Navigating Austerity addresses a key policy question of our era: what
happens to society and the environment when austerity dominates
political and economic life? To get to the heart of this issue, Laura
Bear tells the stories of boatmen, shipyard workers, hydrographers, port
bureaucrats and river pilots on the Hooghly River, a tributary of the
Ganges that flows into the Bay of Bengal and Indian Ocean. Through their
accounts, Bear traces the hidden currents of state debt crises and their
often devastating effects.
Taking the reader on a voyage along the river, Bear reveals how
bureaucrats, entrepreneurs and workers navigate austerity policies.
Their attempts to reverse the decline of ruined public infrastructures,
environments and urban spaces lead Bear to argue for a radical
rethinking of economics according to a social calculus. This is a
critical measure derived from the ethical concerns of people affected by
national policies. It places issues of redistribution and inequality at
the fore of public and environmental plans. Concluding with proposals
for restoring more just long term social obligations, Bear suggests new
practices of state financing and ways to democratize fiscal policy. Her
aim is to transform sovereign debt from a financial problem into a
widely debated ethical and political issue. Navigating Austerity
contributes to policy studies as well as to the understanding of today's
global injustices. It also develops new theories about the significance
of state debt, speculation and time for contemporary capitalism. Sited
on a single body of water flowing with rhythms of circulation, renewal
and transformation, this ambitious and accessible book will be of
interest to specialists and general readers.
