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It is one of the ironies of Australian political history that a policy that has profoundly benefited this country’s version of capitalism came, not from the right, but from the Labor party and unions. The mandating of superannuation payments in 1992 under the Keating government has profoundly changed Australia’s financial system.
Social media companies are adopting a strategy that may go down in history as among the worst corporate mistakes ever. Google and Facebook are now monopolies and, like all monopolies, they no longer see their main interest as serving customers but rather to capture governments in order to protect their market dominance.
Discussion of housing usually focuses exclusively on its relationship to the economy. Housing is seen as property, and the most important questions are seen as having to do with buying and selling. This transactional aspect is important. It needs, however, to be seen in the light of the larger human good. From that perspective housing in all the various forms it takes in different cultures is not a possession but a human need.
Instead of retaining its control of a fruit market, or preserving an oil monopoly, Facebook harnesses another resource: data. Any regulator or sovereign state keen to challenge the way the Silicon Valley giant gathers, monetises and uses that data will face their ire.
The size and spread of government payments in past 12 months has held steady, and to some extent, improved the circumstances of many on low incomes or government support. The withdrawal of that support risks returning many to payments that do not provide for basic human needs.
The controversy over the shares of US video game company GameStop has again exposed what has long been obvious: there is something seriously rotten in the state of the world’s financial markets. It was a battle between a hedge fund, Melvin Capital, which manages $US13 billion, and a small group of ‘amateur’ investors who communicated with each other on a Reddit forum called WallStreetBets.
The celebration of pragmatism in Australian politics obscures the role that ideology has always already played. In fact, one of the more stealthily ideological moves in Australian politics, generally made within that swirl of commitments people call ‘centrism’, is the de-politicisation of policy — the attempt to present policy as responsive to natural imperatives rather than to specific values and ideals.
The world’s financial markets are afflicted by a deep irrationality that imperils their very existence. On the surface, finance looks logical enough with its numbers, charts, mathematics, forecasts, ‘modelling’ and so on. But this only masks the fact that the system itself has been working on underlying assumptions that are either contradictory — such as that you can ‘deregulate’ finance when finance consists of rules — narrow minded or absurd.
I was just fifteen years old when I was forced to run for my life. I dreamed of seeking a better education in Australia and becoming a pilot. Instead, I became a refugee in Indonesia, which does not recognize my existence and basic rights. I am even refused an education in this country. I have been in limbo for the last eight years.
This past weekend, I visited my grandparents in their residential aged care home. As usual, it was both lovely and utterly heartbreaking. Lovely, because I feel so lucky to be able to spend time with them, that they are still alive, their home is accepting visitors, and they still remember who I am. But, also, heartbreaking, because aging is tough, and living in residential aged care is tougher still, and this year, well, this year has made it all so much harder.
The priority given to the middle class was not new — Biden stressed it in speeches through the primaries and again as a candidate. And it is no doubt important. But when seen in the light of the passionate polarisation of the campaign, the closeness of the results, and the continuing mutual antipathy of the supporters of each party, rebuilding the middle class seems an unlikely source of healing.
There is a common error about economics that, if not corrected, has far reaching consequences. It is the widely held belief that economic growth and consumption are the same. They are not.
97-108 out of 200 results.