Austerity is often mentioned in the news and most people are aware that it involves the government spending less. But what exactly is it? What are the reasons behind austerity? What effects has it had on the welfare state? Can it be seen as a form of violence?
The term ‘austerity’ has been used to refer to government cutbacks in expenditure since the global financial crisis of 2008. The crisis stemmed originally from the mortgage market in the USA where people on low and insecure incomes defaulted on their repayments. In September 2008, the US investment bank Lehman Brothers went out of business, triggering the crisis.
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