Fiscal austerity was framed as proof of national creditworthiness to reassure capital.
Evidence
It follows that a state that utilized fi scal austerity to reach budgetary equilibrium demonstrated its fi nancial stability and creditworthiness, and thus fostered savers’ confi dence in its capacity to uphold favorable conditions for capital accumulation. In the words of Lord Chalmers: “without paying your way as a Nation, without getting that equilibrium and stability which is at the basis of confi dence, there can be no hope whatsoever” (Verbatim Record, Brussels 1920, vol. 2, 26). — Clara E. Mattei, The Capital Order, 738
Categorization
- XREF: Lord Chalmers’ confident framing of balanced budgets as the sine qua non of national solvency maps directly onto modern EU Stability and Growth Pact discourse. — connects to: Austerity served as proof of creditworthiness to international finance for the Fascist regime — Clara E. Mattei, The Capital Order: How Economists…, 1435; Austerity economists framed state restraint as protecting productive citizens. — Clara E. Mattei, The Capital Order: How Economists…, 1710; The crisis-as-government-fault narrative was engineered to justify austerity — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 950
- corroborated: 2 independent passages support this claim — Clara E. Mattei, The Capital Order: How Economists…, 738
Broader Connections
- Austerity served as proof of creditworthiness to international finance for the Fascist regime
#corroborates(0.95) — Clara E. Mattei, The Capital Order, 1435 - The crisis-as-government-fault narrative was engineered to justify austerity
#complicates(0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 950 - Austerity economists framed state restraint as protecting productive citizens.
#expands(0.72) — Clara E. Mattei, The Capital Order, 1710