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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.
World Mother Earth Day, held on 22nd April, expanded the earlier focus on the natural environment as distinct from human beings by seeing them as dependent on and nurtured by it. It teased out the relationships that placed human beings within the natural world.
To think of life after COVID-19 is daunting. The changes that it has brought to our daily lives have been vertiginous. Our awareness of its potential harm is still limited. We are only beginning to catch sight of the grim beast that slouches towards us threatening death and devastation in coming months.
The Morrison government despises the working class. There is no other explanation for its behaviour. For all the ‘lifters and leaners’ or ‘workers and shirkers’ guff that we’ve seen over the years from this and past governments, the truth is that, according to the neoliberal worldview, whether you’re in paid work or on social security, you’re despised unless you belong to its own big money elite.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
A shift is afoot in the west's financial markets that represents the most important economic change since the emergence of the new financial instruments in the 1990s that ultimately led to the global financial crisis. It is likely to result in a new way of thinking about money, which will change the substructure of developed economies.
Australia Day would be wasted if it were devoted simply to self-congratulation. In the wake of the catastrophic fires we need to ask questions about how Indigenous Australians before settlement managed the land and how our agricultural and economic practices have contributed to the perilous situation in which we now find ourselves.
If the dark days of 1940 provided an opportunity for a chancer and publicity hound like Winston Churchill to emerge as an inspirational leader and reputed giant of the 20th century, why hasn't the catastrophic breakdown of the natural world done something similar for the likes of Boris Johnson, Donald Trump and Scott Morrison?
Recognising that financial systems are a human creation rather than natural systems governed by 'capital flows' would be an important step to conceiving a more robust and equitable system. To ask what kind of society we want and only then work out what we want money to do for us is to put the horse back in front of the cart.
Treasurer Josh Frydenberg's attack on banks for failing to pass on the full rate cut to consumers is a political distraction. There are two clear signals coming out of the latest cut. First, monetary policy is not enough to spark a revival of the economy. Second, it's now all about jobs. Frydenberg and his officials would be wise to heed these signals.
Adam Smith wrote 'no society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable'. Poverty and inequality lead to non-participation in work and inhibit social mobility, which negatively affects economic growth. The concentration of economic power is bad for democracy.
It is easy to blame the financial sector — and the governments that were supposed to oversee the financial system but instead just washed their hands of it — for creating this global debt debauch. They certainly bear much of the responsibility. But in many ways the financial misbehaviour is as much symptom as cause.
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