This article discusses the European wave of contention catalyzed by the financial market crash of 2008/9 and the subsequent imposition of austerity measures by governments across the continent. It develops two central arguments. First, it argues that we need a clearer and more sharply differentiated understanding of the operation of austerity as a social and political phenomenon than can be accounted for by reading the crisis of austerity as a solely material set of grievances. Second, it dissociates austerity into a series of interconnected regimes, which are fiscal, ideological, political, and civic. In so doing, I show how the material aspects of austerity are intimately tied to the ideational, institutional, and spatial enclosures they create, enabling us to see more clearly how the practice of austerity is intimately tied to the progressive dismantling of collective democratic space. The transformative potential of anti-austerity mobilizations accordingly lies in their capacity to develop an alternative moral economy grounded in new forms of solidarity and sociability, whether in workplaces or in the civic squares. Keywords Austerity; strikes; occupations; pro-democracy movements; enclosure Following the subprime lending crisis and subsequent financial market crash of 2008/9, governments Congress (TUC) called 'the biggest strike in a generation', in protest against public sector pension reforms; 1 in November 2012, the European Trade Union Conference staged '14N', an unprecedented 'European Action Day' of transnational, cross-sectoral, and simultaneous strikes in six countries, supported by union rallies and demonstrations in a further seventeen countries (Dufresne 2015, pp.151-3). Mass protests were not restricted to southern and western Europe. Economic crisis, structural adjustment and public sector reform generated remarkable mobilizations in the Balkans and Central-Eastern Europe: in Slovenia, a country of two million people, 150,000 workers in the public and private sectors participated in a collective walk out against wage cuts in 2008, and 100,000 public sector workers organized a general strike in February 2013 (Musić 2013); Varga (2015) reports that, variously, in the Czech Republic, 'Stop the Government!' protests that started in 2010 culminated in April 2012 with a demonstration mobilizing 120,000 people, the largest since 1989; in Poland, the largest trade union confederations (including Solidarity) organized a general strike in Silesia, with 100,000 steel, mining, energy, and transport workers taking part; and in Romania, unions mobilized 750,000 public sector workers in a general strike in October 2009, 50,000 supporters for a demonstration in the centre of Bucharest in May 2010 (here again, the largest since 1989