Part two concerns Austerity’s intellectual and natural histories. First we are introduced to Locke, Hume and Smith whose opinions are shared through the words of Mark Blyth. Blyth also explains to us in detail of their contributions to the economy over time. We are taken on a journey from the early 20th Century to the beginning of the 21st Century, and we are told about Britain’s New Liberalism, American liquidationism, and the ordo liberalism that took place in Germany after World War 2. Blyth also depicts how the Austrian School of Economics had a profound effect on the economy and explains to his readers the IMF’s monetary financial model. This chapter explains to us how Austerity gained ground in America and Europe so easily. Blyth discusses
