num_pages: 480
description: A Financial Times Best Book of the YearA must-read with key lessons for the future.Thomas PikettyA groundbreaking examination of austeritys dark intellectual origins. For more than a century governments facing financial crisis have resorted to the economic policies of austeritycuts to wages fiscal spending and public benefitsas a path to solvency. While these policies have been successful in appeasing creditors theyve had devastating effects on social and economic welfare in countries all over the world. Today as austerity remains a favored policy among troubled states an important question What if solvency was never really the goal? In The Capital Order  political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating the protection of capitaland indeed capitalismin times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners smothered workers and imposed a rigid economic hierarchy across their societies. Where these policies succeeded relatively speaking was in their enrichment of certain parties including employers and foreign-trade interests who accumulated power and capital at the expense of labor. Here Mattei argues is where the true value of austerity can be its insulation of entrenched privilege and its elimination of all alternatives to capitalism. Drawing on newly uncovered archival material from Britain and Italy much of it translated for the first time The Capital Order offers a damning and essential new account of the rise of austerityand of modern economicsat the levers of contemporary political power.
language: English
title: The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism
publisher: University of Chicago Press