This Odd Lots podcast episode interviews Firtz Bartel, author of "The Triumph of Broken Promises," to discuss the challenges governments face when cutting spending and breaking promises to their citizens. The conversation analyzes the economic and political pressures of the 1970s and 1980s, comparing the experiences of the US, UK, and the Soviet Union. Bartel argues that democratic systems, despite the inherent difficulty, can more effectively manage austerity measures due to the legitimacy afforded by elections, contrasting this with the fragility of the Soviet system. The discussion highlights the role of factors like the oil crisis and the Falkland War in shaping political responses to economic challenges. Ultimately, the podcast explores the complex interplay between economic realities and political feasibility in implementing fiscal austerity.
