Latest Issue

The wizards of austerity

How did austerity conquer the world?

By Tom Streithorst  


Even on its own terms, austerity is a disaster. Greece, despite slashing government spending and ruining the futures of millions, has actually increased government debt as a percentage of GDP. Government spending has fallen, but GDP has fallen further. All that pain for no gain. Ireland, which imposed austerity after the financial crisis, is still languishing with high unemployment and miniscule growth. Iceland, which did not, is growing steadily. Here…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect