--- title: "Meaning & Key Takeaway of: The danger is not only that these…" description: "\"The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European dem..." image: "https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg" --- # The danger is not only that these austerity measures are… ![“The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly…” quote by Ha-Joon Chang](https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg) [Download](https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg) [Open image](https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg) > “The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.” [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Austerity harms economies and erodes democratic legitimacy by hurting livelihoods and reshaping the social contract. **In simple terms:** Austerity damages economies and democracy. Key Takeaway Address austerity’s social impact. Themes economics politics social justice Mood critical concerned Type analytical political When to use this quote - policy debates - public protests - government budgeting - citizen activism Key Concepts neoliberalism social contract legitimacy Questions to Reflect On - How can policies protect both economy and democracy? - What alternatives to austerity exist? A Different Perspective Austerity can be politically popular despite harms. ★ ★ ★ ★ ★ No ratings yet [Austerity](https://sms4smile.com/quotes/about/austerity/) [Backdoor](https://sms4smile.com/quotes/about/backdoor/) [Danger](https://sms4smile.com/quotes/about/danger/) [Democracy](https://sms4smile.com/quotes/about/democracy/) [Downward spiral](https://sms4smile.com/quotes/about/downward-spiral/) [Economy](https://sms4smile.com/quotes/about/economy/) [Killing](https://sms4smile.com/quotes/about/killing/) [Legitimacy](https://sms4smile.com/quotes/about/legitimacy/) [Livelihood](https://sms4smile.com/quotes/about/livelihood/) [People](https://sms4smile.com/quotes/about/people/) [Political](https://sms4smile.com/quotes/about/political/) [Political system](https://sms4smile.com/quotes/about/political-system/) [Political systems](https://sms4smile.com/quotes/about/political-systems/) [Social](https://sms4smile.com/quotes/about/social/) [Social contract](https://sms4smile.com/quotes/about/social-contract/) ## Related quotes > [“History can familiarize, and it can warn. In the late nineteenth century, just as in the late twentieth century, the expansion of global trade…](https://sms4smile.com/quotes/timothy-snyder/history-can-familiarize-and-it-can-warn-in-the-late-nineteenth/) [Timothy Snyder](https://sms4smile.com/quotes/author/timothy-snyder/) > [The Irish Free State was one of dozens of new European democracies to emerge from the cauldron of the 1914-1918 war. It was one…](https://sms4smile.com/quotes/john-bruton/the-irish-free-state-was-one-of-dozens-of-new-european-democracies-to/) [John Bruton](https://sms4smile.com/quotes/author/john-bruton/) > [I think it's essential that we do more than talk about austerity measures and cutting.](https://sms4smile.com/quotes/todd-young/i-think-it-s-essential-that-we-do-more-than-talk-about-austerity/) [Todd Young](https://sms4smile.com/quotes/author/todd-young/) > [In Holland, pensions were cut. The public health services for elderly people were cut. Enormous asocial tough measures. And at the same time people…](https://sms4smile.com/quotes/geert-wilders/in-holland-pensions-were-cut-the-public-health-services-for-elderly/) [Geert Wilders](https://sms4smile.com/quotes/author/geert-wilders/) > [If the program goes off track again due to recession, this should not become a pretext for the imposition of more austerity measures.](https://sms4smile.com/quotes/antonis-samaras/if-the-program-goes-off-track-again-due-to-recession-this-should-not/) [Antonis Samaras](https://sms4smile.com/quotes/author/antonis-samaras/) > [Democracies can't handle austerity measures very well.](https://sms4smile.com/quotes/nassim-nicholas-taleb/democracies-can-t-handle-austerity-measures-very-well/) [Nassim Nicholas Taleb](https://sms4smile.com/quotes/author/nassim-nicholas-taleb/) > [What are these so-called austerity measures? What do they really bring? Oh, they bring a lot more poverty. Oh, they bring a worse GDP.…](https://sms4smile.com/quotes/gerald-celente/what-are-these-so-called-austerity-measures-what-do-they-really-bring/) [Gerald Celente](https://sms4smile.com/quotes/author/gerald-celente/) > [Look, if I were running the FBI, you know, I probably would want to have backdoors as well, so I'm sympathetic to the director's…](https://sms4smile.com/quotes/rod-beckstrom/look-if-i-were-running-the-fbi-you-know-i-probably-would-want-to-have/) [Rod Beckstrom](https://sms4smile.com/quotes/author/rod-beckstrom/) > [For me, I don't go in the backdoor. That's the one thing I don't do.](https://sms4smile.com/quotes/john-cena/for-me-i-don-t-go-in-the-backdoor-that-s-the-one-thing-i-don-t-do/) [John Cena](https://sms4smile.com/quotes/author/john-cena/) > [“I don't correct her to let her know her backdoor wisdom yanks me deep into another country, where water runs uphill.”](https://sms4smile.com/quotes/justin-bog/i-don-t-correct-her-to-let-her-know-her-backdoor-wisdom-yanks-me-deep/) Justin Bog > [nd the reason is is if you put a backdoor in, hackers can presumably get a hold of that backdoor as well and break…](https://sms4smile.com/quotes/rod-beckstrom/nd-the-reason-is-is-if-you-put-a-backdoor-in-hackers-can-presumably/) [Rod Beckstrom](https://sms4smile.com/quotes/author/rod-beckstrom/) > [I like alleys. They are the backdoor to everything.](https://sms4smile.com/quotes/brian-azzarello/i-like-alleys-they-are-the-backdoor-to-everything/) [Brian Azzarello](https://sms4smile.com/quotes/author/brian-azzarello/) > [There are many different types of people that end up coming to me and saying 'Yeah I want to cook.' Some of them successful,…](https://sms4smile.com/quotes/paul-rankin/there-are-many-different-types-of-people-that-end-up-coming-to-me-and/) [Paul Rankin](https://sms4smile.com/quotes/author/paul-rankin/) > [I think it's important to also realize that this isn't a case of Apple being asked to simply flip a switch or, you know,…](https://sms4smile.com/quotes/angus-king/i-think-it-s-important-to-also-realize-that-this-isn-t-a-case-of/) [Angus King](https://sms4smile.com/quotes/author/angus-king/) > [This is the most terrible thing that can happen in a friendly country if Thai people have to escape from the backdoor of an…](https://sms4smile.com/quotes/thaksin-shinawatra/this-is-the-most-terrible-thing-that-can-happen-in-a-friendly-country/) [Thaksin Shinawatra](https://sms4smile.com/quotes/author/thaksin-shinawatra/) ## More by Ha-Joon Chang > [“In no country does the average income give the right picture of how people live but in a country with higher inequality it is…](https://sms4smile.com/quotes/ha-joon-chang/in-no-country-does-the-average-income-give-the-right-picture-of-how/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Sometimes people with strong ideology, whether left-wing or right-wing, refuse to do something simply because they believe it is wrong, when doing it actually…](https://sms4smile.com/quotes/ha-joon-chang/sometimes-people-with-strong-ideology-whether-left-wing-or-right-wing/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying…](https://sms4smile.com/quotes/ha-joon-chang/every-market-has-some-rules-and-boundaries-that-restrict-freedom-of/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Indeed, willingness to challenge professional economists and other experts is a foundation stone of democracy. If all we have to do is to listen…](https://sms4smile.com/quotes/ha-joon-chang/indeed-willingness-to-challenge-professional-economists-and-other/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [If we are really serious about preventing another crisis like the 2008 meltdown we should simply ban complex financial instruments, unless they can be…](https://sms4smile.com/quotes/ha-joon-chang/if-we-are-really-serious-about-preventing-another-crisis-like-the/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“Harry S. Truman, in his typical no-nonsense style, once said that ‘An expert is someone who doesn’t want to learn anything new, because then…](https://sms4smile.com/quotes/ha-joon-chang/harry-s-truman-in-his-typical-no-nonsense-style-once-said-that-an/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Rational thinking is an important aspect of human nature, but we have imagination, we have ambition, we have irrational fear, we are swayed by…](https://sms4smile.com/quotes/ha-joon-chang/rational-thinking-is-an-important-aspect-of-human-nature-but-we-have/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved…](https://sms4smile.com/quotes/ha-joon-chang/the-history-of-capitalism-has-been-so-totally-re-written-that-many/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.](https://sms4smile.com/quotes/ha-joon-chang/equality-of-opportunity-is-meaningless-for-those-who-do-not-have-the/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get…](https://sms4smile.com/quotes/ha-joon-chang/the-higher-education-system-in-these-countries-us-korea-etc-has/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy…](https://sms4smile.com/quotes/ha-joon-chang/what-free-market-economists-are-not-telling-us-is-that-the-politics/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [ “Joseph Schumpeter emphasized that all analysis in economics is preceded by a pre-analytical cognitive act, called vision, in which the analyst ‘visualise\[s\] a distinct… ](https://sms4smile.com/quotes/ha-joon-chang/joseph-schumpeter-emphasized-that-all-analysis-in-economics-is/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“All technical professionals have an incentive to make themselves look more complicated than they are so that they can justify the high fees their…](https://sms4smile.com/quotes/ha-joon-chang/all-technical-professionals-have-an-incentive-to-make-themselves-look/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [I'm not an anti-capitalist, or anarchist. I want capitalism to work.](https://sms4smile.com/quotes/ha-joon-chang/i-m-not-an-anti-capitalist-or-anarchist-i-want-capitalism-to-work/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [“all technical professions have an incentive to make themselves look more complicated than they really are so that they can justify the high fees…](https://sms4smile.com/quotes/ha-joon-chang/all-technical-professions-have-an-incentive-to-make-themselves-look/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) [Explore all 129 Ha-Joon Chang quotes ](https://sms4smile.com/quotes/author/ha-joon-chang/) ## More Austerity quotes > [Mainstream economic theories popular in the last several decades have tended to downplay the government's role in markets and to increase skepticism about even…](https://sms4smile.com/quotes/mariana-mazzucato/mainstream-economic-theories-popular-in-the-last-several-decades-have/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) > [“It was my good fortune to be linked with Mme. Curie through twenty years of sublime and unclouded friendship. I came to admire her…](https://sms4smile.com/quotes/albert-einstein/it-was-my-good-fortune-to-be-linked-with-mme-curie-through-twenty/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) > [I believe that if we are able to, obviously we need to ensure that we have a robust budget that's balanced, but there's no…](https://sms4smile.com/quotes/jagmeet-singh/i-believe-that-if-we-are-able-to-obviously-we-need-to-ensure-that-we/) [Jagmeet Singh](https://sms4smile.com/quotes/author/jagmeet-singh/) > [“South of Larissa the landscape began to change. Jude watched an irrigation machine like a giant stick insect creeping over a field, and a…](https://sms4smile.com/quotes/paul-alkazraji/south-of-larissa-the-landscape-began-to-change-jude-watched-an/) [Paul Alkazraji](https://sms4smile.com/quotes/author/paul-alkazraji/) > [Too many politicians seem to reach for 'infrastructure' as the default answer to investment, as if roads and bridges were the answer to everything.…](https://sms4smile.com/quotes/mariana-mazzucato/too-many-politicians-seem-to-reach-for-infrastructure-as-the-default/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) > [The flaw in, say, austerity, is that its success is predicated on the relative exactitude of math rather than the shifting, liquid imperfection of…](https://sms4smile.com/quotes/steven-weber/the-flaw-in-say-austerity-is-that-its-success-is-predicated-on-the/) [Steven Weber](https://sms4smile.com/quotes/author/steven-weber/) > [You can be creative only when there is abandonment-which means, really, there is no sense of compulsion, no fear of not being, of not…](https://sms4smile.com/quotes/jiddu-krishnamurti/you-can-be-creative-only-when-there-is-abandonment-which-means-really/) [Jiddu Krishnamurti](https://sms4smile.com/quotes/author/jiddu-krishnamurti/) > [It is opposition to economic orthodoxy that leads us into austerity and cuts. But it is also a thirst for something more communal, more…](https://sms4smile.com/quotes/jeremy-corbyn/it-is-opposition-to-economic-orthodoxy-that-leads-us-into-austerity/) [Jeremy Corbyn](https://sms4smile.com/quotes/author/jeremy-corbyn/) > [When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics…](https://sms4smile.com/quotes/michael-hudson/when-people-are-running-up-more-and-more-debt-for-housing-they-call/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [“If the surprise outcome of the recent UK referendum - on whether to leave or remain in the European Union - teaches us anything,…](https://sms4smile.com/quotes/alex-morritt/if-the-surprise-outcome-of-the-recent-uk-referendum-on-whether-to/) [Alex Morritt](https://sms4smile.com/quotes/author/alex-morritt/) > [The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and…](https://sms4smile.com/quotes/eliot-spitzer/the-world-has-conducted-a-massive-macro-economic-experiment-since-the/) [Eliot Spitzer](https://sms4smile.com/quotes/author/eliot-spitzer/) > [We used to be one of the richest countries in the world, but we are now on a path towards under-development. This austerity that…](https://sms4smile.com/quotes/marine-le-pen/we-used-to-be-one-of-the-richest-countries-in-the-world-but-we-are/) [Marine Le Pen](https://sms4smile.com/quotes/author/marine-le-pen/) > [The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out…](https://sms4smile.com/quotes/charles-dallara/the-emphasis-so-far-on-fiscal-austerity-while-to-a-degree-necessary/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [And what if we’d been utterly open? Made jokes about the first wife? What if we’d been that kind of family? Well, I would…](https://sms4smile.com/quotes/sue-miller/and-what-if-we-d-been-utterly-open-made-jokes-about-the-first-wife/) [Sue Miller](https://sms4smile.com/quotes/author/sue-miller/) > [Extreme concupiscence may be found under extreme austerity.](https://sms4smile.com/quotes/margaret-of-valois/extreme-concupiscence-may-be-found-under-extreme-austerity/) [Margaret of Valois](https://sms4smile.com/quotes/author/margaret-of-valois/) [Browse all 194 Austerity quotes ](https://sms4smile.com/quotes/about/austerity/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.", "creator": { "@type": "Person", "name": "Ha-Joon Chang" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/ha-joon-chang/the-danger-is-not-only-that-these-austerity-measures-are-killing-the/", "about": { "@type": "Thing", "name": "Austerity" }, "@id": "https://sms4smile.com/quotes/ha-joon-chang/the-danger-is-not-only-that-these-austerity-measures-are-killing-the/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg", "contentUrl": "https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg", "url": "https://sms4smile.com/quotes/i/4eb/ha-joon-chang-3497_austerity_the-danger-is-not-only-that-these-auster_1456798.jpg", "width": 1080, "height": 1080, "caption": "“The danger is not only that these austerity measures are killing the European economies but also that they…” — Ha-Joon Chang", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Ha-Joon Chang", "item": "https://sms4smile.com/quotes/author/ha-joon-chang/" }, { "@type": "ListItem", "position": 4, "name": "The danger is not only that...", "item": "https://sms4smile.com/quotes/ha-joon-chang/the-danger-is-not-only-that-these-austerity-measures-are-killing-the/" } ], "@id": "https://sms4smile.com/quotes/ha-joon-chang/the-danger-is-not-only-that-these-austerity-measures-are-killing-the/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```