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1、ACenturyofFiscalSqueezePoliticsACenturyofFiscalSqueezePolitics100YearsofAusterity,Politics,andBureaucracyinBritainChristopherHoodandRozanaHimaz1OUPCORRECTEDPROOF–FINAL,6/4/2017,SPi3GreatClarendonStreet,Oxford,OX26DP,UnitedKingdomOxfordUniversityPressisadepartmentoftheUnive
2、rsityofOxford.ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship,andeducationbypublishingworldwide.OxfordisaregisteredtrademarkofOxfordUniversityPressintheUKandincertainothercountries©ChristopherHoodandRozanaHimaz2017Themoralrightsoftheauthorshavebeenasse
3、rtedFirstEditionpublishedin2017Impression:1Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthepriorpermissioninwritingofOxfordUniversityPress,orasexpresslypermittedbylaw,bylicenceorundertermsagree
4、dwiththeappropriatereprographicsrightsorganization.EnquiriesconcerningreproductionoutsidethescopeoftheaboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,attheaddressaboveYoumustnotcirculatethisworkinanyotherformandyoumustimposethissameconditiononanyacquirerPublis
5、hedintheUnitedStatesofAmericabyOxfordUniversityPress198MadisonAvenue,NewYork,NY10016,UnitedStatesofAmericaBritishLibraryCataloguinginPublicationDataDataavailableLibraryofCongressControlNumber:2016958130ISBN978–0–19–877961–2PrintedandboundbyCPIGroup(UK)Ltd,Croydon,CR04YYLin
6、kstothirdpartywebsitesareprovidedbyOxfordingoodfaithandforinformationonly.Oxforddisclaimsanyresponsibilityforthematerialscontainedinanythirdpartywebsitereferencedinthiswork.PrefaceandAcknowledgementsThisbookhastakenfiveyearstowriteandoverthattimetheslipperyword‘austerity’ha
7、sseldombeenoutofthenews.Politicalbattlesragedinmanycountriesoverhowgovernmentsshouldrespondtopublicdebtanddeficits,whatbalanceshouldbestruckbetweentaxincreasesandspendingrestraint,andwhatshouldbetheproperamountof‘tightness’or‘looseness’inmonet-arypolicy(interestrates,quanti
8、tativeeasing)andinfiscalpolicy(publicspendingandtaxes).Theaccompanyingpoliticaljourneysoft
