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A Brief History of Austerity

In: The Rise and Fall of Global Austerity

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  • E Ray Canterbery

Abstract

Ideas, even bad ones, have intellectual origins. Austerity is not exceptional in this regard. Such good breeding gives such ideas respectability long after their usefulness has passed. The story of austerity begins with John Locke, one of England's most renowned philosophers. Along with austerity is a list of bad ideas handed down by Locke. Locke's writings were essential propaganda for the emerging merchant classes that were slowly taking power away from British aristocratic elites. His was a part of a movement that culminated in the Glorious Revolution of 1688 that unseated the king and empowered the rising merchant class.

Suggested Citation

  • E Ray Canterbery, 2015. "A Brief History of Austerity," World Scientific Book Chapters, in: The Rise and Fall of Global Austerity, chapter 2, pages 13-26, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814603492_0002
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