The Making of Modern Austerity: Insights from Clara Mattei’s “The Capital Order” and its Contributions to Global History
By Julie Birke. Clara Mattei’s book “The Capital Order. How Economists Invented Austerity and Paved the Way to Fascism” offers an important contribution to our understanding of austerity policies and the debate on the origins of neoliberalism by putting class challenges at the heart of her argumentation and linking it to monetary and financial policies of the 1920s. By comparatively analysing the economic policies of interwar liberal Britain and fascist Italy, the book shows how austerity worked as a set of fiscal, monetary and industrial mechanisms, with the common goal for economists in those countries to reimpose capitalist relations of production where they were gravely endangered. This essay will demonstrate how Mattei revives and updates the class interpretation of neoliberalism and to what extent it makes a compelling contribution to the field of global history.