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Full Description
Craig Berry assesses UK economic policy in the wake of the financial crisis through the lens of the austerity agenda, focusing on monetary policy, economic rebalancing, industrial and regional policy, the labour market, welfare reform and budgetary management. He argues that austerity is geared towards a resurrection of financialisation and the UK's pre-crisis economic model, through the transformation of individual behaviour and demonisation of the state. Cutting public spending and debt in the short term is, at most, a secondary concern for the UK policy elite. However, the underlying purpose of austerity is frequently misunderstood due to its conflation with a narrow deficit reduction agenda, not least by its Keynesian critics. Berry also demonstrates how austerity has effectively dismantled the prospect of a centre-left alternative to neoliberalism.
Contents
Acknowledgements List of Abbreviations 1 Introduction: Austerity and Growth Growth and growth models The rediscovery of austerity Chapter outline and main arguments 2 Financialisation and the Property-Owning Democracy Austerity and the housing market The meaning of monetary activism Financialisation and everyday discipline Conclusion 3 Industrial Decline and the Myth of Rebalancing Rebalancing and austerity Industrial policy and manufacturing since the crisis Powerhouse politics Conclusion 4 Welfare Retrenchment and the Perversion of Full Employment Employment growth and economic recovery The impotence of active labour market policy Austerity and welfare Conclusion 5 Deficit Reduction and Budget Irresponsibility Austerity and economics Institutionalising austerity Conclusion 6 What's Left? Labour's disorientation Corbynomics and the new old politics Whither social democracy? Conclusion 7 Conclusion Notes References Index
