November 15, 2012

Asia's Rise Means Permanent Austerity for West

Martin Kettle, The Guardian

AP Photo

Smart leaders should recognise that austerity in some form is the context for most of the foreseeable political options in countries like Britain. As a timely American book on this theme this year by Thomas Byrne Edsall argues, scarcity will remake US politics as rising expectations meet diminishing resources on a global scale. The same is true in a different context in Europe. That does not mean there is no alternative to relentless fiscal consolidation, or that all austerity strategies are the same as all other austerity strategies. The opposite is true. But it does mean that political parties in economically developed countries no longer have the same breadth of spending options as they did.

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TAGGED: global economy, UK, Eurozone, United States, Asia

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