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Austerity is grounded in liberal economics' view of the state and sovereign debt as deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's
But there is no alternative"—referring to austerity in the United Kingdom. [15] Christine Lagarde, then Managing Director of the IMF, declared in May 2013 that "there is no alternative to austerity", seconded by France's Prime Minister Jean-Marc Ayrault in French: Il n’y a pas d’alternative à la politique menée. [16]
A laconic phrase or laconism is a concise or terse statement, especially a blunt and elliptical rejoinder. [1] [2] It is named after Laconia, the region of Greece including the city of Sparta, whose ancient inhabitants had a reputation for verbal austerity and were famous for their often pithy remarks.
In 2022, economist Yanis Varoufakis offered a similar version of this phrase in his critique of the response of governments and central banks to the 2008 financial crisis and the 2021–2022 inflation surge, describing these measures as "nothing short of lavish socialism for capital and harsh austerity for labor." [23]
Muhammad also had a saying "خير الأمور أوسطها" meaning the best choice is the middle ground/golden mean one. In Quran (Chapter 'The Cow', verse number 143) it is said that, "We have made you a balanced, moderate nation".
She traces the origins of modern austerity to post-World War I Britain and Italy, when it served as a "powerful counteroffensive" to rising working class agitation and anti-capitalist sentiment. In this, she quotes British economist G. D. H. Cole writing on the British response to the economic downturn of 1921:
Hints and the solution for today's Wordle on Monday, February 10.
Second, austerity urbanism is a type of urbanism that shows the repercussions of austerity. The critical situation of the economy has a significant effect on the development of cities. Investors, due to economic crisis and lack of attractive investment options, reduce the amount of money they invest in cities, leaving neighborhoods or entire ...