austerity

austerity [ɒsterəti;ɔ:sterəti]

1.[NOUN] [also N in pl, oft N n] Austerity is a situation in which people's living standards are reduced because of economic difficulties.
¶ the years of austerity which followed the war

2.[NOUN] If you refer to something as showing austerity, you like its plain and simple appearance.
¶ many abandoned buildings, some of which have a compact classical austerity and dignity

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