The political appeal of austerity

Abstract:

Mark Blyth’s book makes a very compelling case that austerity is a ‘dangerous idea’. Instead of focusing on the book’s central argument, this article reflects on why austerity policies keep coming back. It argues that the power of austerity is ideological in a complementary yet somewhat broader sense than envisioned in the book. Austerity is not only a conservative way of thinking, or ‘blueprint’, it is also an excuse for decision makers to avoid thinking, and it typically aims at many goals, not all of them politically conservative. The eurozone crisis is offered as an illustration.