'If all the trouble was generated in the private sector, why do so many people blame the state for the [current economic and financial] crisis and see cuts to state spending as the way out of a private sector mess?'. This question lies at the heart of Mark Blyth's inquiry into the history of austerity as a policy idea. His answer is that misunderstanding and self-interest are to blame. Certain people do not realise the full implications of austerity as a policy choice; nevertheless, enough of them recognise how they can benefit from leaving the rest of society to pick up the tab when things go bad. These people rally the rest by criticising the public sector. Austerity is a society-wide form of bait and switch.
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