In 1948, London hosted the Summer Olympics, or the "Austerity Games, " as they were called for their postwar frugality and prudence.

WSJ: British Design at the Victoria & Albert Museum: A Nostalgic Leap Forward

The 1948 "Austerity Games" in London were a hastily cobbled together affair.

ECONOMIST: Obituary in brief

By a quirk of fate, the city has staged the games twice at times of austerity (as well as in 1908).

ECONOMIST: Echoes and lessons of London��s previous Olympic games

We also were penniless the last time that London hosted the Games, in 1948, but back then, austerity meant something entirely different.

WSJ: Social Media

Greek sports programs have been hobbled by budget slashing, but other European countries in the throes of austerity, such as Ireland and Portugal, have been more protective of elite sports budgets ahead of the Games this month.

WSJ: Menu