Austere fiscal measures are simply those that force money to be spent only as
necessary, something we've all experienced as our piggy banks begin to rattle
with less vigor. What types of austerity measures can a country, or even a larger,
Author: Velez-Hagan Justin
If governments followed the optimal fiscal policy path, surpluses in good times would counter necessary deficits during economic downturns, leading to worldwide balance. The world, however, has chosen to go in a different direction in recent decades, avoiding thrift in light of a decidedly more indebted future. When financial crises kicked off a global recession in 2008, the spotlight placed on countries' fiscal conditions put pressure on policymakers around the globe to find a way to slow the growth of deficits and debt by imposing fiscal consolidations (or, more simply, austerity). How have these policies fared across the developed world? Were they even necessary to begin with? This book examines the many factors that have contributed to the success (or failure) of such policies, including timing, magnitude, accompanying policies, composition, and more, while explaining the economic rationale behind their choices.
Austerity measures, which are often prescribed by multilateral lenders with the
ostensible aim of addressing public deficits in debtor countries usually through a
reduction in the amount of social benefits and public services provided by the
Author: Ilias Bantekas
Publisher: Oxford University Press, USA
Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out thehistorical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt.They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.
12 The Parliamentary Assembly thus established human rights as standards to
be respected in the implementation of the Troika's austerity measures. The
European Committee of Social Rights also exercised accountability functions.
Author: Gisela Hirschmann
Publisher: Oxford University Press, USA
How can international organizations (IOs) like the United Nations (UN) and their implementing partners be held accountable if their actions and policies violate fundamental human rights? This book provides a new conceptual framework to study pluralist accountability, whereby third parties hold IOs and their implementing partners accountable for human rights violations. Based on a rich study of UN-mandated operations in Afghanistan, Bosnia and Kosovo, the EU Troika's austerity policy, and Global Public-Private Health Partnerships in India, this book analyzes how competition and human rights vulnerability shape the evolution of pluralist accountability in response to diverse human rights violations, such as human trafficking, the violation of the rights of detainees, economic rights, and the right to consent in clinical trials. While highlighting the importance of alternative accountability mechanisms for legitimacy of IOs, this book also argues that pluralist accountability should not be regarded as a panacea for IOs' legitimacy problems, as it is often less legalized and might cause multiple accountability disorder.
Canada's recessionary experience was mild , compared to the United States and
other advanced industrial economies ; yet , the Canadian state introduced
extensive austerity measures , in the name of recovering from the crisis . Indeed ...
Author: Tim Fowler
The Great Recession was the largest crisis of capitalism since the Great Depression and the largest crisis in neoliberalism to date, sending shockwaves throughout the global economy. States scrambled to right the sinking capitalist ship in order to maintain high levels of accumulation. In Canada, as in so many other countries, the state introduced austerity measures aimed at organized labour and the broader working class. This volume explores the political economy of The Great Recession in Canada, and focuses on how labour has responded to the crisis, neoliberalism, and austerity measures. Table of Contents: 1. From Crisis To Austerity: An Introduction/Tim Fowler 2. The Canadian State and the Crisis: Theoretical and Historical Context/ Stephen McBride & Heather Whiteside 3. From the Great Recession of 2008-2009 to Fiscal Austerity: The Role of Inequality/Akhter Faroque and Brian K. MacLean 4. Neoliberalism, Capitalist Crisis, and Continuing Austerity in the Ontario State/Tim Fowler 5. Collective Bargaining in a Time of Austerity: Public-Sector Unions and the University Sector in Ontario/Mathew Nelson & James Meades 6. "We Will Fight This Crisis" Auto Workers Resist an Industrial Meltdown/ Bill Murnighan & Jim Stanford 7. The Decline of the Labour Movement: A Socialist Perspective/ Murray E.G. Smith & Jonah Butovsky 8. Labour's Response to the Crisis and the Future of Working-Class Politics/ David Camfield Endorsements: ..". a] thought-provoking collection on contemporary austerity and the attack on labour reveals how divergent interpretations of capitalist crisis frame different understandings of the contemporary crisis of the workers' movement." - Bryan D. Palmer is Canada Research Chair at Trent University, author of James P. Cannon and the Origins of the American Revolutionary Left, 1890-1928 and Editor of Labour/Le Travail. ..".a big-picture look at how Canadian governments and business sought solutions favouring the wealthy at the expense of an ever more constrained labour movement. The collection will be a critical read for anyone seeking a comprehensive account of the crisis and how Canada's politics of austerity have affected unions and workers across the country." - John Peters teaches labour studies at Laurentian University and is editor of Boom, Bust, Crisis: Labour, Corporate Power, and Politics in 21st Century Canada
For the purpose of our discussion in this book, it is pertinent to give conceptual
explanations astowhy austerity measures are taken and whattheir
implementation entails. At the most general level, austerity measures
havecometo be associated ...
Author: Sebwa Domingos
There is a broad consensus that the impact of austerity measures on people in the United Kingdom will vary from place to place. However, what is less clear is that some people in some local authorities will be hit hardest. The pace in which cuts have been wielded by the coalition government has allowed local authorities little scope to maneuver and devise a good strategy for dealing with the huge loss of revenue in their local budgets. This book seeks to analyze how cutbacks pose severe challenges to local authorities in the United Kingdom, even threatening their ability to provide adequate delivery of benefits and public services to their constituents.
The burden of austerity generally falls on the shoulders of the poor . In the
Dominican Republic , austerity measures have been used to restrict current
consumption in order to generate greater capital for investment or other purposes
Author: Howard J. Wiarda
Publisher: Westview Press
Much has occurred in the Dominican Republic since the first edition of this critically acclaimed profile was published ten years ago: Democratic government has become more firmly established, if no less contentious, and the fragile economy, though still the definitive element in Dominican life, has benefited from changes in global trade patterns and corporate investment. Yet the Dominican Republic remains a nation mired in poverty and social tension. As the country heads toward the quincentennial of Columbus's landing in the New World, there is both anticipation and apprehension as the citizenry looks back proudly to their heritage and forward to a future clouded by uncertainties. This edition examines the changing character of governance and the political changes that have returned Joaquin Balaguer to the presidency for an unprecedented sixth term. The economic transitions that have made the Dominican Republic an attractive site for foreign business and tourism are also addressed, along with the economic causes of urban and rural unrest and the emigration of Dominicans to Puerto Rico and the United States. Critical public policy issues such as energy, taxation, population control, and education are explored, together with the social and political conflicts created by debt, austerity, and fiscal reform. Finally, the authors analyze the Dominican Republic's relations with its neighbors and major trading partners, giving special emphasis to the impact of new global and regional ties. Throughout, they focus on the struggle to maintain democracy in the face of the inevitable dislocations caused by economic reform and modernization.
In response to the escalating crisis , the government approached the
International Monetary Fund ( IMF ) and agreed to enforce austerity measures in
the economy as one of the conditions of the IMF ' s sponsored “ stand - by
Author: Jon Kraus
Publisher: Palgrave MacMillan
This book uniquely depicts the preeminent role that African trade unions played in ousting dictatorships and bringing democracy to many African countries in the 1990s. In the analytical introduction and case studies of major African countries, leading scholars relate how democratic trade unions were critical in launching and sustaining democratization. Working with other societal groups and parties, unions continue to represent the popular classes and invigorate democratic life in these otherwise elite-dominated countries.