The history of ‘crowding out’ and austerity from its origins in the 1920s to today.

What is it about?

This article traces the history of ‘crowding out’, and its use as a justification for austerity and state deflation from its origins in the 1920s to its latest post-2010 incarnation. It examines three other embedded forms of crowding out that have been highly damaging—leading to weakened social resilience and more fragile economies—but which have been ignored by both governments and mainstream political economists

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Why is it important?

It charts the historic backdrop to the obsession with austerity.