The Austerity Downward Spiral

“Still, though global ruling classes have always been divided on the details of this strategy, and have every reason to worry about years of stagnation and low profits, the major voices of capital such as the IMF have not ceased to demand further austerity, privatization and deregulation.” Read Richard Seymour’s short article on the neoliberal response to deficits and debt, its impact and prospects for a change in ruling-class strategy.