Or is it simply another policy being implemented under the name of austerity. In this article, we will have a closer look at this austerity policy being promoted by governments worldwide. Austerity means to live a life with minimal inputs. For instance, a monk leads a simple life requiring minimal amounts of food, water, clothing and even leisure time.
Osborne’s legacy: What the austerity chancellor leaves behind
Most of their time is spent working on something productive. Their houses are barren with minimal furniture and possessions. Now, if we apply this definition of austerity to a government, what should an austere government be like? Well, one thing is for certain, the austere government has to minimize its input requirements. Therefore, the government must minimize its inputs in the form of tax revenues, in the form of labour hours from employees and in the form of expenditure being used to maintain social programs.
An austere government would only perform the basic government functions i. This is what real austerity at a government level would look like. This definition is by and large absent from the modern world. The IMF with its vested interests is obscuring the real definition of austerity. In states like Greece, the government budget is increasing during periods of austerity. Hence, the government is not acting austere at all. The total pool of money under the control of the government is going up significantly and so is the wasteful expenditure on many programs.
The spending pattern of the Greek government is still largely driven by political motives. The biggest chunk of the massive budget is going towards paying off the usurious interest of the loans that the Troika has given to the Greek government. Also, the Greek government has still not stopped its social programs that are bleeding the exchequer dry. Alice O'Grady does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Republish our articles for free, online or in print, under Creative Commons licence. About a million people will be gearing themselves up for the mayhem that is Notting Hill Carnival this bank holiday weekend. For two days there will be crowds, booze and pumping music filling the West London streets. Shops board up in anticipation, and locals make a killing by selling Red Stripe on their doorsteps and renting out their toilet.
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Although carnival has been a stalwart of the London summer since , day parties such as this are reportedly increasing in popularity, along with festivals. Recent research has shown that the number of clubs in the UK has almost halved in the last ten years and the increase in popularity and price of festivals have been touted as one of the reasons why. But the real age of the free party was the early 90s, and its echoes can certainly still be felt in the council supported street parties of today.
These free parties were inherently political. Travellers and ravers united under the umbrella of DIY culture and created a version of the future that was exciting, daring and flew in the face of authority. Music, drugs, politics and audacious opportunism combined to create a cultural phenomenon that continues to resonate. Free parties were self-organising, self-sufficient and radical. Eco-activism, road protests, demonstrations, marches, occupations and parties were all part of a time in which opposition, resistance and dissatisfaction were expressed and contested spatially.
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The marginalised joined forces with the chemicalised and history was made. To dance freely, in the open air and without restriction, acted as an antidote to the harsh political climate of the time. People grabbed it with both hands. This new subcultural alliance had the power to rattle the doors of the establishment all the way to Westminster. Culminating this period of partying, on May Bank Holiday the biggest free party England has ever seen took place on Castlemorton Common , near Malvern in Worcestershire.
In full swing for more than a week, the event marked the peak of rave culture but also signalled its demise. The sight of more than 20, party people, pill heads, hippies, crusties, New Age travellers and eco-warriors occupying common land was too much for middle England. Washington, D. IAC Chairman Barry Diller said that Netflix has such a large head start that competing streaming services won't be able to catch up.
George Osborne, the U.
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Former foreign secretary Philip Hammond takes over. Like May, he has been roundly and is known for his cool demeanor. There had been some speculation that Osborne could take up the role of foreign secretary but that position went to former London Mayor Boris Johnson, leaving Osborne out in the cold. Osborne tweeted his congratulations to the new prime minister and chancellor and wished them luck, adding that he hoped his successor had not inherited an economy in crisis.
International Monetary Fund and "Fake" Austerity
Osborne was first appointed to the role of chancellor in when the economic crisis was in full swing and, infamously, the then chief secretary to the Treasury David Laws remarked that his Labour predecessor had left a note in the Treasury on departing office that read, "I'm afraid there is no money.
Soon after the coalition government between the Conservatives and Liberal Democrats came to power in May , Osborne quickly made tackling the government's budget deficit and national debt his priority with a mixture of tax rises to VAT and capital gains tax and spending cuts.
The latter were to feature much more prominently, however, with 77 percent of the total consolidation to be achieved through spending reductions and 23 percent through tax increases, Osborne said. Announcing an emergency budget in June , a normal procedure when a new government is elected, Osborne spoke of the "emergency" the economy faced.
He said he was not going to "hide hard choices from the British people" — setting the stage for six years of austerity measures in a bid to "balance the books. One pound in every four we spend is being borrowed. What we have not inherited from our predecessors is a credible plan to reduce their record deficit-this at the very moment when fear about the sustainability of sovereign debt is the greatest risk to the recovery of European economies," he said.
A new, balanced economy, where we save, invest and export; an economy where the state does not take almost half of all our national income, crowding out private endeavor," Osborne said.
Austerity and Degrowth – Dealing with the Economic Crisis and the Ecological Crisis Together
Looking across to the continent in , the euro zone was also in crisis mode. Osborne said that the single currency area was a stark reminder to the U. What is more, the forecast shows a gradual rebalancing of the economy, with business investment and exports playing a greater role and government spending and debt-fuelled consumption a smaller role," Osborne noted. Needless to say, his announcements of widespread spending cuts were not universally welcomed, especially by those dependent on the U.
Public sector workers were also up in arms when told they faced a two-year pay freeze. Osborne tried to stimulate business activity by cutting corporation tax, however. With such measures, Osborne predicted back in that the U. Many people in the U. Economists also expressed concerns over the U. There was also growing discontent that Osborne's fixation of achieving a budget surplus with more extensive cuts and tax rises could be tantamount to a pyrrhic victory for the U.