When the banking crisis started in 2008, a renaissance of the economic policy of austerity could be observed especially in the EU which basically meant condemning the state for profligacy on one hand while expecting it to bail out all the floundering banks and other big financial players on the other hand. It meant taking a private sector crisis and making it a public sector problem. Blyth argues that austerity is a dangerous idea for several reasons but the one that should interest anyone who […]