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In this episode, we focus on austerity and its effects on the economy and the independence of Central Banks during times of financial crisis. The UK coalition government embarked on a programme of spending cuts when it came to power in 2010. Since then many economists and academics have held the view that the intellectual justification for austerity is fallible and it is not a sensible strategy in bad economic times. Mark Blyth, Professor of Political Science at Brown University in the US, takes this view in his new book Austerity: The History of a Dangerous Idea. He discusses why he thinks spending cuts are merely a form of self-harm. We also hear from Claire Jones, Economics Reporter at the Financial Times, about the role of central banks, particularly the Bank of England’s, in handling austerity.
Presented by Joel Suss. Produced by Cheryl Brumley. Contributors: Mark Blyth, Claire Jones. Music and sound came courtesy of the following user at the Free Music Archive: DJ Harrison (Fast Food Haven (Cookout) NC-ND).