By Richard Seymour
But opposed to Austerity is going extra – creating a daring theoretical intervention at the query of not easy austerity and growing radical possible choices. starting with an research of present category formation and dominant ideology, Seymour matters a choice to fingers, mapping a brand new technique to unite the left.
Along the best way, he tackles the vexed query of accomplishing social switch, specifically problems with reform and social revolution. In an age characterized via the paucity and inadequacy of mainstream research, opposed to Austerity issues a manner ahead to restore the left and create a brand new spirit of collective resistance.
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Additional info for Against Austerity: How We Can Fix the Crisis They Made
P. 86. This metaphor is used by David Harvey to sum up the potential power that resides in the credit system in terms of ironing out the imbalances and ‘contradictions’ in the economy, ensuring a quantitative match between production and consumption. For example, credit can be allocated to enable house-building, while also simultaneously allocated to ensure that house-buying is financed. In this sense, the financial system could achieve the seemingly impossible task of securing the general interests of capitalism against the specific interests of individual businessmen.
73. David McNally, Global Slump: The Economics and Politics of Crisis and Resistance, PM Press, Oakland, CA, 2011, p. 27. In fairness, this does not apply to the explicit position of all of the economists cited above. Harman, for example, acknowledged the aberrant nature of the post-war boom. Nonetheless, it is hard to see how post-1982 capitalism can be judged as predominantly a period of crisis if not relative to the post-war era. 43 Seymour T02680 01 text 43 04/02/2014 09:22 Against Austerity There is another problem.
Further, it would be just as mistaken not to acknowledge that there is something eminently rational, from a certain point of view, about the desire to reduce the amount of public debt. 6 And since the banking crisis became a generalised economic crisis, this has turned into a sharp rise in public debt. Adam Przeworski and James Raymond Vreeland, ‘The Effect of IMF programs on Economic Growth’, Journal of Development Economics 62, 2000, pp. 385–421; Joseph Stiglitz, a former ‘free market’ guru and social engineer of neoliberalism, makes the same point, although he attributes this to mishandling and indifference on the part of those imposing such policies.