These findings cast doubts on established wisdom. Until the sovereign debt crisis of 2010, the consensus among economists was unambiguous expenditure cuts can be growth-enhancing. Also, there was a widely accepted view that there is no penalty at the ballot box for cuts. Governments that implement huge austerity programmes are just as likely to win as the ones doing nothing. While recent research by the IMF casts some doubt on the economic benefits, our results question the political economy side of the story cuts may not imperil re-election, but they create the risk of major social and political instability.
sovereign debt crisis 主权债务危机
unambiguous adj. 不含糊的;清楚的
imperil v. 危及;使陷入危险
Nobody knows where and when social unrest is going to happen again, nor the scale it will take. However, history suggests we should not underestimate the consequences of social chaos. Germans to the present day remember Heinrich Brning, known as the hunger chancellor, who led the country from 1929 to 1932. He presided over an unprecedented austerity programme. At the same time, the Weimar Republic, Germanys first attempt at democracy, disintegrated amid a wave of social unrest and political violence.
to the present day 到目前
preside over 主持;负责
disintegrate 使崩溃;使衰变
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