Austerity in the contemporary sense of taming welfarestate
capitalism has been haunting states and societies
around the world for quite some time. First imposed on a
wide range of countries in the global south by financial
institutions following the world debt crisis, austerity
came to hit members of the European Union in particular
with a vengeance following the global financial crisis.
Budget consolidation, debt reduction, spending cuts, efficient
spending and so on are mantras nobody can escape
in the sphere of public finance.

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