Austerity
The History of a Dangerous Idea
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Narrated by:
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Fred Stella
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By:
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Mark Blyth
About this listen
Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts - austerity - to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget.
The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us.
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- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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Currency Wars
- The Making of the Next Global Crises
- By: James Rickards
- Narrated by: Walter Dixon
- Length: 9 hrs and 52 mins
- Unabridged
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics.
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don't be misled
- By peter on 04-01-12
By: James Rickards
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Naked Money
- A Revealing Look at What It Is and Why It Matters
- By: Charles Wheelan
- Narrated by: Jonathan Davis
- Length: 13 hrs and 11 mins
- Unabridged
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Consider the $20 bill. It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth $20? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
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This is a beautiful audiobook, and well-narrated.
- By Thirsty Mind on 11-10-18
By: Charles Wheelan
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After the Music Stopped
- The Financial Crisis, the Response, and the Work Ahead
- By: Alan S. Blinder
- Narrated by: Graham Vick
- Length: 15 hrs and 50 mins
- Unabridged
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Alan S. Blinder - esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspan - is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it.
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Irresponsible, corrupt, and confused book
- By Thomas on 12-22-14
By: Alan S. Blinder
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A Monetary and Fiscal History of the United States, 1961-2021
- By: Alan S. Blinder
- Narrated by: Todd McLaren
- Length: 15 hrs and 12 mins
- Unabridged
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Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to listen to, and as interesting as it is important.
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Listen for Nixon's Sake
- By Tricia on 10-26-22
By: Alan S. Blinder
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The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
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Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
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A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
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The Instant Economist
- Everything You Need to Know About How the Economy Works
- By: Timothy Taylor
- Narrated by: Don Hagen
- Length: 9 hrs and 35 mins
- Unabridged
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Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists - when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor here tackles all the key questions and hot topics of both microeconomics and macroeconomics, so you can understand and discuss economics on a personal, national, and global level.
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Timothy Taylor is the best
- By Jake on 02-15-15
By: Timothy Taylor
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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Putinomics
- Money and Power in Resurgent Russia
- By: Chris Miller
- Narrated by: Traber Burns
- Length: 8 hrs and 4 mins
- Unabridged
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In Putinomics, Chris Miller examines the making of Russian economic policy since Vladimir Putin took power in 1999. Miller argues that Putin's economic strategy has functioned far more effectively than most Westerners realize. While acknowledging that part of Putin's successes - above all, quadrupling per capita GDP in just a decade and a half - can be attributed to cashing in on high oil prices, Miller details the government policies that have also been fundamental to Russia's growth.
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Go find something better
- By Anonymous User on 08-04-21
By: Chris Miller
What listeners say about Austerity
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Katherine Peterson
- 03-07-17
A good overview
This can get a little hard to follow if you're not up on the last few decades of EU monetary kerfuffles, but the book isn't setting out to be an intro to international monetary policy. I thought his arguments were well laid out and supported with real world case studies, though I'm predisposed to agree with his conclusions. The writing style is accessible and not too dry, and the narrator is pleasant.
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- jonathan munster
- 03-20-19
good read boring at times.
lots of information, found it hard to absorb all of it will listen to again.
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- Megan
- 11-23-24
Excellent Book
An excellent interesting book about austierity, it's history how we got here today almost sixteen years since the 2008 and how austerity simony increased and empower extreme movements rather than decreasing it that polarization today has more to do with the economic environment and lack of jobs and cutbacks and assessing austierity in many forms an excellent book.
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- Anonymous User
- 04-26-22
Much needed perspective
I studied business administration and finance in college. While I was there I had a hard time understanding a lot of classical economic ideas.
This book among others like “Debt 5000 the 1st years” really put things into perspective for me.
The focus on austerity is timely and a great frame work to understand other economic ideas of our age.
There’s a lot of misunderstanding about classical economics. This is one of few books that helps people outside of the field to navigate the tricky political oceans.
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- "tantalus7"
- 07-16-20
Great ideas, terrible voice over talent
Mark Blyth essentially gives these ideas away for free in his numerous YouTube videos on the subject. I had hoped for more content that isn't part of his numerous recorded lectures - this was disappointing in that respect. Also, having watched a number of these videos, Blyth has a distinctive rhythm and tone to his speech, and that comes across in his writing as well. Unfortunately, the narrator, Fred Stella, seems to be doing his best to imitate a machine trying to imitate human speech. He takes an already dense subject and makes it almost unlistenable. Just search for Mark Blyth on YouTube and watch the top five results. You'll get all the same information and hear it in Blyth's inimitable Glaswegian.
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- Tatras
- 08-25-24
Fundamental info for me
Fundamental info for me with many examples and explanations. Despite books like this, right wing governments in my country (Czechia) does this aproach again and again.
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- Will Szal
- 12-22-18
Biting Rhetoric; Short on Answers
I learned about this book from my mother, who heard an interview with the author on NPR.
Blyth grew up in Scotland, and is a professor of political economy at Brown. Oxford University Press published this title in 2012.
You may have heard of the concept if you’ve been following current events in Europe. In short, austerity is the curtailment of government spending, often resulting in large cuts to the welfare state and other social expenditures. It is often justified by the aim of reducing government debt, although this claim is almost always fraudulent in practice (if not in intention).
As the subtitle suggests (“The History of a Dangerous Idea”), austerity isn’t just uncomfortable, but could be blamed (indirectly), for such inhumane incidents as World War II. Blyth meticulously tracks the history of austerity globally, going back to the roots of the concept with Adam Smith and John Locke, tracing it’s evolution over the past century, and then offering a current-day analysis. If anything, his refutation of research done over the past thirty years in support of austerity is too rigorous, verging on obsessive.
Ultimately, this book is an economic text, and you should be prepared for technical literature (although there isn’t any math in the book) if you’re considering picking up this book.
One refrain in the book is that austerity is an ideology too compelling to be dispelled by a century of misery, destruction, and abject failure. Although Blyth repeatedly admits the inability of facts to have any impact to discredit austerity, he blunders on with a relentlessly fact-based rhetoric throughout the text. The book leaves two vital questions unanswered:
1. If austerity fails to accomplish its stated aims so consistency, what affords it such credence?
2. What ideology of superior ethic and utility has the temerity to unseat austerity?
In the book, Blyth valiantly strives to unpack some of the underlying fundamentals that drive a healthy economy. Such a feat is not to be scoffed at; few academics or economists make it this far, tending to fumble about with mechanisms rather than getting to the pattern level. It is a question that has been driving much of my inquiry for many years now. He does so by illustrating relatively simple maxims, rather than getting into the complex metaphysics underlying the social technology we call money (also a fascinating arena, but less approachable).
Where is the inquisitive reader to go from here? I’m looking forward to reading histories of Japan and China, as well as Yanis Varoufakis’ two most recent books. Unfortunately, I have yet to encounter a paradigm that encompasses ecological economics while preserving a high quality of living. Currently, the faster our economy churns, the more destruction is borne. And yet, depressions more commonly result in fascist dictatorships than socialist anarchies. How we bridge economic and ecological health is one of the existential mandates of our times, and the more I learn, the further I realize we are from a pragmatic solution. Regenerative economics continues to be elusive.
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3 people found this helpful
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- JJ
- 08-07-15
Every politician needs to read this book
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This book explains the history of economic austerity and how it has never worked and why it will never work. The author uses in-depth and sometimes complicated economic rationale to explain why but I think that is what lends so much legitimacy to his argument. I will admit it is not for the feeble minded but it is also not so complicated that the average concerned person can’t understand.
He gives the reader a complete analysis of why public spending cuts never lead to economic growth and typically fuel rising debt instead of lowering it. He further details how the global financial crisis is really a private crisis of the banking sector and not a problem of public spending run amok. It is glaringly obvious that governments have allowed the finance industry to needlessly gamble and in many cases, have been forced to bail them out with public money.
This book allowed me to finally understand the real reasons behind the European debt crisis and how much of it extends from several structural flaws in the Euro. I have read a number of books on the 2008/2009 financial crisis and I would say this is the best one yet. This really brought everything together for me as it really gets to the "why" behind a lot of the problems we see today.
I like his analysis of Iceland at the end and I wish he had written much more on the topic. My only complaint is that the author quotes a number of economic theorists and sometimes it is hard to determine if he is still talking about their opinion or his own.
Every politician should read this book and understand how cuts to public spending almost never produce the desired economic growth.
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- Mandy Do-Joh
- 01-01-17
wonderful
Mark Blyth is the man! his wonderful expliantion makes it easy for regular people to understand complicated subjects and enjoy doing so.
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- Patrick
- 11-17-17
Great explanation of the concept
Both the written and the audibook versions are great. It goes into great detail as to why economically austerity is not a good idea, and why country sized economies cannot be run like a household budget. The author does a great job of building up on concepts and showing how the idea of austerity can hinder, not help an economy.
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