The Historic Meaning of Austerity as the Policy Response to Global Capitalist Crisis

Richard Wolff Jul 21, 2011

We will examine the “austerity” policies being used to manage the ongoing capitalist crisis. We will focus equally on popular resistance to austerity growing in Europe (Greece, Portugal, Spain, Italy, UK and beyond). How might European resistance become a serious anti-capitalist movement there? Might Europe’s resistance to austerity and European anti-capitalism be replicated in the US? Finally, we will examine why certain socialists (and certain kinds of socialism) are imposing those austerity policies (Greece, Portugal, and beyond) and what that means for socialism’s future.

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