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Austerity, Keynes and debt | Richard Corbett
The term ‘austerity’ features prominently in recent debates, whether we’re discussing Greece, Osborne’s spending cuts, or the Labour leadership election. But the term itself is rarely defined. Yet what we mean by ‘austerity’, and the circumstances in which various forms of it apply, are both crucial. For some, austerity has the precise meaning of ‘public …