Early austerity had to overcome public outrage, requiring both consensus and coercion

Evidence

Th e public disgust for early austerity was its crucible: austerity was rendered more antagonistic because it had to overcome— and indeed tame— an incensed public. Aft er World War I, with the gold standard in pieces, the newly enfranchised European “great public” was not simply going to accept austere policies, and the experts knew it. Th us, they devised austerity to conjoin two strategies: consensus and coercion. — Clara E. Mattei, The Capital Order, 43

Categorization

• DEFINE: Introduces the consensus-plus-coercion framework that structures the chapter’s analysis of how austerity was installed.
• XREF: connects to: Modern austerity requires managing public opinion through consensus and coercion combined — Clara E. Mattei, The Capital Order: How Economists…, 818; International economic conference ‘consensus’ was really a consensus on austerity — Clara E. Mattei, The Capital Order: How Economists…, 672; Austerity-bred consensus sustains further austerity in a self-reinforcing loop — Clara E. Mattei, Escape from Capitalism: An Intervention, 235 (+1 more)

Broader Connections

• Austerity-bred consensus sustains further austerity in a self-reinforcing loop #expands (0.75) — Clara E. Mattei, Escape from Capitalism, 235