For the developing world, however, a version of neoliberalism that put austerity front and center became policy du jour courtesy of a policy consensus born in Washington years before it was tried in the developed world. It was the Global South where the policies unleashed upon the periphery of Europe, and which stand ready to strip the American welfare state, were first road tested. Once again, their failure did nothing to eclipse their popularity.

Mark Blyth, Austerity, loc. 432