polity
Copyright © Jon Shefner and Cory Blad 2020
The right of Jon Shefner and Cory Blad to be identified as Authors of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988.
First published in 2020 by Polity Press
Polity Press
65 Bridge Street
Cambridge CB2 1UR, UK
Polity Press
101 Station Landing
Suite 300
Medford, MA 02155, USA
All rights reserved. Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher.
ISBN-13: 978-1-5095-0986-7
ISBN-13: 978-1-5095-0987-4 (pb)
A catalogue record for this book is available from the British Library.
Library of Congress Cataloging-in-Publication Data
Names: Shefner, Jon, 1958- author. | Blad, Cory, author.
Title: Why austerity persists / Jon Shefner, Cory Blad.
Description: Medford, MA : Polity Press, [2019] | Includes bibliographical references and index.
Identifiers: LCCN 2019016713 (print) | LCCN 2019980321 (ebook) | ISBN 9781509509867 (hardback) | ISBN 9781509509874 (pbk.) | ISBN 9781509509904 (ebook)
Subjects: LCSH: Economic policy. | Economic development--Government policy--Case studies. | Government spending policy. | Social policy.
Classification: LCC HD87 .S5424 2019 (print) | LCC HD87 (ebook) | DDC 336--dc23
LC record available at https://lccn.loc.gov/2019016713
LC ebook record available at https://lccn.loc.gov/2019980321
Typeset in 10.5 on 12pt Plantin
by Fakenham Prepress Solutions, Fakenham, Norfolk, NR21 8NL
Printed and bound in the UK by CPI Group (UK) Ltd, Croydon
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Every effort has been made to trace all copyright holders, but if any have been overlooked the publisher will be pleased to include any necessary credits in any subsequent reprint or edition.
For further information on Polity, visit our website: politybooks.com
| AFDC | Aid to Families with Dependent Children |
| ALEC | American Legislative Exchange Council |
| ANC | African National Congress |
| BEE | black economic empowerment |
| CONAIE | Confederacíon de Nacionalidades Indigenas de Ecuador/Confederation of Indigenous Nationalities of Ecuador |
| EC | European Commission |
| ECA | Employment Contracts Act |
| ECB | European Central Bank |
| EEC | European Economic Community |
| EMU | Economic and Monetary Union |
| ESAP | Economic Structural Adjustment Programme |
| EU | European Union |
| FDI | foreign direct investment |
| FEE | Foundation for Economic Education |
| FIRE | finance, insurance, real estate |
| FUT | United Workers’ Front |
| GEAR | Growth, Employment, and Redistribution strategy |
| HIPC | Heavily Indebted Poor Countries |
| IFIs | international financial institutions |
| IMF | International Monetary Fund |
| ISI | import substitution industrialization |
| MDRI | Multilateral Debt Relief Initiative |
| MTFS | Medium-Term Fiscal Strategy |
| NAFTA | North American Free Trade Agreement |
| OPEC | Organization of the Petroleum Exporting Countries |
| PAH | Plataforma de Afectados por la Hipoteca/Platform for the Mortgage-Affected |
| PRI | Partido Revolucionario Institucional/Party of the Institutionalized Revolution |
| PRSPs | Poverty Reduction Strategy Papers |
| RDP | Reconstruction and Development Program |
| SAREB | La Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria/Bank Restructuring Asset Management Society |
| SNP | Scottish National Party |
| TANF | Temporary Assistance for Needy Families |
| UKIP | UK Independence Party |
| VAT | value-added tax |
| ZANU–PF | Zimbabwe African National Union–Patriotic Front |
| ZAPU | Zimbabwe African People’s Union |
| ZCTU | Zimbabwe Congress of Trade Unions |
Jon Shefner would like to acknowledge his collaborators in his work on austerity over the years. These include his coauthor on this project, Cory Blad, and also George Pasdirtz, Aaron Rowland, Steven Panageotou, and Julie Stewart. He’s learned from all of these friends and coworkers, but from none more than John Walton, whose pioneering work on austerity protests serves as a constant inspiration. Jon additionally thanks Fred Block, Paul Gellert, Frances Fox Piven, and Gay Seidman for comments, inspiration, and encouragement. Jonathan Skerrett at Polity has been a generous and helpful editor. The book has benefited significantly from the work of Polity’s reviewers. Emily Landry and Charles Walton provided substantial help in the research and editing process, Emily especially providing excellent and painstaking assistance as the work was completed. Jon also thanks Karen for everything, always. Finally, Jon wants to note that working with Cory Blad again has been a great joy.
Cory Blad would like to thank several people who have contributed to this effort in one way or another. Ricardo Dello Buono, Emanuele Ferragina, and Samuel Oloruntoba each contributed to his thinking on austerity and contemporary political economic trends. Conversations with Vicki Dabrowski and Elena Díaz González provided new insights and have encouraged him to broaden his understanding of conditional possibilities. As always, Julia, Zoë, and Sanna continue to provide inspiration and demonstrate infinite patience.