Ben Hillier on the World Economic System and Economic Austerity
The actions that governments have been taking in response to the ongoing global economic crisis during the last three years have culminated in the decisions coming out of the G20 summit held in Toronto at the end of last month.
The powerful European states are calling for the implementation of harsh austerity measures to curb government debt after many governments outlaid huge amounts of capital to prop up financial institutions. These policies are characterised by the recent British budget and those imposed in Greece which mean sharp decreases in government social spending programs and other social safety nets traditionally associated with liberal democratic industrial societies. The importance of such moves was highlighted by a London Treasury Official quoted in the Financial Times as saying “Anyone who thinks the spending review is just about saving money is missing the point, this is a once-in-a-generation opportunity to transform the way that government works.”
Back Story spoke to Ben Hillier, a contributor to Socialist Alternative about the state of the world economic system and the move towards economic austerity.
This interview was broadcast on Radio Adelaide on the 7th of July.