Unmasking Austerity: Opposition and Alternatives in Europe and North America, by Dexter Whitfield, Spokesman Books (eBook)
Unmasking Austerity: Opposition and Alternatives in Europe and North America exposes how austerity policies have fuelled the fire of recession rather than stimulated growth. It identifies key lessons from organising and action against such policies, and urges a rethink of trade union, community and social movement strategies to overcome austerity. Unmasking Austerity examines the deeper causes of the financial crisis, and exposes the manufactured crises which are being used to dismantle hard-earned labour rights and the welfare state.
A radical alternative strategy includes economic stimulus, reconstruction of public services, faster fundamental reform of banks and financial markets, the elimination of corporate welfare that enriches big business, and strategies to increase labour’s share of national income.
PAPERBACK EDITION now available
This important book is now available in paperback with full colour graphics, price £15.00 from http://www.spokesmanbooks.com/acatalog/Dexter_Whitfield.html and from Amazon books – ISBN 978 0 85124 8417
Introduction
Unmasking Austerity: Opposing and Alternatives in Europe and North America exposes the failure and harmful effects of austerity and neoliberal policies. It shows how financial institutions, the International Monetary Fund, European Union, European Central Bank and governments imposed job losses and mass unemployment; wage, pension and welfare benefit cuts; and foreclosures and evictions on the poor and working class, who were forced to bear the brunt of the worst recession in over sixty years.
We now hear claims of ‘growth’ and ‘recovery’ by governments intent on maintaining austerity conditions for the foreseeable future. There is no commitment to restore what has been cut, closed or withdrawn.
Unmasking Austerity demonstrates how austerity policies have fuelled the fire of recession rather than stimulated growth. It examines austerity strategies in Europe and the US and assesses their economic and social effects. It explains why austerity failed and how the neoliberal reconfiguring of public services and the welfare state ran parallel to austerity policies.
Opposing Austerity identifies the key lessons from organising and action against austerity policies and challenges to the neoliberal transformation of public services and welfare states. It raises wider and longer-term issues about the way in which trade unions, community, civil society organisations and social movements mobilise and organise, widen support and build stronger alliances.
Alternatives to Austerity sets out an alternative to austerity through economic stimulus, reconstruction of public services and the welfare state, faster fundamental reform of banks and financial markets, the elimination of corporate welfare and strategies to increase the labour share of national income.
Exposing Causes, Contradictions and Conflicts discusses the deeper causes of the financial crisis and the manufactured crises being used to further dismantle hard-earned labour rights and the welfare state. It examines four of the contradictions and conflicts evident when campaigning for alternative policies to austerity and neoliberalism. The chapter concludes by calling for a radical rethink of trade union, community and social movement organising and action strategies.
Chapters 1-3 were originally published as separate briefings in Australia to widen understanding of the effects of austerity policies and the strategies needed to oppose to them. They have been updated together with the addition of the fourth chapter.
Content
Chapter 1: Unmasking Austerity
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Key findings
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The switch from stimulus to austerity
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Cause of the financial crisis
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Why austerity failed
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Government debt continued to increase
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Less demand in the economy
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Negative or weak growth
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Connected economies
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The economic and social effects of Austerity
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Soaring economic costs
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Rising unemployment
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Public sector job loses
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Cuts in wages and benefits
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Closures and business failures
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Financial crisis of towns and cities
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Foreclosures and house price slump
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Damage to health
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Poverty and widening inequality
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Bank bondholders protected except in Iceland
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Meanwhile corporate profits rise, share price highs and cash hoarding
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Reconfiguring public services and the welfare state
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Embedding corporate welfare
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Lessons learnt
Chapter 2: Opposing Austerity: Organising and Action Strategies
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Key findings
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Challenges in opposing austerity policies
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Private sector failure - public bear the cost
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Pre-crisis laws exposed
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Cultural and political differences
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Post Austerity conditions
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Key responses in Europe and North America 2008-2013
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Significant struggles against austerity
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Action against public spending cuts and privatisation
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Opposition to privatisation
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New organising strategies
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Key issues and future strategies
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Opposing austerity and neoliberal transformation in the public sector
Chapter 3: Alternatives to Austerity
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Key findings
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The alternative to austerity
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The need for an alternative
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Short-term fiscal stimulus initiatives
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Economic stimulus and investment
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Economic stimulus and investment
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Industrial investment and innovation
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Clean energy economy
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Public ownership and provision
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Welfare state to tackle inequalities
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The benefits of public investment
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International cooperation
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Basic principles
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Reconstructing the state and public services
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Closing the pathways to privatisation
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Public sector enterprise and innovation
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Democratic governance, accountability, participation and transparency
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Quality employment and collective bargaining
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Public finance and fiscal crisis of cities
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Debt reduction and restructuring
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Reform of financial system
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Regulation and reform of banks
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Shadow banking
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Credit Ratings Agencies
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Financial Transaction Tax
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Tax avoidance/evasion reform
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VAT added tax gap
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Radical reduction in corporate welfare
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Re-investing corporate cash hoardings
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Reversing corporate tax cuts
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Increasing labours share of national income
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Falling labour share of GDP
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Causes of falling labour share
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How to increase labour share of national income
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Key lessons
Chapter 4: Exposing causes, contradictions and conflicts
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Causes and manufactured crises
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Contradictions and conflicts
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Labour market reform, but greater dependence on the welfare state
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'Smaller state' but bigger role in the economy
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Localism and transparency or centralisation and secrecy
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Corporate welfare or public resources
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Rethinking strategies
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References
Sebastian Schipper, Bauhaus-University Weimar: International Journal of Urban and Regional Research, Vol.39, Issue 3, 653-654
“The central strengths of Unmasking Austerity lie in its detailed but compactoverview of both the numerous austerity policies and resulting social protests that have erupted across Europe and North America since the beginning of the global financial crisis, as well as in its offer of a concrete political alternative to further neoliberal restructuring. For these reasons, Whitfield has published a significant book worth recommending, not only to academics and urban scholars, but also to a much broader audience of social movement activists, trade unionists and indeed all people engaged in unmasking the claim that there is no alternative to austerity.”
Dave Putson, THE PROJECT, a Socialist Journal, July 2014
“It is full of detailed well researched and explosive exposes of neoliberalism and faux austerity"........... “this is a seriously muscular work which is both compelling and painful in equal measure”
Edward Dingwall, Red Pepper, October-November 2015, No. 204
“…He offers another account of the massive transfer of wealth that took place when financial speculation emerged as crisis, and the early and disparate ‘anti-austerity’ flashpoints such as the Occupy camps, student protests and isolated strikes. While such initiatives seemed to staff, Whitfield sees how their energy actually spread into new connections, cross-pollinating alternative ideas and methods. His ready acknowledgment of these developments and their potential power is more forward-thinking than many other public services scholars. His proposals for organisational reform, priorities and effective economic levers are familiar, though, even if he ties them together more neatly than others manage.”
Unmasking austerity and organising for new challenges, Dexter Whitfield
We need to draw lessons from the strategies used to oppose austerity policies and neoliberal ‘transformation’ of public services. New challenges include reversing the decline in labour share of national income and the slow pace of financial market reforms. Opposition to transnational free trade agreements must be strengthened. “New approaches to organising, building alliances and action strategies will require ideological and cultural change within trade unions, community and civil society organisations. Since ‘business as usual’ is not a viable public service option, neither is it an option for organisations opposing austerity and neoliberalism”. False Economy, September 2014. http://falseeconomy.org.uk/blog/unmasking-austerity-and-organising-for-new-cha llenges- dexter-whitfield
