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Making sense of austerity: The rationality in an irrational system

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  • Bill Dunn

Abstract

This article understands contemporary austerity through historical comparisons informed by Marxist insights into the nature of the state. It argues that austerity policies make sense from the perspective of capital–labour, inter-capitalist and international competition. Differences among states over time, in terms of their size and international situation and contested domestic relations, produce varied imperatives towards austerity and prospects of effective resistance.

Suggested Citation

  • Bill Dunn, 2014. "Making sense of austerity: The rationality in an irrational system," The Economic and Labour Relations Review, , vol. 25(3), pages 417-434, September.
    • Handle: RePEc:sae:ecolab:v:25:y:2014:i:3:p:417-434
    DOI: 10.1177/1035304614547308
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    References listed on IDEAS

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    Cited by:

    1. Jenny Chesters, 2016. "Trends in economic growth and levels of wealth inequality in G20 nations: 2001–2013," Contemporary Social Science, Taylor & Francis Journals, vol. 11(2-3), pages 270-281, July.
    2. Julie MacLeavy & David Manley, 2018. "(Re)discovering the lost middle: intergenerational inheritances and economic inequality in urban and regional research," Regional Studies, Taylor & Francis Journals, vol. 52(10), pages 1435-1446, October.

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    More about this item

    Keywords

    Austerity; Marxism;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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