10 Significantly, most cost-of-living protests have been triggered not by specific price rises or shortages, but by government failures to act to protect citizens against their effects and also by the widespread perception that governments are more responsive to corporations and elites than to ordinary citizens. As a consequence, protests against the cost of living and the breaking of the social contract are becoming common not only around the world but across divided societies- when groups at opposite ends of the political spectrum turn out with similar slogans and grievances. In several countries these protests have escalated into larger national political crises, featuring significant violence, casualties, and demands for political change. So far only Sri Lanka has seen its government fall as a consequence, but 2023 might tell a different story. Policymakers need to understand that there are alternatives to austerity. There are financing options, available even to the poorest countries, that are endorsed by the UN and the international financial institutions, from increasing progressive taxation to reducing debt(Ortiz, et. al, 2019). Policymakers must urgently identify new sources of finance to address the multiple crises, learning from countries that have already implemented these options. People across the world are aware both that trillions of dollars were given out to support businesses and military spending during the pandemic, and also that their own demands are legitimate. A recent UNICEF report on global prospects for children concluded that social movements, perhaps especially those led by young people and women, are continuing to emerge even in the face of the repression that often accompanies democratic decline(Youth Foresight Fellows, et. al, 2023). Unless policymakers change course, the prevalence, size, and volatility of cost-of-living protests is likely to increase. References Hossain, N. and Hallock, J. 2022.“Food, energy& cost of living protests, 2022”, Friedrich-Ebert-Stiftung https://library.fes.de/pdf-files/bueros/usa/19895.pdf Ortiz, I. and Cummins, M. 2022.“End Austerity: A Global Report on Budget Cuts and Harmful Social Reforms in 2022-25, Eurodad and partners https://assets.nationbuilder.com/eurodad/pages/3039/attachments/original/1664184662/Austerity_Ortiz_Cummins_FI NAL_26-09.pdf?1664184662 Ortiz, I. et al, 2019. Fiscal Space for Social Protection: A Handbook for Assessing Financing Options, International Labour Organization https://www.social-protection.org/gimi/RessourcePDF.action?id=55694 Youth Foresight Fellows Abada, H., et. al., 2023.“Prospects for Children in the Polycrisis: a 2023 Global Outlook”, UNICEF Innocenti – Global Office of Research and Foresight https://www.unicef.org/globalinsight/media/3001/file/UNICEF­Innocenti-Prospects-for-Children-Global-Outlook-2023.pdf