Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Having its origins in Spartan austere constitution, the term “austerity” refers to an economic policy by which a government makes drastic cuts in public and private spending. The austerity policy is characterized by strict, simple, stern, harsh socio-economic and political reforms implemented, in order to deal with various financial problems, usually seen by some economic gurus as beneficial, but not as a long-term solution. Nowadays, incompatible opinions emerge on the topic of austerity; however this type of economic policy was approved by many states with fiscal troubles. Learn more about the austerity policy in this book.