Austerity only worked historically when larger states imported to offset cuts

Evidence

As we shall see in detail below, there have been a very few occasions when austerity has worked for states, but that has happened only when the fallacy of composition problem has been absent, when states larger than the one doing the cutting were importing, and massively so, to compensate for the effects of the cuts. Sadly, for the vast majority of countries, this is not the world we inhabit today. — Mark Blyth, Austerity, 49

Categorization

• QUESTION: Which historical episodes does Blyth have in mind? Curious whether these are the post-war gold-standard adjustments or specific deficit-cutting episodes.
• XREF: connects to: Austerity debates only emerge once states grow large enough to cut. — Mark Blyth, Austerity: The History of a Dangerous…, 69; Austerity emerged only once states became large enough budgetary entities to cut — Mark Blyth, Austerity: The History of a Dangerous…, 268; Austerity theory only holds in a special case unlike actual economies — Mark Blyth, Austerity: The History of a Dangerous…, 480 (+1 more)

Broader Connections

• Austerity only rarely works and its success conditions do not apply today #expands (0.90) — Mark Blyth, Austerity, 274
• Austerity emerged only once states became large enough budgetary entities to cut #corroborates (0.85) — Mark Blyth, Austerity, 268
• Austerity theory only holds in a special case unlike actual economies #expands (0.75) — Mark Blyth, Austerity, 480