{"id":8399,"date":"2021-01-11T18:21:13","date_gmt":"2021-01-11T18:21:13","guid":{"rendered":"https:\/\/progressiveeconomyforum.com\/development\/?post_type=glossary&p=8399"},"modified":"2021-01-14T12:48:39","modified_gmt":"2021-01-14T12:48:39","slug":"austerity-in-the-uk-after-2010","status":"publish","type":"glossary","link":"https:\/\/progressiveeconomyforum.com\/development\/glossary\/austerity-in-the-uk-after-2010\/","title":{"rendered":"Austerity in the UK after 2010"},"content":{"rendered":"\n
  1. A definition<\/li><\/ol>\n\n\n\n

    Austerity is a form of voluntary deflation in which the economy adjusts to restore competitiveness through the reduction of wages prices and public spending, which is supposedly  best achieved by cutting the state\u2019s budget debt and deficit. Doing so its advocates believe will inspire \u2018business confidence\u2019 since the government will be neither crowding out the market for investment by sucking up all the available capital through the issuance of debt nor adding to the nation\u2019s already \u2018too big debt\u2019<\/p>\n\n\n\n

    Mark Blyth<\/p>\n\n\n\n

    1. The theoretical justification<\/li>
    2. An account of where austerity has been tried in the last 100 years
      1. 1930s    
        1. Germany<\/li><\/ol>
          1. UK<\/li><\/ol>
            1. France<\/li><\/ol>
              1. Sweden<\/li><\/ol>
                1. Japan   <\/li><\/ol><\/li><\/ol>
                  1. 2000<\/li><\/ol><\/li><\/ol>\n\n\n\n

                    Eurozone<\/p>\n\n\n\n

                    Greece<\/p>\n\n\n\n

                    Portugal<\/p>\n\n\n\n

                    Ireland<\/p>\n\n\n\n

                    Latvia<\/p>\n\n\n\n

                    \u2026<\/p>\n\n\n\n