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Architects of AusterityInternational Finance and the Politics of Growth$
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Aaron Major

Print publication date: 2014

Print ISBN-13: 9780804788342

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804788342.001.0001

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Crisis, Austerity, and the Neoliberal Turn

Crisis, Austerity, and the Neoliberal Turn

(p.1) 1 Crisis, Austerity, and the Neoliberal Turn
Architects of Austerity

Aaron Major

Stanford University Press

This chapter reviews the global diffusion of austerity since the financial crisis of 2008 and situates austerity, as an economic policy, within the broader economic paradigm of neoliberalism. This chapter also reviews the central sociological theories that attempt to explain the global diffusion of economic policies: economic competition, ideological emulation, and coercion. After discussing these theories, the chapter argues for a synthesis of emulation and coercion models, one that sees ideas and ideology as important to the process of policy diffusion but that also recognizes the role that that power and dependency play in selecting which ideas will diffuse.

Keywords:   neoliberalism, policy diffusion, globalization, financialization

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