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Thousands protest as hunger grows amid Argentine austerity
(www.france24.com)
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this post was submitted on 24 Feb 2024
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Any historic precedent for a country applying massive austerity measures during times of poverty, which has then "bounced back"?
Um, i suppose you could apply the effect of the black plague on middle ages europe.
Estimated to have killed 1/3 of all people. There was a subsequent rise in wages/worker bargaining power attributed to the lack of labour supply.
I suppose thats an example of rock bottom and coming back with some benefit.
I wouldn't call it 'bouncing' back though, more like struggling on with a sliver of silver on those grey clouds. Not an adviseable course for a country to take.
I see it like sand in a sand timer that's been tipped. We get little crests and collapses cycles as the whole structure shifts and grows.
Good illustrative example.
I'm always hesitant to assume growth will always reassert itself in the end though. You know the old saying, 'past performance is not an indicator of future performance', type thing. After all extinction is a thing.
The sand castle analogy is why I think that saying works, past performance doesn't indicate future, every 'now' is a new sand castle, its a bit taller, has more weight on one side from the last shift, its a bit wider... it will fail but and it might look very similar, or it might fail a new way and really take it down.
https://en.m.wikipedia.org/wiki/Austerity