Austerity, a state of being austere: stern and old in appearance or manner; morally restrict; simple and unadorned and; giving little or no scope for pleasure. This is what the dictionary had to say about it. I don’t have a working understanding of austerity or austerity-measures. Bailout on the other hand calls to mind the world of the court-room, where the accused in jail is bailed out while the crime is being processed rather than keeping him in jail. Sometimes bail is allowed without money having been exchanged. The accused isn’t imprisoned but instead is allowed to remain as a productive person in society, be it for themselves, or for their family.
Austerity seems to be a bit more imposing and controlling almost to the point of disciplining, it even has an over tone of being judgmental. Bailout however, seems to be a more realistic approach to the problem. It is less judgmental more correctional, less of a reformatory and more a rehabilitation (more sensible).
One other thing noticeable here is the continued battle between the conservative and the liberal. It is a battle that has gone on since time immemorial. Time along history coming from before the BC years and also climbing along life from when one is a child, you will find evidence of this battle. It is there in any socio-societal component: in religion, culture, politics, and now economics.
- My take on the Bailout is that, economically speaking, a bailout is a RESUSCITATION and it is only advisable to do that when the economic system is sound and does not necessarily need reformations and rectifying.