Austerity measures refer to policies implemented by governments to reduce government spending, increase taxes, and cut public services in order to address budget deficits or economic crises.
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Fiscal Policy: Fiscal policy refers to the use of government spending and taxation policies to influence the overall economy.
Structural Adjustment Programs (SAPs): Structural adjustment programs are economic policies imposed by international financial institutions on developing countries as conditions for receiving financial assistance.
Welfare State: A welfare state is a system in which the government plays a key role in protecting and promoting the economic well-being of its citizens through social programs, such as healthcare, education, and unemployment benefits.