Megalogenis: Australian Panic! | MacroBusiness

From Unconventional Economist at Macrobusiness:

…..George is back, this time with The Australian Panic in a new Quarterly Essay:

The Australian Panic

In this urgent essay, George Megalogenis argues that Australia risks becoming globalisation’s next and most unnecessary victim. The next shock, whenever it comes, will find us with our economic guard down, and a political system that has shredded its authority. Megalogenis outlines the challenge for Malcolm Turnbull and his government. Our tax system is unfair and we have failed to invest in infrastructure and education. Both sides of politics are clinging defensively to an old model because it tells them a reassuring story of Australian success. But that model has been exhausted by capitalism’s extended crisis and the end of the mining boom. Trusting to the market has left us with gridlocked cities, growing inequality and a corporate sector that feels no obligation to pay tax. It is time to redraw the line between market and state.

Balancing Act is a passionate look at the politics of change and renewal, and a bold call for active government. It took World War II to provide the energy and focus for the reconstruction that laid the foundation for modern Australia. Will it take another crisis to prompt a new reconstruction?

I think George has it right this time.

Source: Megalogenis: From Australian Moment to Australian Panic! – MacroBusiness

4 thoughts on “Megalogenis: Australian Panic! | MacroBusiness

  1. Big Lucy says:

    It wouldn’t surprise me Denis if you too, were a public servant.

  2. Big Lucy says:

    I think George understates Australia’s true identity.
    The media also likes to keep this reality a secret.
    For example:
    We are one of the highest income tax countries in the world.
    We have far too many incompetent, overpaid and unaccountable public servants.
    We lead the world in amphetamine usage.

    • Denis Bourke says:

      Always a stick taken to public servants! What of the regimen of incompetent, overpaid and unaccountable corporate servants? And all of us in the street who greedily demand that we receive more value than we generate.

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