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Money is not like water, that 'flows' around the world, reaching 'equilibrium', or experiencing 'volatility'. It is transactions between people, based on trust. It enables the cooperation that forms the basis of social life. Human beings should be at the centre. Yet that is the opposite of what is happening.
Whatever the merits of Occupy Wall Street, it is far too early to speak of any substantial challenge to the dominance of capitalism. Yet there is a real taste for exploring alternatives. The most influential of faith-based approaches to economic theory is that of distributism.
A hopeful sign has been the emergence of commentators, mainly secular, advocating the transformation of the economy to a model based on values like the common good, solidarity, environmental concern, equality, active and inclusive citizenship.
Even if we understand the intelligiblity of an automobile, we can still drive badly. With the GFC, the argument is not that better theories will ensure everyone behaves properly, but that without a proper economic theory even people of good will cannot work to achieve the good.
Sixty years ago, Jesuit Bernard Lonergan developed an analysis of the boom and bust cycles of economy. He often asked, 'Where were the Christian counter-parts of Karl Marx, sitting in the British Museum voraciously reading and relentlessly studying about political economy?'
An ethos of tough love balks at taxpayer subsidies for anyone foolish or unlucky enough to make the wrong investment decision. In Australia we prefer to see people as victims and expect the government to clean up the mess.
In the 16th century, following its conquest of Latin America, Spain drained the area of its gold and silver. One might suspect that this windfall turned Spain into an economic powerhouse. But some funny things happened when the easy money arrived.
Australia has spent the past decade in a consumer frenzy, while social infrastructure vital to our wellbeing has been neglected. The Government's belated $40 billion National Broadband Network will have many long-term benefits.
Some of the soup van's clients collect cans to sell to a scrap dealer. The work supplements their welfare income and provides a sense of fulfillment. Since the global market crash business has been slow: 'China doesn't want aluminium now.'
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face. (October 2008)
This time of year is marked by a fraught pre-Christmas anxiety, exacerbated this year by the economic crisis. My daughter Rachel lost her part-time job last week. Her loss is slight compared to her employer's, a young mother who works in the finance industry.
After the 2001 Argentine economic disaster, workers' collectives organised to autonomously run their enterprises. The collapse of the ABC Learning empire should not be seen as a total calamity, despite the obvious potential for fallout.
181-192 out of 200 results.