Austerity policy served creditor protection more than economic recovery

Evidence

The weakness of the economic arguments for austerity had always been evident: it rather reflected the power asymmetries within the euro area and the priority given to the protection of French and German creditors. As Varoufakis saw it, extend and pretend was the only game in town. — Arthur Borriello and Anton Jäger, The Populist Moment, 172

Categorization

• ADDENDUM: Relevant to the sacrificial/stabilizer themes—creditor nations demanding austerity function as a stability-preserving elite, echoing the sacrifice literature’s logic of vulnerable populaces absorbing costs.
• XREF: connects to: Austerity was framed by its architects as redemptive sacrifice required for recovery — Arthur Borriello and Anton Jäger, The Populist Moment: The Left After the…, 113; Austerity policy triumphed despite its authors conceding weak empirical evidence — Mark Blyth, Austerity: The History of a Dangerous…, 468; Austerity economists framed state restraint as protecting productive citizens. — Clara E. Mattei, The Capital Order: How Economists…, 1710 (+2 more)

Broader Connections

• Austerity that damages the economy can still rationally serve capitalist class interests #corroborates (0.88) — Clara E. Mattei, The Capital Order, 415
• Austerity policy triumphed despite its authors conceding weak empirical evidence #corroborates (0.85) — Mark Blyth, Austerity, 468
• Austerity is economically irrational yet politically rational for preserving capitalism #expands (0.78)
• Austerity economists framed state restraint as protecting productive citizens. #expands (0.75) — Clara E. Mattei, The Capital Order, 1710