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Prominent figures such as Australia's Treasurer Jim Chalmers and Pope Francis are turning to economist Mariana Mazzucato for insights on reforming the neoliberal capitalist system. Her vision for an equitable and sustainable global economy, aligned with the UN Sustainable Development Goals, is influencing key discussions on economic fairness worldwide.
As the economy becomes more focused on monetary exchange, we overlook underlying realities that are hidden from plain sight. Largely invisible aspects of our economic life such as transactionalisation and industrial efficiency are transforming our society and can shape our future in unexpected ways. So what does this mean for the future of capitalism and our society?
Although there has been a reasonable level of attention paid to governance issues — such as the incredibly slow vaccine roll out, the ongoing problems with hotel quarantine, and the timing of the lockdown itself — Sydney’s current lockdown has also been marked by an unhelpful focus on individual actions.
But although the Coalition will never admit it, it looks suspiciously like there has been some bipartisan institutional learning about how to manage financial crises. If you want to stimulate an economy in times of crisis put the money directly into the economy, either into people’s pockets or to businesses who then pass it on to workers.
What is often not expected or well understood is the effect of ‘lag time’ aftershocks in our regions following economic crisis. Lag time is an attribute of some rural, regional and remote communities and is most often seen in economically path dependent and single industry communities, many of which of course, comprise RRR Australia.
While the federal government has set a zero net emissions target by 2050, along with the states and territories and local councils in some areas, the steps that are taken to get there are vitally important. Yet there seems to be no signs of a rapid move away from fossil fuels.
To date, most of the Morrison government’s economic packages could best be described as ‘economic welfare’. They are measures designed to limit the impact on the economy of the COVID-19 pandemic. The recovery phase will very much need to be about stimulating the Australian economy.
Like many Lebanese Australians I've been watching the mass protests in Lebanon with hope and trepidation. Hope that government reforms, or a change of government, will bring about meaningful transformation in economic management, transparency and public services. Fearful because of the possibility of civil war.
While the current economic climate is cause for concern, it is not the time to panic. A more sensible alternative to austerity is for governments, business, unions and charities to look for ways we can together soften the impact of any global downturn. This will require bipartisan agreement to sacrifice some or all of the budget surplus.
A motley crue of people standing as one is very romantic in such a divide-and-conquer age. That they are standing up to Macron, ex-investment banker and now President, and the austerity tactics of a failing economic system is cause for celebration if you happen to love the idea of a fair society and people fighting for its return.
The Australian economy rests on a decades-long property gamble that has disenfranchised younger generations. It is why the differing policies of the two major parties at the federal election take on an unusual significance. The voters' choice will go a long way towards determining if that generational split will get better or worse.
Ecuadoreans have a popular expression, hacer la casita — roughly, 'they deceived us by promising something that was not going to be fulfilled'. This is what most Ecuadoreans are feeling now about president Lenín Moreno following his economic shift to the right, and the withdrawal of the asylum granted to Julian Assange by his predecessor.
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