 2008 - photo 1
THE AUSTERITY STATE

The fall-out from the economic and financial crisis of 2008 had profound implications for countries across the world, leading different states to determine the best approach to mitigating its effects. In The Austerity State, a group of established and emerging scholars tackles the question of why states continue to rely on policies that, on many levels, have failed.

After 2008, austerity policies were implemented in various countries, a fact the contributors link to the persistence of neoliberalism and its accepted wisdoms about crisis management. In the immediate aftermath of the 2008 collapse, governments and central banks appeared to adopt a Keynesian approach to salvaging the global economy. This perception is mistaken, the authors argue. The austerian analysis of the crisis is ahistorical and shifts the blame from the under-regulated private sector to public or sovereign debt, for which public authorities are responsible.

The Austerity State provides a critical examination of the accepted discourse around austerity measures and explores the reasons behind its continued prevalence in the world.

STEPHEN MCBRIDE is a professor and Canada Research Chair in Public Policy and Globalization in the Department of Political Science at McMaster University.

BRYAN M. EVANS is a professor in the Department of Politics and Public Administration at Ryerson University.

The Austerity State

EDITED BY STEPHEN MCBRIDE AND BRYAN M. EVANS

UNIVERSITY OF TORONTO PRESS

Toronto Buffalo London

University of Toronto Press 2017
Toronto Buffalo London
www.utppublishing.com
Printed in Canada

ISBN 978-1-4875-0236-2 (cloth) ISBN 978-1-4875-2195-0 (paper)

Picture 2 Printed on acid-free, 100% post-consumer recycled paper with vegetable-based inks.

Library and Archives Canada Cataloguing in Publication

The austerity state / edited by Stephen McBride and Bryan M. Evans.

Includes bibliographical references.
ISBN 978-1-4875-0236-2 (cloth). ISBN 978-1-4875-2195-0 (paper)

1. Global Financial Crisis, 20082009. 2. Neoliberalism. 3. Economic policy. I. McBride, Stephen, editor II. Evans, Bryan M., 1960, editor

HB3717.2008A97 2017338.542C2017-903203-8

This book has been published with the help of a grant from the Federation for the Humanities and Social Sciences, through the Awards to Scholarly Publications Program, using funds provided by the Social Sciences and Humanities Research Council of Canada.

University of Toronto Press acknowledges the financial assistance to its publishing program of the Canada Council for the Arts and the Ontario Arts Council, an agency of the Government of Ontario.

Contents BRYAN M EVANS AND STEPHEN MCBRIDE GARY TEEPLE JOHN PETERS MARJORIE - photo 3

Contents

BRYAN M. EVANS AND STEPHEN MCBRIDE

GARY TEEPLE

JOHN PETERS

MARJORIE GRIFFIN COHEN

STEPHEN MCBRIDE AND SORIN MITREA

SIMON LEE

BRENDAN K. OROURKE AND JOHN HOGAN

STEPHEN MCBRIDE

DIETER PLEHWE

BRYAN M. EVANS

RICHARD WOODWARD

HEATHER WHITESIDE

STEPHEN WILKS

MEGHAN JOY AND JOHN SHIELDS

STEPHEN MCBRIDE AND BRYAN M. EVANS

Acknowledgments

The editors gratefully acknowledge funding from the SSHRC Connections Grants program, and the McMaster University Institute for Globalization and the Human Condition (Austerity Research Group), which made it possible to hold a workshop at McMaster University in October 2014. At the workshop, draft versions of these chapters were presented and intensively discussed by workshop participants. Sorin Mitrea and Jacob Muirhead provided invaluable assistance in organizing the workshop. We would like to thank the anonymous reviewers who provided very detailed and helpful comments on the manuscript. We also wish to sincerely thank Daniel Quinlan of the University of Toronto Press for his wise counsel and leadership in guiding this manuscript to publication.

Stephen McBride and Bryan M. Evans

THE AUSTERITY STATE
The Austerity State: An Introduction

BRYAN M. EVANS AND STEPHEN MCBRIDE

Neoliberalism remains an apparently intractable part of the political economy of most mature capitalist industrial countries, and policies of austerity reflect neoliberal conventional wisdom of how to deal with the economic and financial crisis that began in 20078. There was a brief moment, roughly from 2008 to 2010, when governments and central banks appeared to be retrieving the lessons of Keynes to save the global economy from collapse. The contributions to this book, however, take the view that although some economic stimulus was a feature of the early reaction to the crisis, to see those as Keynesian was a misinterpretation of events.

In the aftermath of the crisis, some policies were applied that did involve economic stimulus. Whether this adds up to any deviation from neoliberalism in the direction of Keynesianism is much more problematic. The position taken here is that stimulus is not coterminous with Keynesianism (nor, for that matter, is austerity necessarily coterminous with neoliberalism, though in the current context we would argue that it is). So we need to be clear about how we are using these terms.

Elaborating upon the various elements that make up a policy paradigm like Keynesianism or neoliberalism may be helpful, in particular the distinctions made by between goals, instruments, and settings. The goal of the Keynesian paradigm was for the state to engage in counter-cyclical state action to maintain the economy at full-employment levels. It was a response to events, not an autonomous political decision made by states independent of the times or corporate (and labour) demands.

It could achieve its goal (full employment) by using a variety or a combination of policy instruments. These could include fiscal policy (spending levels, tax levels); monetary policy (interest rates, affecting the price of money; quantitative easing, affecting the quantity of money); and other measures like labour market policy. Depending on the business cycle, the settings of the policies could be expansionary or stimulative to create growth and employment; or restrictive, to rein in growth, inflation, and employment as the economy overheated. In the latter conditions, austerity measures might be applied. So austerity itself is not outside the Keynesian repertoire.

Neoliberalisms economic policy goal is control of inflation, control of government spending and debt, and reduction in the role of the state, especially its social dimensions. The paradigm might similarly employ a range of instruments. Like Keynesianism, it needs to be located in the particularities of the crisis it responded to and to the configuration of social forces, in which labours influence progressively weakened. Full employment is not a goal. Rather, unemployment should be allowed to gravitate to its natural level, or to the non-accelerating rate of unemployment (NAIRU), i.e., the level of unemployment consistent with stable rates of inflation. Settings on fiscal and monetary policy may often be restrictive to ensure that inflation does not develop beyond the target range. However, if there is a deflationary threat, the settings may be adjusted to provide stimulus. So stimulus does not equal Keynesianism and can, in fact, be part of the neoliberal repertoire, as it was in the immediate post-crisis period.

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