Th e technocracy that facilitated austerity’s rise in the twentieth century can be attributed to the British economist Ralph G. Hawtrey, who authored the texts and memoranda that would serve as the guidelines for British austerity aft er World War I. As is the nature of technocracy, Hawtrey had help. Working at his side were the charismatic Sir Basil Blackett and Sir Otto Niemeyer, both powerful senior Treasury offi cials who closely advised the chancellor of the exchequer, Britain’s minister in charge of economic and fi nancial policies.

Clara E. Mattei, The Capital Order, loc. 52