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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.
The leaders of these nations, as well as acting amorally, have also apparently thrown the ideal of common civility to the winds. What are we to make of heads of government who hurl insults and are economical with the truth, use the gag continually, and turn their backs when those in opposition are speaking?
The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
He came in, sat down, and we talked about Henry Lawson. He was well read in the field, having encountered Lawson not only in a small way at school but especially at home where his mother had given him an anthology of Australian stories and he’d come across ‘The Drover’s Wife’. We hit it off: he was pleasant, engaging and witty and we resolved to continue our talk in the near future.
The issue of class, economic inequality, has for some time been conspicuously absent in contemporary political debate. In the wake of COVID-19, which will greatly exacerbate income and wealth disparities, such inattention must be addressed.
The pandemic has lit up the areas in which our neoliberal economies are basically unfit for the purpose of providing healthy and safe environments — whether it be privatised aged care homes and quarantine services or ‘the gig economy’, which forces sick people to ‘soldier on’ infecting people as they go. One area that has been rather less considered, however, is disability.
There will be Great Reset in finance and economics. It is inevitable because the shock has been so great. The first problem is what to do with global debt, which was already at unsustainable levels before the virus hit: over 320 per cent of global GDP. The only way to prevent system-wide failure has been to lower interest rates to near zero levels.
The full economic impact of the coronavirus lockdowns will not be fully felt until the end of the year, but it will be devastating. The Treasurer, Josh Frydenberg, is already estimating that the effective employment rate is 13.3 per cent; it may be headed for as high as 20 per cent. It raises a question, not just in Australia, but in many developed countries. Will there be a significant middle class left after such economic destruction?
A commonly heard phrase, or rather media cliché, is that after the COVID-19 crisis ‘things will never be the same.’ It is an understandable sentiment, given the seemingly unprecedented nature of recent events. But how novel is what happened, and how much will actually change?
2020 has been the year of the mask. The masks worn during the smoke of bushfires, during the threat of COVID-19, and during the Black Lives Matter protests. Masks are a powerful and complex symbol.
Calling healthcare a business was always logically flawed. Money is involved, but it is unlike any consumer product businesses. For one thing, the ‘customer’ in health does not decide what represents value, the provider (the doctor or equivalent) does. Patients may have a say, but usually only on the margin.
In Friends and Rivals Brenda Niall brings together four significant Australian women writers. Between them they published works from the 1890s to the 1950s. Ethel Turner and Barbara Baynton were from NSW. Nettie Palmer and Henry Handel Richardson were from Victoria, both schooled at Presbyterian Ladies College.
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