Andrew Edwards: How Austerity Pushed American Colonists to Revolttags: American Revolution, economics, austerity, Bloomberg Echoes, Andrew Edwards
As the euro area tries to wrestle member states into fiscal submission through bailouts, austerity and capital controls, it would be well advised to consider a historical precedent: the American Revolution.
In the early 18th century, North America held a role in the British Empire that was similar to the one occupied by Cyprus or Slovenia in the euro area today. Americans were slavers, smugglers, rumrunners and fanatics -- as “opulent, commercial, thriving” as they were irresponsible and fiscally profligate. But as the empire struggled to stay solvent after the Seven Years War, the government of Prime Minister George Grenville attempted to bring the colonists to heel in the name of fiscal austerity.
“The Circumstances of the Times, the Necessities of the Country, and the Abilities of the Colonies, concur in requiring an American Revenue,” wrote Thomas Whately, a Grenville ally, in 1765.
To be sure, the 18th century British Empire and the euro area are very different. But the similarities are still worth noting: A central unelected body (at least not by North Americans), attempted to solve a fiscal problem by inflicting misguided pain on the periphery....
comments powered by Disqus
- New Hampshire professors at odds with library over discarded books
- Troubled history fuels Japan-China tension
- Independent Scotland's last gasp forgotten in Panama jungle
- LBJ was the ‘most-threatened president in American history’
- New exhibit at the World War I Museum ... Over by Christmas: August-December 1914
- Ken Burns on Colbert to promote his new documentary, "The Address"
- UC Santa Barbara History Department featuring a series on the Great Society at 50
- Historians are trying to recover censored texts from World War I poets
- Diane Ravitch blasts the NYT for failing to understand the controversy over Common Core
- Mormon history professors debate atheists in bid to foster greater understanding