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Digital Subscriptions > Prospect Magazine > AugSep 2019 > Austerity: it came, conquered then disappeared—without any argument

Austerity: it came, conquered then disappeared—without any argument

Back in 2013, in what still felt like a slump, I reported on “Winston,” a stick-thin, lonely and unemployed 47-year-old who spoke for a bewildered nation: “where is all this money, all this electronic money that’s gone missing? How has it gone missing? Who is accountable for it?” Subject to brutal benefit sanctions, Winston was at the sharpest end of austerity, but most of the country was affected somehow, whether through the big squeeze on wages or cut-backs to services. Everyone else, too, was just as baffled as him about what exactly had gone wrong with the banks, and why the rest of society had to pay for the damage.

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About Prospect Magazine

Prospect's August/September double issue: We salute the world's top 50 scientists, philosophers and writers that are shaping our times and ask readers to vote for who they think should be crowned the world's top thinker 2019. Elsewhere in the issue: Tory activist Tim Montgomerie asks what lies ahead for the Conservative Party and gives a manifesto for the new PM who should focus on key policy areas such as housing and immigration as well as Brexit. Prospect's Steve Bloomfield speaks to Tony Blair 20 years after he laid our five tests for going to war and finds that the former prime minister has is having second thoughts about whether he was right. China expert Isabel Hilton charts the meteoric rise of the Chinese telecoms giant Huawei and asks whether they are really as bad as the west makes out. Also: An extract from the first novel by Prospect's managing editor Sameer Rahim, Alberto Manguel's thoughts on how his favourite children's characters burst into life and more writing about fiction throughout the Arts and Books section.