front cover of The Capital Order
The Capital Order
How Economists Invented Austerity and Paved the Way to Fascism
Clara E. Mattei
University of Chicago Press, 2022
A Financial Times Best Book of the Year

"A must-read, with key lessons for the future."—Thomas Piketty

A groundbreaking examination of austerity’s dark intellectual origins. 

For more than a century, governments facing financial crisis have resorted to the economic policies of austerity—cuts to wages, fiscal spending, and public benefits—as a path to solvency. While these policies have been successful in appeasing creditors, they’ve had devastating effects on social and economic welfare in countries all over the world. Today, as austerity remains a favored policy among troubled states, an important question remains: What if solvency was never really the goal? 

In The Capital Order, political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital—and indeed capitalism—in times of social upheaval from below. 

Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners, smothered workers, and imposed a rigid economic hierarchy across their societies. Where these policies “succeeded,” relatively speaking, was in their enrichment of certain parties, including employers and foreign trade interests, who accumulated power and capital at the expense of labor. Here, Mattei argues, is where the true value of austerity can be observed: its insulation of entrenched privilege and its elimination of all alternatives to capitalism. 

Drawing on newly uncovered archival material from Britain and Italy, much of it translated for the first time, The Capital Order offers a damning and essential new account of the rise of austerity—and of modern economics—at the levers of contemporary political power.
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front cover of Conquering Heroines
Conquering Heroines
How Women Fought Sex Bias at Michigan and Paved the Way for Title IX
Sara Fitzgerald
University of Michigan Press, 2020
In 1970, a group of women in Ann Arbor launched a crusade with an objective that seemed beyond reach at the time—force the University of Michigan to treat women the same as men. Sex discrimination was then rampant at U-M. The school’s admissions officials sought to maintain a ratio of 55:45 between male and female undergraduate entrants, turning away more qualified female applicants and arguing, among other things, that men needed help because they were less mature and posted lower grades. Women comprised less than seven percent of the University’s faculty members and their salaries trailed their male peers by substantial amounts. As one administrator put it when pressed about the disparity, “Men have better use for the extra money.”

Galvanized by their shared experiences with sex discrimination, the Ann Arbor women organized a group called FOCUS on Equal Employment for Women, led by activist Jean Ledwith King. Working with Bernice Sandler of the Women’s Equity Action League, they developed a strategy to unleash the power of another powerful institution—the federal government—to demand change at U-M and, they hoped, across the world of higher education. Prompted by a complaint filed by FOCUS, the U.S. Department of Health, Education, and Welfare soon documented egregious examples of discrimination in Michigan’s practices toward women and threatened to withhold millions of dollars in contracts unless the school adopted remedies. Among the hundreds of similar complaints filed against U.S. colleges in 1970–1971, the one brought by the Michigan women achieved the breakthrough that provided the historic template for settlements with other institutions.
 
Drawing on oral histories from archives as well as new interviews with living participants, Conquering Heroines chronicles this pivotal period in the histories of the University of Michigan and the women’s movement. An incredible story of grassroots activism and courageous women, the book highlights the kind of relentless effort that has helped make inclusivity an ongoing goal at U-M.
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