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The New Austerity

In: Entrepreneurship and Innovation During Austerity

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  • Ian Chaston

Abstract

Although the Industrial Revolution accelerated wealth generation in Western nations, only following the Great Depression and World War II did the quality of life for the majority of the people begin to show any real improvement (Marr, 2012). The first beneficiaries after World War II were citizens of the USA, which had become the world’s wealthiest nation. As this country shifted from a war to a peacetime economy, jobs were plentiful and incomes began to rise. Europeans were less fortunate. Another 10 years would pass before their economies, assisted by America’s Marshall Plan, began to recover from the devastation wrought by years of war. However even before their economies began to grow, most countries had introduced a more equitable welfare state offering free or subsidised healthcare and education. Furthermore the adoption of Keynesian economics, involving the use of public sector spending to promote economic growth, had a major impact on reducing unemployment.

Suggested Citation

  • Ian Chaston, 2013. "The New Austerity," Palgrave Macmillan Books, in: Entrepreneurship and Innovation During Austerity, chapter 1, pages 1-18, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32443-6_1
    DOI: 10.1057/9781137324436_1
    as

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