Conventional theory suggests that a single country (or group of countries) consolidating its finances can expect lower interest rates, a weaker currency, and an improved trade position. But, because this cannot happen for all major economies simultaneously – one country’s (or group of countries’) austerity implies less demand for other countries’ products – such policies eventually lead to beggar-thy-neighbor situations.
传统智慧认为，就个别国家（或一组国家）而言，整合其财政意味着降低利率、货币贬值和改善贸易处境。但是，由于这无法同时在所有主要经济体发生——一个国家（或一组国家）的紧缩意味着其他国家产品需求下降——这些政策最终会导致以邻为壑局面。事实上，凯恩斯所反对的正是这一动态，正是它导致了20世纪30年代悲惨的大萧条。