Austerity vs Stimulus The Political Future of Economic Recovery
This timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders
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ROBERT SKIDELSKY & NICOLÒ FRACCAROLI
THE POLITICAL FUTURE OF ECONOMIC RECOVERY
Austerity vs Stimulus
Robert Skidelsky · Nicolò Fraccaroli
Austerity vs Stimulus The Political Future of Economic Recovery
Robert Skidelsky University of Warwick Coventry, Warwickshire UK
Nicolò Fraccaroli London School of Economics and Political Science London, UK
ISBN 978-3-319-50438-4 ISBN 978-3-319-50439-1 (eBook) DOI 10.1007/978-3-319-50439-1 Library of Congress Control Number: 2017937485 This book was advertised with a copyright holder in the name of the publisher in error, whereas the editors hold the copyright in the selection, introduction and the editorial matter of this book. © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover image credit: © D. Hurst/Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
Part I The Politics of the Debate Austerity in the Tension Between Capitalism and Democracy 3 Part II The Two Sides of the Debate Keynes Vs Hayek 11 Contemporary Arguments for Austerity 17 Contemporary Arguments for Stimulus 35 Part III Confidence: The Object of the Debate Austerity: A Solution to Restore Markets’ Confidence 57 Myths of Austerity 63 v
vi Contents
Debating the Confidence Fairy 67 Confidence in the UK Is Different from the One in the Eurozone 71 Confidence Beyond Debt: The Role of Monetary Policy 77 Schizophrenic Confidence? 87 Part IV Austerity vs Stimulus in the UK Austerity for the UK 93 Stimulus for the UK 95 “Keynesian Austerity” 99 Britain’s Confidence 109 The Economic Consequences of Mr. Osborne 117 Niall Ferguson’s Wishful Thinking 12
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