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The basic concept behind free-market economics is simple and seductive: the government should not attempt to pick winners by granting assistance to specific industries, and it should only intervene in the marketplace when there has been a substantial market failure. The only trouble with this theory as the global economic disaster has shown is that it is based on ideology, not evidence, and it can't withstand contact with reality.
For decades, Australia has been an enthusiastic adopter of the free-market approach. The consequences such as mass privatisations, tariff reforms, and flexible wages and conditions have been lauded by the booming financial sector and the political class. Unnoticed in the hubbub, though, has been the annihilation of the manufacturing sector which has resulted in 20 years of monthly current-account deficits and a foreign debt approaching $650 billion and an economy dominated by footloose capital and tax-averse multinationals.
Despite propaganda to the contrary, employment in Australia is now increasingly characterised by low-paid and insecure jobs in service, logistics, and retail industries.
The Failure of Free-Market Economics explains how the triumph of a fundamentally flawed economic orthodoxy has weakened the Australian economy and now threatens our future. It also offers a range of practical reforms that the author argues are essential and urgent. This is a unique perspective from a highly qualified expert who started his career inside the free-market establishment and has ended up as a `true unbeliever' in its ideas.
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