Category Archives: Beyond free markets

We Need to Move Beyond Free Markets

trickle-downSuddenly our leaders and their lackies are all over the airwaves warning the unwashed hordes of the perils of rejecting the glorious benefits of free markets and free trade, as those ingrates have done in the US and UK.

Their favourite line is “Twenty five years of uninterrupted economic growth.” You hear it almost every day. It represents unparalleled economic success. It is uniquely Australian, because no other country avoided the 2008-9 recession. It’s all because of Australia’s lean, deregulated, open, agile economy, managed brilliantly by [insert current Treasurer].

Except for two little caveats. Australia’s economic performance during the neoliberal era has never matched that in the post-war decades to the early 1970s. And we avoided severe recession in 2008-9 only because the Rudd Government intervened heavily in the economy.

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