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Social Policy In Times of AusterityGlobal economic crisis and the new politics of welfare$
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Kevin Farnsworth and Zoë Irving

Print publication date: 2015

Print ISBN-13: 9781447319115

Published to Policy Press Scholarship Online: September 2016

DOI: 10.1332/policypress/9781447319115.001.0001

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PRINTED FROM POLICY PRESS SCHOLARSHIP ONLINE (www.policypress.universitypressscholarship.com). (c) Copyright Policy Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PPSO for personal use.date: 21 February 2020

Alternatives to austerity

Alternatives to austerity

Chapter:
(p.113) Five Alternatives to austerity
Source:
Social Policy In Times of Austerity
Author(s):

Dexter Whitfield

John Spoehr

Publisher:
Policy Press
DOI:10.1332/policypress/9781447319115.003.0006

The chapter challenges the effectiveness of austerity policies, discusses alternative strategies for industrial investment, innovation and public spending and the benefits of radical change in the economy. A brief assessment of austerity policies identifies the decline in investment, loss of economic output, and the effect of deep public spending cuts, mass unemployment and wage cuts and lack of sustainable growth. Alternative plans emphasize the vital role of the public sector in innovation and investment to maximise macro economic benefits. Continued reform of financial markets is considered essential together with the reconstruction of public services to radically improve their sustainability, equity and quality. The redistribution of national income by terminating financialisation and privatisation alongside more stringent controls in the corporate sector are other key reforms. These policies would ensure a sustainable recovery, help to minimise the occurrence and impact of future financial crises, tackle widening inequalities and develop more sustainable models of economic development.

Keywords:   corporate welfare, infrastructure, innovation, reconstruction, redistribution, reform, regulation, privatisation, public investment

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