Economic theory gives austerity legitimacy that complements raw state coercion

Evidence

How were the experts capable of contending with such an onslaught stemming from the very heart of the establishment? Th e answer lay in an appeal to high economic theory. Indeed, the entwinement of economic theory and austerity policies— so crucial in a moment of high contestation— is the defi ning characteristic of austerity as we know it today, where consensus complements coercion. — Clara E. Mattei, The Capital Order, 861

Categorization

• DEFINE: Defines the defining characteristic of austerity: the marriage of high theory to policy so that consensus complements coercion.
• XREF: Directly supports the reader’s core thesis of austerity as consensus-shrouded class weapon. — connects to: Broader neoliberal shifts enabled austerity’s return to economic common sense — Mark Blyth, Austerity: The History of a Dangerous…, 406; Public legitimacy of economics rests on its predictive and prescriptive authority — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 679; Austerity is economically irrational yet politically rational for preserving capitalism (+16 more)

Broader Connections

• Austerity needed economic theory to justify unpopular cutbacks after World War I #expands (0.90) — Clara E. Mattei, The Capital Order, 874
• The gold standard naturalized austerity by removing it from political dispute #complicates (0.85) — Clara E. Mattei, The Capital Order, 1302
• Austerity is state intervention transferring resources from the many to the few #complicates (0.80) — Clara E. Mattei, Escape from Capitalism, 195
• Austerity is an effective class-structure instrument, not an economic error #qualifies (0.70) — Clara E. Mattei, Escape from Capitalism, 142