Saturday 18 November 2017

Why austerity theory is the economist's atomic bomb

ON August 6, 1945, America dropped an atomic bomb on Hiroshima, instantly killing 70,000–80,000 people and injuring another 70,000. The atomic bomb changed the world. President Truman promised a 'rain of ruin' would fall on America's enemies if they didn't surrender.

The chief architect of the atomic bomb project was a physicist, Robert Oppenheimer. Mr Oppenheimer had mixed feelings about his project. Initially, he was delighted that it worked at all.

Looking back, this relief is understandable. This was a world war in which millions had already died. The US leaders were sure Germany, Japan and Russia were also working on a nuclear bomb, so there was intense pressure to get the job done.

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