Macroeconomic policy after the Global Financial Crisis
Macroeconomic policy after the Global Financial Crisis
Since the mid-1970s, Australian economic policy has been dominated by market liberalism, also called neoliberalism and economic rationalism. Neoliberalism created the preconditions for the global financial crisis and, repackaged as ‘austerity’, ensured that the crisis became a sustained depression engulfing most of the developed world. Despite some promising initial responses, the crisis provoked no rethinking of the dogmatic commitment to small government, adopted in response to the perceived need to be seen as ‘economically conservative’. However, the failure of the microeconomic part of the market liberal agenda produced pressing needs for more government expenditure on health, education, environmental and infrastructure services. The resulting contradictions have produced an atmosphere of fiscal crisis, despite the strong performance of the economy as a whole.
Keywords: macroeconomic policy, neoliberalism, economic rationalism, austerity, global financial crisis
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