Austerity isn't the ruling class shooting itself in the foot. It's effectively in a world of limitless free trade, immense inequality, where collective action has been rendered literally unthinkable by neoliberal ideological hegemony, "tightening of the belts" for working people and endless credits, bailouts, and tax cuts for the rich are the new normal. Rates of profit are falling and wealth is permanently draining upward, so austerity is the political-ideological apparatus constructed to justify this state of affairs. Thats why they have to sell it as temporary, but the truth is that it's permanent - capitalism's inherent contradictions can't be resolved, only delayed and laundered through ideology.
Agree with most of what you wrote, but this also depends on your perspective. Neoliberal policies like Austerity, Outsourcing and globalisation is actively hurting the purchasing power of the west, destabilising it's democracies, as these contradictions continue the global economy will shift east and eventually the contradictions will become to much to bear. This is very clearly creating a new world order and is clearly freaking out western capital.
It’s hard to articulate this, but like it’s not that austerity is an irrational policy choice that keeps capitalism from working, it is the fact that capitalism doesn’t work, and has reached a stage of perpetual crisis, that makes austerity necessary from the perspective of the ruling class.
The perspective of the bourgeoisie worldwide is indefinite austerity.
Austerity isn't the ruling class shooting itself in the foot. It's effectively in a world of limitless free trade, immense inequality, where collective action has been rendered literally unthinkable by neoliberal ideological hegemony, "tightening of the belts" for working people and endless credits, bailouts, and tax cuts for the rich are the new normal. Rates of profit are falling and wealth is permanently draining upward, so austerity is the political-ideological apparatus constructed to justify this state of affairs. Thats why they have to sell it as temporary, but the truth is that it's permanent - capitalism's inherent contradictions can't be resolved, only delayed and laundered through ideology.
Agree with most of what you wrote, but this also depends on your perspective. Neoliberal policies like Austerity, Outsourcing and globalisation is actively hurting the purchasing power of the west, destabilising it's democracies, as these contradictions continue the global economy will shift east and eventually the contradictions will become to much to bear. This is very clearly creating a new world order and is clearly freaking out western capital.
It’s hard to articulate this, but like it’s not that austerity is an irrational policy choice that keeps capitalism from working, it is the fact that capitalism doesn’t work, and has reached a stage of perpetual crisis, that makes austerity necessary from the perspective of the ruling class.
The perspective of the bourgeoisie worldwide is indefinite austerity.