Austerity: A Journey to an Unknown Territory

Austerity is still a hotly debated topic that cannot be reduced to cuts in public spending. On the contrary, austerity is a complex terrain that stretches across economic, political and cultural dimensions. Some observers, therefore, speak of an 'Age of Austerity'. But the causes and consequences of this central issue of our time remain controversial. Supporters of austerity argue that it is a rational way back to financial sustainability and economic growth, whereas critics think that it is a ...