Austerity only rarely works and its success conditions do not apply today

Evidence

The analysis confirms that although a particular form of austerity that combines devaluations with large-scale labor agreements to cap wage growth does work occasionally to create expansions, these cases are vastly outnumbered by negative ones, and the conditions of those exapansions singularly do not apply to the world we happen to live in today. — Mark Blyth, Austerity, 274

Categorization

• XREF: This overturns the selective historical reading Austerity advocates draw from — connects to the broader critique of the 1980s ‘expansionary austerity’ cases this reader is building toward via Mattei. — connects to: Austerity has failed systematically whenever governments face gold-standard-style constraints — Mark Blyth, Austerity: The History of a Dangerous…, 504; Austerity has never successfully reduced debt and instead causes instability, riots, and war — Mark Blyth, Austerity: The History of a Dangerous…, 614; Austerity only worked historically when larger states imported to offset cuts — Mark Blyth, Austerity: The History of a Dangerous…, 49 (+7 more)

Broader Connections

• Austerity’s success cases are few and possibly wrong while its failures are demonstrable #corroborates (0.95) — Mark Blyth, Austerity, 479
• Modern austerity served as Europe’s instruction sheet and rarely works outside niche conditions #corroborates (0.92) — Mark Blyth, Austerity, 478
• Austerity theory only holds in a special case unlike actual economies #corroborates (0.90) — Mark Blyth, Austerity, 480
• Showing austerity failed does not require proving Keynesian alternatives right #responds-to (0.80) — Mark Blyth, Austerity, 996