From a crisis of the state in Greece to bankruptcy in the city of Detroit, the effects of austerity have had stunning policy implications in much of Europe and North America since the ‘great recession’ started in 2007-08. The history of contemporary austerity is remarkable for how quickly policy consensus was established between global economic institutions, central banks, and national policy makers. After a short flirtation with policies which promoted economic stimulus, politicians in country after country made the case for the necessity of “fiscal consolidation” or austerity, often pushed by the large international lending institutions, such as the IMF, World Bank and the European Central Bank. National (and sub-national) varieties of austerity were rolled out across much of Europe and the US, much as it had been across developing countries in previous decades.