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Lecture 14

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University of Ottawa
Public Administration
Joseph Roman

Lecture 14November1813125 PM November 18th 2013Understanding what austerity about1Roots found in 19th century was the normaGold standard currency value were linked to goldiGold simply stores value convert money into gold amount 1proportionate to gold reservesTook out of governments hands a policy tool instead of printing 1money so governments had to be austere when things went wrongWay to guarantee payments could exchange money for 1something of value goldConstantcyclical deflation and inflation government did nothing2In terms of imports and exports and international exchangeaExports more expensive less competitive imports icheaper raised wagesWorked because there was no democracy didnt have too worry about irepercussions franchise wasnt open to everyoneAusterity deepened the recession when resurrection has never revived ieconomic growthRecessions were time to go back1Procyclical budgeting recession spend less surplus spend more2Best time to undertake cuts when business cycle goes upaI
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