The alchemy of austerity

The return of austerity has provoked social conflict, political controversy and academic disputes. In this article we explore some of these through the metaphor of an ‘alchemy of austerity’ that forms the foundation for strategies of state retrenchment through which the consent of populations is sought. We begin, in ‘Magical thinking’, by tracing some of the discursive repertoires that circulate in analyses of austerity, showing something of its significance as a key term being mobilized in different international and national political discourses. We then go on to explore political strategies, with a particular focus on the UK in ‘Sharing the pain’. However, we suggest that such a focus offers a limited conception of politics that fails to illuminate the contradictory field of political forces put into motion by austerity strategies. This field of forces, we go on to argue, crystallizes around the problem of securing consent. In ‘Austerity and the problem of consent’ we examine this further, pointing to the proliferation of different forms of dissent and their relationship to austerity measures. We end by tracing shifting articulations of the moral and the economic by revisiting E.P. Thompson’s concept of ‘moral economy’.